Reagan Notes

Political Realignment

A significant change in the political system, particularly in the party affiliation of voters, often following major economic or social changes.

Reagan Revolution

The significant shift in American political and economic policy towards conservatism during Ronald Reagan's presidency, focusing on lower taxes, deregulation, and a strong military.

Supply-Side Economics

An economic theory suggesting that lower taxes and deregulation will stimulate business investment, leading to increased production and job creation.

Economic Recovery Tax Act (ERTA)

Legislation passed in 1981 that lowered income tax rates by 25% over three years, which was a key component of Reagan's economic policy.

Deregulation

The reduction or elimination of government rules controlling how businesses can operate, which was a significant aspect of Reagan's policies.

Yuppies

Young urban professionals in the 1980s characterized by their education, wealth, and lifestyle of consumerism.

Irangate

A political scandal involving the illegal sale of arms to Iran and the diversion of proceeds to Contra rebels in Nicaragua during the Reagan administration.

Mikhail Gorbachev

The last leader of the Soviet Union who implemented reforms and increased openness, ending the Cold War relations with the United States.

Deficits

The amount by which expenditures exceed revenue, particularly in relation to government financial obligations during the Reagan presidency.

Economic Inequality

The uneven distribution of wealth and income across different socioeconomic groups, particularly stark during the Reagan years.