Ronald Reagan became the 40th President of the United States on 20 January 1981. His term became known as the ‘Reagan Revolution’ and his economic policies as ‘Reaganomics’. Reagan introduced several tax cuts at the start of his term and, while economic growth was strong during the 80s, national debt increased significantly.
Government spending during Reagan’s term was well above the post-1979 average, public debt rose by 300% and unemployment rose from 7% in 1980 to 10.8% in 1982. By the end of his term, however, unemployment had declined to 5.4% and several economists have attributed the second longest peacetime economic expansion in US history to Reagan’s policies.