Word: reaganism
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Dates: during 1990-1999
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...This is commonly interpreted as a judgment against the growing power of special-interest lobbyists. But it could also be a reaction against the increasingly abject spinelessness of politicians, a byproduct of the very same trend. Indeed, the one clear exception to the number's downward drift are the Reagan years. Aaron says, "Even Democrats like me, who believed Ronald Reagan was a malign force, respected him, because, damn it, there were things he really stood...
...early 1980s, Ronald Reagan told Americans that their problem was government itself and promised that his plan to cut taxes would spur economic growth, increasing tax revenue. This brand of "supply-side economics" was known as "Reaganomics," but was best described by George Bush in a 1980 campaign debate as "voodoo economics...
...policies? According to an article in U.S. News and World Report: "In the early 1980s, the Treasury Department lost $644 billion in foregone revenues...and there was no special burst of worker productivity or investment activity" ("The Repackaging of Reaganomics," Dec. 12, 1994). In fact, Congress overturned most of Reagan's economic strategies by 1986, but the Reagan-Bush team managed to increase the federal debt from under $1 trillion to over $4 trillion. At the end of the decade, income inequality had increased (due to gains for only the top five percent), and six million more people were living...
...Contract also includes generous tax breaks for corporations, such as increased depreciation allowances. After Reagan rewrote depreciation codes for businesses, big corporations such as Boeing. DuPont and Bankers Trust were able to avoid paying federal taxes while making huge profits, but Republicans evidently believe that more businesses should enjoy this opportunity...
...Contract With America attacks safety and environmental protections and regulations, especially under the guise of cost-effectiveness. Callous disregard for public safety is not new; in 1982, for example, the Reagan administration stopped the Department of Health and Human Services from issuing warnings that aspirin could cause Reye Syndrome if given to children with flu or chicken pox infections. Reye Syndrome caused about 360 deaths per year, as well as brain damage to many survivors, but the administration met privately with aspirin manufacturers who feared losses of $100 million, and was able to block warnings for three years. Another example...