Word: reaganized
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Dates: during 1980-1989
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Questions about the First Lady's practice initially came up in 1982, and she responded by promising not to accept any more free outfits. But when TIME reported in 1988 that Mrs. Reagan had continued to borrow dresses for six more ! years, press secretary Elaine Crispen explained that she "set her own little rule, and she broke her own little rule...
...Nancy Reagan struggled in her memoirs to explain why some people had objected to her "borrowing" designer dresses while she was First Lady. "One reason may be that some women aren't all that crazy about a woman who wears a size 4, and who seems to have no trouble staying slim," Mrs. Reagan wrote. The IRS has a more plausible explanation that has nothing to do with weight envy: the clothes and jewelry -- over $1 million worth -- may be considered taxable income...
...part of its required audit of the Reagans' taxes during their White House years, the IRS's Los Angeles field office is considering information provided by M. Chris Blazakis, former executive vice president for James Galanos, one of the designers who provided Mrs. Reagan dresses on a need-to-wear basis. Under the tax laws, a celebrity receives income for high-visibility use of a product in an amount equal to the value of that product. The defense that some of the dresses were loans, not gifts, or that they are no longer worth very much once they have been...
...America helped finance America's deficits. As in Hollywood, not many politicians were concerned about where the money was coming from. Alarmed by the tide, House Democrat John Bryant of Texas has long pushed for legislation to require disclosure of the identity of foreign investors. But for years, the Reagan Administration refused to go along, claiming that such openness might scare away capital...
After holding the line fairly well during the inflationary 1970s, college tuition galloped ahead of inflation in every year of the 1980s. This was during the same decade that federal financial aid came under the Reagan budget...