Presidency of Ronald Reagan Essay

Ronald Reagan, the fortieth President of the United States of America, was sworn into office on January 20, 1981 came to power in an era marked by recession and the Iran hostage crisis. He toppled incumbent Democrat Jimmy Carter in a campaign that marked a realignment of the political map. Reagan's 489 electoral votes marked a crushing rejection of Carter's policies. Many of Reagan's campaign promises - lower taxes, smaller government and strong national defense - would come to characterize his eight years in office. Reagan had gone from Hollywood actor to Governor of California in 1966 before turning his sites on the Presidency. By the time George H.W. Bush succeeded Reagan, the economy was booming and the Cold War was about to end.

The first major landmark of the Reagan Presidency was the assassination attempt he suffered on March 30th of 1981, just 69 days into his term. In Washington, D.C., just after delivering a speech to the AFL-CIO, Reagan was shot at six times in less than two seconds. The President was hit probably with the first shot and fell motionless to the ground, before his handlers got him into his limousine, which rushed him to George Washington University Hospital. The injury left Reagan close to death, but surgery was successful and after nearly two weeks, he was able to leave hospital. His would-be assassin, John Hinckley, Jr., was arrested immediately. The assassination attempt would be revealed to be non-political in nature, but rather the work of a mentally unstable man.Download full
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TOPIC: Essay on Presidency of Ronald Reagan Assignment

Reagan was one of the most highly influential Presidents in U.S. history. Domestically, he sought to bring the moribund economy back to life. Several steps prior to his Presidency had set the stage for economic recovery, but Reagan's policies spurred the recovery efforts further. Over time, his economic ideas would become known as 'reaganomics'. At the core of Reagan's economic policy were tax cuts for the wealthy. The underlying principle was that such tax cuts would stimulate risk-taking and entrepreneurship. This in turn would result in job increases.

The tax cuts totaled $750 billion.

Reagan's economic strategy benefitted in part by moves made before his presidency. However, he made many strategic maneuvers that assisted in the economic recovery. At the time, interest rates had been increased in order to ward off inflation. This had dramatically increased the value of the dollar, which in turn hurt U.S. exports. Reagan was able to negotiate with a number of nations to stabilize the dollar as a result of the Plaza and Louvre Accords. This helped the U.S. export industries to rebuild.

However, Reagan's economic policies were viewed to benefit mainly the upper classes, who had received the bulk of the benefit from the tax cuts. Reagan's "trickle down" economics did not, in fact, trickle down. Average hourly earnings for manual workers fell; benefits levels for the poor declined; and annual household income only held stable because more women went back to work. Thus, the lower and middle classes benefitted little from Reagan-era tax cuts. The economy as a whole recovered, but much the gains appeared in the form of stock market increases, which benefitted only those who held stocks.

Reagan's economic successes were evident. Inflation plummeted and the economy recovered. The legacy of his economic policies, however, is not as favorable. As President, Ronald Reagan tripled the national deficit. In 1981, Reagan decried the government's deficits. However, he increased defense spending by $100 billion and this helped to begin a period of budget deficits. As a result of Reagan's policies, social programs had to be slashed and higher debt-servicing costs. Both George H.W. Bush and Bill Clinton had to raise taxes in order to pay for Reagan's economic policies.

Towards the end of his regime, Reagan signed the Canada-U.S. Free Trade Agreement, a landmark trade agreement that removed trade restrictions between the world's two largest trading partners.

Trade between the nations increased dramatically as a result.

This agreement paved the way for NAFTA and a host of other free trade agreements around the world. Reagan was protectionist in the early years of his reign, in part due to the challenging economic environment, but was able to get the FTA off the ground towards the end of his administration when economic conditions improved.

Moreover, under Reagan the nation began to have a current account deficit. This deficit has continued for almost thirty years now, with disastrous consequences for the economy. The deficit is, in effect, a net outflow of wealth from the U.S. To other countries. Such deficits are reasonable during economic downturns, such as the one that Reagan inherited, but are debilitating during periods of economic upswing, such as when Reagan left office.

One of the major reasons for the emergence of the massive current account deficit during Reagan's terms was his fulfillment of another campaign promise - to strengthen the military. Defense spending increased $100 billion under Reagan. However, this was not without results. When Reagan took office, there were numerous threats in the geopolitical arena. Iran, having just become fundamentalist after overthrowing the shah, was waging war with Iraq. This was essentially a proxy war with the U.S., as Reagan secretly supported the Iraqi government in the conflict, providing financing, weapons and political support via several Gulf States.

Under Reagan, the United States became heavily involved in many of the Middle East conflicts. These included the fighting between Israel and the Palestinians that devastated Lebanon and backing mujahedin fighters in Afghanistan against the Soviet Union. This type of involvement has long been a component of U.S. foreign policy, but increased in importance and frequency under Ronald Reagan. At first unofficially, but then officially, this became known as the Reagan Doctrine.

The Reagan Doctrine was "a policy of supporting anti-Communist insurgents wherever they might be." The Doctrine was expanded beyond Afghanistan into many other countries. Activities undertaken as a result of the Reagan Doctrine included lending support to the contras in Nicaragua to force the Sandinista government from power; and supporting non-Communist forces in Cambodia; repealing a ban on aid to antigovernment guerillas in Angola; and invading Grenada to topple Maurice Bishop's Marxist regime.

For all the problems the aftereffects of the Reagan Doctrine have given to America in recent years, the Doctrine ultimately solved the greatest national security problem of the time, the Cold War. The Reagan Doctrine was essentially a counterpart to the Brezhnev Doctrine that once a country became Communist it would always remain so. Grenada was a major instance that this was not to be the case. This message was received by other anti-Communist forces around the world, from the mujahidin in Afghanistan to the Solidarity movement in Poland.

The tiny island of Grenada thus proved to be a decisive blow to Communism. Behind the Iron Curtain, the demise of the Brezhnev Doctrine did not go unnoticed. Reagan's defense spending had pulled the U.S. dramatically ahead in the arms race. The Strategic Defense Initiative - "Star Wars" - was a seismic shift in the Cold War. This revealed the weakness in the Soviet economic house of cards. Mikhail Gorbachev understood this, whereas his predecessors did not. As a result, he offered Reagan a partial disarmament in 1986.

Reagan shared Gorbachev's fear of nuclear weapons.

The two engaged in a landmark summit in Reykjavik, notable not for any agreements reached but for the fact that Reagan had partially diffused Soviet concerns about a first strike. This allowed Gorbachev the confidence to pursue his perestroika strategy and a transformation in external relations. Ultimately, these changes led to the fall of the Soviet Union and the end of the Cold War. Towards the end of his administration, Reagan offered Gorbachev dramatic arms reductions, which were accepted.

The Reagan administration represented a shift in economic and foreign policy and has shaped the United States ever since. The Canada-U.S. Free Trade Agreement was a transformational effort in terms of global trade policy, spawning agreements in a similar spirit around the world. The current account deficits that began under Reagan have continued to this day and now represent a major economic threat to the health of the nation. His deficit spending forced the tax increases of Bush, Sr. And Clinton.

Internationally, Reagan took the nation of the brink of nuclear holocaust to the beginning of the end of the Cold War. The Reagan Doctrine, however, has left a dangerous legacy of anti-American sentiment around the world. Reagan-era allies like Saddam Hussein and Afghan mujahidin went on to become some of the nation's most deadly enemies in subsequent decades. The rise of South American dictators in Venezuela, Bolivia and other such nations can be traced to the Reagan Doctrine.

All told, Reagan had some substantial success. He inherited a dire situation and undertook drastic measures in order to solve the problems of the day. There is little doubt that part of Reagan's legacy includes failures both economic and of foreign relations. But ultimately, Reagan did what he set out to do in… [END OF PREVIEW] . . . READ MORE