Poli Discussion Post

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Political discussion post

Question: Does any President deserve credit for an economic boom or recession? Who is more instrumental in influencing the economy- the President or the Chairman of the Federal Reserve Board?

Answer: Although, the President of the United States is the sole overseer of the matters related to the security, finance and domestic situation of the country. It is not in his primary control or set all the things in order. For example, the President take the seat in the Oval Office under the condition much influenced and set by his predecessor. For the sake of the political debate, I think Ronald Reagan is the President has influenced to a much extent the economy of the country.

During his Presidency (1981- 1989), he lifted the remaining price hikes in the use of petroleum goods, this brought many revenues to the state budget. Adding to this he lowered the profit ratio on the windfall profit tax. Marvin mentions that this remained consequential for the revenue generation for the country ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"V8rUtUD6","properties":{"formattedCitation":"(Mervin)","plainCitation":"(Mervin)","noteIndex":0},"citationItems":[{"id":18,"uris":["http://zotero.org/users/local/s8f0QVnP/items/CGQ3SEDE"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/CGQ3SEDE"],"itemData":{"id":18,"type":"book","title":"Ronald Reagan: The American Presidency","publisher":"Routledge","source":"Google Scholar","title-short":"Ronald Reagan","author":[{"family":"Mervin","given":"David"}],"issued":{"date-parts":[["2014"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Mervin). Adding to such steps in his first year of the country, he lowered the income tax ratio and brought this down to fifty percent, which was previously on seventy percent. Although his critiques argue that this was not the right decision at that time, it has been much quoted that it resulted in much well-being of the US citizens. Then much-debated decision of his Presidency was the Tax Reform Acts of 1986, He eliminated many deductions, and it is considered that for the first time in the US history, the Congress and the President were successful in bringing the unified and a much simpler budget for the people of the United States. The Federal Reserve Board was tightened by his such moves and the chairman of the Board was compelled to follow the suite. As Palmer argues that Ronald Regan’s economic policy was primarily based on the four pillars that were lowering the income tax, reductions in the capital gains tax, lowering the government’s regulation on many things, and to tighten the money supply in order to reduce inflation ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"bGk1m8Gb","properties":{"formattedCitation":"(Palmer and Sawhill)","plainCitation":"(Palmer and Sawhill)","noteIndex":0},"citationItems":[{"id":17,"uris":["http://zotero.org/users/local/s8f0QVnP/items/7YDTW9BH"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/7YDTW9BH"],"itemData":{"id":17,"type":"book","title":"The Reagan experiment: An examination of economic and social policies under the Reagan administration","publisher":"The Urban Insitute","source":"Google Scholar","title-short":"The Reagan experiment","author":[{"family":"Palmer","given":"John Logan"},{"family":"Sawhill","given":"Isabel V."}],"issued":{"date-parts":[["1982"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Palmer and Sawhill).

There are critiques of him and similarly, many of the people inspire his decisions. The economic objectives he presented in his early days, he was able to get on to that and this was the reason he was able to bring the economic boom to the United States.

Works Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Mervin, David. Ronald Reagan: The American Presidency. Routledge, 2014.

Palmer, John Logan, and Isabel V. Sawhill. The Reagan Experiment: An Examination of Economic and Social Policies under the Reagan Administration. The Urban Insitute, 1982.