At 69 years, 349 days of age at the time of his first inauguration, Reagan was the oldest person to assume the U.S. presidency, a distinction he held until 2017, when Donald Trump was inaugurated at age 70 years, 220 days. Reagan faced former vice president Walter Mondale when he ran for re-election in 1984 and defeated him, winning the most electoral votes of any U.S. president, 525, or 97.6% of the 538 votes in the Electoral College. It was the second-most lopsided presidential election in modern U.S. history after Franklin D. Roosevelt's 1936 victory over Alfred M. Landon, in which he won 98.5%, or 523, of the (then-total) 531 electoral votes.Soon after taking office as president, Reagan began implementing sweeping new political and economic initiatives. His supply-side economic policies, dubbed 'Reaganomics', advocated tax rate reduction to spur economic growth, economic deregulation, and reduction in government spending.