Reagan, a Republican from California, took office following a landslide victory over Democratic incumbent President Jimmy Carter in the 1980 presidential election. Reagan was succeeded by his Vice President, George H. W. Bush, who won the 1988 presidential election with Reagan's support. Reagan's 1980 election resulted from a dramatic conservative shift to the right in American politics, including a loss of confidence in liberal, New Deal, and Great Society programs and priorities that had dominated the national agenda since the 1930s. The administration's economic policies, known as 'Reaganomics', were inspired by supply-side economics. The combination of tax cuts and an increase in defense spending led to budget deficits, and the federal debt increased significantly during Reagan's tenure. Reagan signed the Tax Reform Act of 1986 (which simplified the tax code by reducing rates and removing several tax breaks) and the Immigration Reform and Control Act of 1986 (which enacted sweeping changes to U.S. immigration law and granted amnesty to three million illegal immigrants).
n/a
n/a