Reaganomics

By MarkOfShawn

  • First Inauguration

    Ronald Reagan becomes the 40th President of the United States on the West Front of the United States Capitol in Washington D.C.

  • Assassination Attempt

    Reagan is shot in the chest upon leaving a Washington hotel but makes a full recovery after surgery

  • Trickle-Down Economics

    Congress passes Reagan's tax bill. Instead of 30% tax cut over three years, Reagan accepts 25%

  • Recession

    During the Fall of 1982 the nation sinks into its worst recession since the Great Depression. Reagan fears budget deficits as high as $200 billion. On Nov. 1, more than 9 million Americans are officially unemployed.

  • Budget

    Reagan submits his fiscal 1984 budget to Congress. The recession, tax cuts and increased defense outlays are blamed for the projected $189 billion budget gap. Reagan vows to "stay the course," rejecting advice to raise taxes or cut defense.

  • Strategic Defense Initiative

    The Strategic Defense Initiative was a proposed missile defense system intended to protect the United States from attack by ballistic strategic nuclear weapons later dubbed "Star Wars"

  • Second Inauguration

    Reagan, 73, begins a second term, making him the oldest president ever to be sworn in

  • Fireside Summit

    Reagan and Soviet Leader Mikhail Gorbachev hold a "fireside" summit in Geneva. The leaders disagree on the Strategic Defense Initiative but pledge to meet again and seek a 50% cut in nuclear arms

  • Space Shuttle Challenger

    The U.S. space Challenger explodes shortly after liftoff, killing all on board-- six astronauts and teacher Christa McAuliffe, the first civilian to go into space.

  • Intermediate-Range Nuclear Forces (INF) Treaty

    In a Washington summit. Reagan and Gorbachev sign Intermediate-range Nuclear Forces treaty to eliminate 4% of the superpowers' nuclear arsenals. It is the first U.S.-Soviet treaty to provide for destruction of nuclear weapons and to provide for on-site monitoring of the destruction.

  • Farewell

    Reagan gives his farewell address to the nation, in which he says the so-called Reagan revolution "made a difference."