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Reagan elected as president
Reagan ran as the Republican nominee against Jimmy Carter, who had served in the past term. He was 69 years old, making him the oldest person nominated for president. Reagan recieved 8 million more votes than Carter. The Republican Party gained more control over Congress, which had been in the control of the Democratic Party. -
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The Presidency of Ronald Regan
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Releasing of Iranian hostages
On the day of Reagan's inaguration into the presidency, the hostages involved in the Iranian Hostage Crisis were set free. This event had begun November of 1979, when Islamic revolutionaries overran the U.S. Embassy in Tehran. The hostages had been held there for 444 days, and released minutes after Reagan took the oath of office as president. -
Budget Reconciliation Act
This reduced government expenditures on domestic programs by 39 billion. This was a part of the economic program created by Reagan, known as Reaganomics. This included tax cuts, social welfare cuts and increased military spending. This program created huge federal deficits. -
Star Wars (Strategic Defense System)
Reagan sought funds to develop an elaborate missile defense system in space. It would detect oncoming enemy missiles and destroy them with high tech weaponry. It was extrememly expensive, and Congress stopped it temporarily due to the price and risks of inititating it. It also led to prevention of an agreeement being made between Regan and Gorbachev of the Soviet Union. -
Removal of forces in Lebanon
Israel had invaded Lebanon in 1982 and Reagan had instituted peace-keeping forces within the area. In 1983, 239 American marines were killed in Lebanon when a truck filled with explosives was driven into a building that housed the marines. This prompted Reagan to remove the troops, preventing further tragedy from occuring. -
Iran-Contra Affair
In October of 1984, Congress banned further military aid to the Contra Rebels. Reagan sought to help the Contras further, so he looked to other countries and other American organiztions to provide them with aid. An aid of Reagan's national security advisor, Colonel North, created a plan to indirectly give money to the Contras by inflating the price of weapons and selling them to Iran. The profits from the weapons then went to the Contras, which was a violation of the congressional ban. -
Reagan is reelected
Reagan ran as the nominee for the Republican Party against Walter Mondale, the nominee of the Democratic Party. Mondale's running partner was Geraldine Ferraro, a woman who was supposed to attract the votes of many Republican women. Reagan won in a landslide victory with 525 votes from the electoral college opposed to Mondale's 13. -
Income Tax Act
It reduced the top levy on personal income from 50 to 28%. It also reduced tax on corporate profits from 46 to 34%. All part of Reagan's plan to lower taxes. -
Reagan's Appointment of Supreme Court Justices
Reagan wanted to appoint more conservatives to the Supreme Court, including Sandra Day O'Connor. She became the first woman appointed to the Supreme Court. By 1988, Reagan had also appointed a total of 3 Supreme Court justices and over half the members of the federal judiciary. This event was ongoing, beginning in 1981 until 1988 -
Reagan's Farewell Address
In Reagan's farewell address, he reflects on the positives of his administration even though there was a large federal deficit with his tax cuts. "Common sense told us that when you put a big tax on something, the people will produce less of it. So, we cut the people's tax rates, and the people produced more than ever before. The economy bloomed like a plant that had been cut back and could now grow quicker and stronger." see http://www.presidency.ucsb.edu/ws/?pid=29650 for more
