Decade of Corporate Greed
The economy of the United States became strong globally because of the capital greed. The government and social policies served to crush the capitalist’s greed away from the market. Reagan favored some people who made things to happen. He introduced an economic policy based on the economic supply sides in the 1980s. Due to his powerful political policies, he introduced an economic policy based on widespread tax cuts, reduced social spending, increased military expenditure and domestic market deregulations. The decade of corporate greed was the new policies where corporations benefited from new social, political and economic composition in the 1980s.
The social composition led to the creation of wealth by entrepreneurs and investors due to capitalism that was allowed in the market. The free-market economy and private owners became wealthier thus raised the standards of living. Under Reagan’s policy, profits ended and people started concentrating on wealth, a concept that led to a slow decline in living standards for some individuals. He deregulated many firms because of destroying competition and creation of oligopolies. This led to the dominance of the firms by a few powerful people (Douglas, Wright and Herron, 1983).
The political composition was associated with powerful political policies that led to an economic boom. Money became too powerfully used in politics and the candidates who spent money won 98%. There was too much money supply in the market and the rich became richer whereas the poor became poorer. This was because wealth was concentrated within the millionaires. The Republican politicians directed their rage to the poor for dragging the economy behind and yet the rich were ripping off the poor. The corporate greed benefited the rich who owned big firms because of reduced tax. The corporate fraud increased and white-collar offense led to more damage and the government had to spend $30 million to control welfare fraud (Douglas, 1983 et al).
The economic composition of the decade of corporate greed led to the longest peace in economic expansion in the American history. Public expenditure increased and the military expenditure rose to 2000 dollars. The Gross Domestic Product was 4.9% and public expenditure was 22.7%. He reduced the tax cut rates that affected the high-income earners thus lowering tax cut rates to 50%. His economic policies led to inflation forcing the United States to borrow money from within and outside to clear the government budget deficits. This raised the national debt to $2.85 trillion in an attempt to reduce inflation and nominal interest taxes (Brill, 2009).
The social, political and economic composition of the decade of corporate greed affected the political climate of the 1980s through different ways. First, the economic composition affected the entire economy specifically the poor whose poverty level increased to 13%. Secondly, the political composition encouraged capitalists to make more profits in the free market. The corporate greed benefited the wealthier but it affected the poorer. Lastly, the social composition affected the political climate in a way that it created the gap between the rich and the poor. Political opponents regarded Reagan’s policies as the trickle-down economics.
Brill, M. T. (2009). America in the 1980s. Minneapolis: Twenty-First Century Books.
Douglas, C., Wright, M. and Herron, C. (1983). THE NATION; signs of spring, notes of caution in the economy. The New York Times. Retrieved from http://www.nytimes.com/1983/02/20/weekinreview/the-nation-signs-of-spring-notes-of-caution-in-the-economy.html
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