Who called Ronald Reagan's economic policies voodoo economics?

Before George H. W. Bush became Reagan's vice president, he viewed his eventual running mate's economic policies less than favorably. Mr. Bush derided Ronald Reagan's economic policies (Reaganomics) as "voodoo economics". Bush coined the phrase, "voodoo economics" in 1980 while conducting his presidential campaign.

Basically, Reagan was a proponent of supply-side economics, favoring reduced income and capital gains tax rates. The four pillars of Reagan's economic policy were to reduce the growth of government spending, reduce the federal income tax and capital gains tax, reduce government regulation, and tighten the supply of money in order to reduce inflation.

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29 Comments

Clarence Quismundo

I'm not an American but have some friends there. As far as I recall, the US economy and all other areas of concern were very good during Reagan's time.

lls

Clarence Quismundo, They were if you: ALREADY had a great job, making more than $60,000.00 a year and were white collar; weren't turned out of medical/mental facilities in your hospital gown, suddenly homeless and tomatoes were considered vegetables...which, sadly, they weren't--and, aren't. Happily, the Berlin Wall finally did come down--that was a plus! And, the music was very cool at the beginning of the decade, until all of the styles went mainstream (except for hair metal, thank God!). Overall, not a time I would wish to really relive..., but, to each their own! :>)

Boyd Tracy

The four pillars of Reagan's economic policy were to reduce the growth of government spending, reduce the federal income tax and capital gains tax, reduce government regulation, and tighten the supply of money in order to reduce inflation. that list sound familiar to you today?

Jaimi McEntire

Michael Henry Horgan, We always called them "trickle on economics".

Jaimi McEntire

Clarence Quismundo, Wasn't so grand when I was in college, and the pell grants dried up.

Paul Backus

And it still is today. Under the new Republicans full employment is most people needing two jobs.

ninakamwene

No clue

Karin Johansson

John Cogar, obama was still a student when Reagan became president. Stop showing everyone that you are not an intelligent person.

Richard S. Levine

Previous Question: Which POTUS had the highest IQ. Answer was Bush!

mandj

And his economic plan worked well

majohnson

That term is accurate for all republican politicians.

Janice Fish

Good question

Marianne Hays

Thank you. I didn't know this. How interesting.

Michael Henry Horgan

Boyd Tracy, Clarence Quismundo, Reagan budget director, David Stockman sold Reagan and gullible USAmericans a system known as "Trickle Down Economics. Its core was if you make the super richer even richer by lowering their taxes and those of the businesses they own and run, then the benefits will be felt all the way down to those at the lower/est ends of the economic system. The best part was that all these handouts to Republicans and their benefactors would not increase the deficit. Sound familiar? About a decade ago Stockman disavowed Reaganomics acknowledging it did not work and in fact could not work. https://www.businessinsider.com/david-stockman-hank-paulson-reaganomics-tarp-2011-1