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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