Thanks to the Democrats.
Still it was a small fraction of receipts.
When Ronald Reagan took the oath of office as America’s 40th President on January 20, 1981, the country was experiencing some of the bleakest economic times since the Depression. Taxes were high, unemployment was high, interest rates were high, and the national spirit was low.
To reverse the economic cliimate of the time, President Reagan put forth an enomoic policy which aimed to reduce government regulation, lower taxes, and promote free-market capitalism as a means to stimulate economic growth and increase individual wealth.
Bringing America back was the new President’s top priority and he shared his vision in his Inaugural Address: