The intent of the tax cuts was to leave capital in the private sector where it could be re-invested, rather than being acquired and used by the federal government. However, Reagan strengthened the executive by exercising his removal power and removed three of the commissions members in 1983. This radio address on October 31, 1987 signifies the end of the battle for Bork and the nomination of a new judge, Judge Douglas H. Ginsburg. The economic policies of Ronald Reagan aimed at reducing taxes, reduction of inflation . Reaganomics reduced taxes on individuals and businesses, as well as cutting federal regulations and domestic social programs. Regans remarks given on East-West relations at the Brandenburg Gate in West Berlin. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=44281). The aircraft flying as Korean Air Lines Flight 007 was a Boeing 747-230B jet airliner with Boeing serial number 20559. After this meeting Reagan made the official push for the missile defense program. Reagan failed to achieve some of the initial goals of his initial program. Federal ReserveChairmanPaul Volckerhad steadily raised thefederal funds rate to 20%in 1980. However, the poverty rate decreased through his time in office but only rose slightly towards the end of his second term. The "stagflation" and "malaise" that plagued the U.S. economy from 1973 through 1980 were transformed by the Reagan economic program into a sustained period of higher growth and lower inflation. "Volcker's Announcement of Anti-Inflation Measures.". Reagan cut the tax rate again, to 38.5% this time, in 1987growth remained similar at 3.5%, and unemployment fell to 5.7%. The top marginal tax rate on individual income was slashed from 70% to 28% and the corporate tax rate was reduced from 48% to 34%. President ronald reagan during the 1980s. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=34808), Remarks given on October 30, 1987 to reporters regarding the Soviet-U.S. summit meeting. On the one hand, it provides solid reviews of. (Link: http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/14-Weinberger%20Diaries%20Dec%207%20handwritten.pdf), Document written on April 4, 1986 by Oliver North which makes the clear connection between the arms for hostages deals and the backing of the Contras. At the end of his term in 1989, Reagan was credited with making a strong contribution to the level of world peace at that time. Address to the Nation on December 10, 1987. This statement on February 27, 1987 reflects this event. These notes represent the point in which leaders in his own administration disagreed with him and attempted to sway the President from his course. "we should measure the health of our society not at its apex,. First, he contended that the power of the federal government needed to be reduced. William A. Niskanen is chairman of the Cato Institute and was a member of President Reagan's Council of Economic Advisers from 1981 to 1985. George Shultz on Economics, Human Rights and the Fall of the Soviet Union This began to lay the framework of the discussions and negotiations between the Soviets and Reagan. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=44042), Regan officially thanks the Senate for the smooth and quick confirmation of Sandra Day OConnor to the Supreme Court. Words created by the infusion of economics like reaganomics, obamanomics, and how could we forget, freakonomics. The corporate income tax rate was reduced from 48 percent to 34 percent. How did the Iran-Contra scandal hurt Ronald Reagan's image? Remarks given to reports indicate that at that time Reagan was still determined to stay the course in Lebanon. At the apex of union density in the 1940s, only about 9.8% of public employees were represented by unions, while 33.9% of private, non-agricultural workers had such representation. During the campaign of 1980, Ronald Reagan announced a recipe to fix the nation's economic mess. In this address to the nation on October 3, 1983, Reagan states a position that would later change with the bombing of the Marine barracks and pressure from congress. This, in turn, led to the reduction of federal . Remember, this happened in 1980. There are many parts and functions of th. This announcement to reporters came before the radio address to the public on July 4, 1987. Reaganomics is a popular term referring to the economic policies of president ronald reagan. Ronald Reagan (1911-2004), a former actor and California governor, served as the 40th president from 1981 to 1989. Truly delicious vegetarian Indian food. Similarly, the "monetarist experiment" to control inflation was initiated in October 1979, following Carter's appointment of Paul Volcker as chairman of the Federal Reserve Board. (Link: http://www.encyclopedia.com/doc/1P2-1345074.html), A radio address on October 3, 1987 given by Reagan that attempts to gain support and momentum for Bork despite the overwhelming evidence that his nomination will fail. As the chart below reveals, he incurred substantialdeficits for each yearof his presidency. This is significant because it is the first of several attempts by the administration to produce a unified response to the scandal which was growing in popularity. To fight high inflation, the Federal Reserve Board increased the short-term interest rate, reaching a peak in 1981. However, no documentation online could be found. Third, the administration added more trade barriers than any administration since Hoover. This Washington Post-ABC news poll taken during and after the five day testimony shows the drop in public approval of the nominee. These changes complicated tax measurements so much that the overall results of the changes are difficult to define; therefore, the results remain controversial. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=34390). This was the "creative destruction" that is characteristic of a healthy economy. An official statement released on December 27, 1981 clearly outlines the pressure being put on the Soviets for this war. (Link: Not Available), On October 23, 1983 a suicide bomber detonated his vehicle inside the marine barracks killing hundreds of servicemen and women. Reaganomics is a derogatory term used by George H.W. This was important because this was the first completed step that put the ERTA firmly on track. compare an unconscionable contract with undue influence; what did reaganomics do apexyour body and heat osha quizlet. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=40850), According to Lou Cannon, Reagan recalled a meeting with the with Joint Chiefs of Staff where they told him that his idea could be implemented. As early as February 24, 1982, Reagan shared his concern with the public over the communist influence over Grenada and their possible dark future of becoming a Communist beachhead. Bork received the highest rating possible from the ABA. This treaty eliminated all cruise missiles with a range of 500 to 5,000 kilometers. Together with globalization and the opening up of China, NAFTA devastated the U.S. manufacturing sector and the middle class with it. The policies were introduced to fight a long period of slow economic growth, high unemployment, and high inflation that occurred under Presidents Gerald Ford and Jimmy Carter. It was still higher than thenatural rate of unemployment. Reagan also offset these tax cuts with taxincreases elsewhere. EconTalk podcast, September 03, 2007. To the extent that these policies were consistent with Reagan's laissez-faire worldview, they are generally included with "Reaganomics.". The Anti-Drug Abuse Act of 1986 which budgeted $1.7 billion to fund the war on drugs in America and increase the severity of punishments for drug related offenses. These notes signify Noriegas. By clicking or navigating the site, you agree, The most recent biomonitoring studies (measur, Matepracticas 5 grado respuestas montenegro. According to the U.S. Census Bureau, the number of people in poverty decreased through Reagan's presidency but rose in the end. Reaganomics is a set of conservative economic policies first implemented by America's 40th President, Ronald Reagan. Learn more by sam desat. The flavors of all the dishes are amazing. What do we know about inequality of outcomes and. ", Federal Reserve History. And in 1985, the Senate began to wait at a major military reform bill. According to Lou Cannon, The Role of a Lifetime, Reagan began to seriously conceive this program on July 31, 1979 after taking a tour of the North American Aerospace Defense Command in Colorado. (Links: http://presidency.lsit.ucsb.edu/ws/index.php?pid=43424 | http://presidency.lsit.ucsb.edu/ws/index.php?pid=38024), Reagans objection of the legislative veto that would involve congress in the daily implementation of the law which is a responsibility allocated only for the President under the constitution. He claimed an undue tax burden, excessive government regulation, and massive social spending programs hampered growth. "Federal Individual Income Tax Rates History," Page 6. There are many parts and functions of th. These notes signify Noriegas. (Link: http://presidency.lsit.ucsb.edu/data/popularity.php?pres=40&sort=time&direct=DESC&Submit=DISPLAY), At the conclusion of the invasion, Reagan gave a nationally televised speech on October 27, 1983 that beautifully wove together the core principles of these preceding few months patriotism and anticommunism. The appointment of Robert C. McFarlane as Assistant to the President for National Security Affairs on October 17, 1983. In hindsight, Reagan's trickle-down effect failed. They also changed the way companies accounted for expenditures which encouraged them to invest in equipment. The top marginal tax rate on individual income was reduced from 70 percent to 28 percent. The tax savings offered to the rich did not lead to job creation. Senator Ted Kennedy's statement on the opening day of Senate Judiciary Committee Hearings on Bork's Confirmation set the tone for the Bork opposition and had a deep negative impact on the Bork appointment. Otro sitio realizado con . He makes it clear that to achieve a successful dtente with the Soviets, there must be a two-way street. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=33627). Deregulate industries(apex)deregulate industry. While very unpopular, these high interest rates worked to end double-digit inflation. There are many parts and functions of th. Reagan increased thedefense budgetby 35% to accomplish these goals. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=40696). 817 likes. "The Economic Consequences of Major Tax Cuts for the Rich," Page 3. Ronald Reagan, in full Ronald Wilson Reagan, (born February 6, 1911, Tampico, Illinois, U.S.died June 5, 2004, Los Angeles, California), 40th president of the United States (1981-89), noted for his conservative Republicanism, his fervent anticommunism, and his appealing personal style, characterized by a jaunty affability and folksy charm. President ronald reagan during the 1980s. (Link: http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/15-Reagan%20Finding%201-17-86%20(IC%2002181).pdf), Personal notes from Oliver North taken in 1986 in regards to his meeting Manuel Noriega. Second, the failure to address the savings and loan problem early led to an additional debt of about $125 billion. And the treaty has a long reach: just last month, air. These remarks moments before signing the act on October 27, 1986 reflect the level of commitment and passion Regan, as well as his wife Nancy, had in combating the drug problem America faced in the 1980s. Reagan encouraging the Israel invasion and sending in the Marines with insufficient forces for their mission proved to be two dreadful mistakes compounded upon one another. They did so by allowing OMB to eradicate the publications of regulations that they disapproved, and also mandating the substantive criteria that agencies had to use when issuing regulations. Reaganomics is a term that is used to describe the economic policies that were instituted during the administration of President Ronald Reagan in the United States. Andrew Tate and his . North proposed that in return for Noriegas assassination of Sandinista leadership and helping the Contras, U.S. pressure would subside in regards to Panamas drug smuggling and the U.S. would help clean up their image. This time Reagan hopes the misery Bork had to endure will not be repeated to Ginsburg. Reaganomics was the popular term for President Ronald Reagan's economic policies. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=44101), In a debate with former Vice President Walter Mondale on October 21, 1984, Regan outlines his vision of dtente with the Soviet Union. The three goals of reaganomics were to lower taxes, higher defense spending, and curtailed spending for social surfaces. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=43592). The Reagan administration did not propose changes in the legislation affecting health, safety, and the environment, but it reduced the number of new regulations under the existing laws. He believed that a free market and capitalism would solve the nation's woes. The accusations of racism, sexism, and strong prejudices impacted the American public, thus diminishing public support for Borks appointment. (Links:http://presidency.lsit.ucsb.edu/ws/index.php?pid=37032 | http://presidency.lsit.ucsb.edu/ws/index.php?pid=33994 | http://presidency.lsit.ucsb.edu/ws/index.php?pid=35578), On April 11, 1987 Regan announced that an agreement has been reached with the Soviets, and that in Geneva they will officially sign a contract solidifying the terms of their withdrawal. It refers to the economic policies created by united state Head of state Ronald Reagan throughout the 1980s as well as still commonly exercised. Bruce Bueno de Mesquita on Reagan, Yeltsin, and the Strategy of Political Campaigning, George Shultz on Economics, Human Rights and the Fall of the Soviet Union. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=39296), Address to the Nation on December 10, 1987. Office of Management and Budget. Additionally, Reagan called for lower taxes to spur economic growth, reward perseverance and encourage personal responsibility. Real interest rates increased sharply, but inflation-adjusted prices of common stocks more than doubled. Reagan's rhetoric strongly supported free trade, but pressure from threatened industries and Congress led to a substantial increase in new trade restraints. An address before a joint session of the congress on the Economic Recovery Tax Act given on April 28, 1981. In 1985, the economy grew 4.2%, and unemployment fell to 7% by that December. 1.what did Reaganomics do apex? Signed in August, these enactments were a major reduction in domestic expenditures and the Economic Recovery Tax Act of 1981, were designed to lower federal revenues over a five year period in the amount of $737 billion. In the case of Bolero, the guiding assumption was that really trashy sex sells a ton of tickets, thus brushing aside the legal issues of underage nudity. , Regular price $75.00 usd sale price from $59., C chp vt v mn tattoo fng lng c chp . The release of the Air Traffic Controllers who went on strike with demands that would have cost taxpayers $700 million a year. Reagan left three major adverse legacies at the end of his second term. Reagan attempted to reduce federal spending but was relatively unsuccessful. December 27, 1987, the eight year anniversary of the Soviet invasion, Reagan addresses the nation and continues his effort to appeal to public support for the withdrawal of the Soviets. According to theLaffer Curve, this only works if the initial tax rates are high enough. Mr. Gorbachev, Tear Down That Wall! He related this principle during a speech on February 7, 1983 at a White House ceremony commemorating the bicentennial year of air and space flight. (Link: http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/19-Bush%20Diary%2011-4-86.pdf), Memorandum For Record by Caspar Weinberger on November 10, 1986 which describes an important meeting in the Oval Office with the President and other members of the administration. President Reagan delivered on each of his four major policy objectives, although not to the extent that he and his supporters had hoped. Reagan backs his position by stating that the international community shares the same opposition to the Soviet invasion. The first announcement to the public on July 1, 1987 that Robert Bork would be nominated to fill a vacancy in the Supreme Court. Visit the 2000 year old Roman Baths and Georgian pump room with its natural mineral water. When you purchase through links on our site, we may earn an affiliate commission. This is the letter accepting Haigs resignation and Haigs announcement to Reagan. The nomination and eventual appointment of Sandra Day OConnor to the Supreme Court, who became the first female Supreme Court Justice. The heart is located toward the back of the sternum and midline to the lungs. The increase in productivity growth was even higher: output per hour in the business sector, which had been roughly constant in the Carter years, increased at a 1.4 percent rate in the Reagan years. Deregulation was clearly the lowest priority among the major elements of the Reagan economic program. Reagan promised the "Reagan Revolution," focusing on reducinggovernment spending, taxes, andregulation. involvement and what the U.S. would give in return for his assistance. he could answer charges of illegality but he couldn't answer charges that 'big strong President Reagan passed up chance to free hostages. Weinberg and Secretary of State Shultz objected to Reagans position vehemently. It made him look dishonest. Reagan, of course, agreed, saying of Goldwater: "I think that's exactly what he will do." He continued, "As a former Democrat, I can tell you Norman Thomas isn't the only man who has . After four years of stagflation and oil crisis during Carter's presidency in the late 1970s, former California Governor Ronald Reagan promised a new type of economic policy . And most of the poor were exempted from the individual income tax. The Laffer Curve displays the relationship between tax rates and tax revenue collected by governments. Reagan removed controls on oil and gas, cable television, and long-distance phone service. Similarly, the large reduction in the inflation rate was achieved without any long-term effect on the unemployment rate. United States Congress. The American Presidency ProjectJohn Woolley and Gerhard PetersContact, Copyright The American Presidency ProjectTerms of Service | Privacy | Accessibility. President ronald reagan unveils a new tax program, calling it a second american revolution for hope and opportunity. The political process continues to generate demands for new or expanded programs, but American voters continue to resist higher taxes to pay for these programs. Reaganomics is important because it gives a historical view of an administration's actions during specific economic circumstances. "Labor Force Statistics From the Current Population Survey," Enter parameters "From: 1981, To: 1989. There was more than enough blame to go around for each of these problems. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=33806). (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=44138), According to Lou Cannon, The Role of a Lifetime, no one at the time took Regan seriously. For example, the continuation and expansion of the regulatory review program. The heart is a muscle, and its overall function is to pump blood through the circulatory system of the body consistently. This was not only an embarrassment to the Reagan administration, but hurt his relationship with the Senate and created tremendous amounts of ill will. The heart is located toward the back of the sternum and midline to the lungs. The appointees had deep loyalties to Reagan and his agenda, and no real loyalty to past programs or policies. (Link: Not Available), On March 23, 1983, in an address to the nation on defense and national security, it was officially announced that SDI would begin to form, due to the Soviet threat and consultation with his advisors and the Joint Chiefs of Staff who informed Reagan that the program was feasible. (Link:http://presidency.lsit.ucsb.edu/ws/index.php?pid=43756), A statement on action by the House of Representatives on federal budget legislation given on June 19, 1981. Reagan was applaudedfor continuing to eliminate Nixon-era price controls. Learn more by sam desat. This document strives to raise support for the amendment to the Gramm- Latta Budget which would implement ERTA. Fed Funds Rate History: Its Highs, Lows, and Charts, History of Recessions in the United States, Why Trickle-Down Economics Works in Theory But Not in Fact, President Richard M. Nixon's Economic Policies, White House Report on the Program for Economic Recovery, Federal Excise Taxes: Background and General Analysis, Federal Individual Income Tax Rates History, National Income and Product Accounts Tables: Table 1.1.1 GDP Growth, Labor Force Statistics From the Current Population Survey, Historical Corporate Top Tax Rate and Bracket, Tax Years 1909 to 2022, Fiscal Year 2017 - Historical Tables: Budget of the U.S. Government, President Reagan's Economic Legacy: The Great Expansion, Garn-St Germain Depository Institutions Act of 1982, Volcker's Announcement of Anti-Inflation Measures, Historical Debt Outstanding - Annual 1950-1999, Federal Surplus or Deficit [-] as Percent of Gross Domestic Product, Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average, National Poverty in America Awareness Month: January 2022, A substantial reduction in the growth of federal expenditures, A monetary policy for the Federal Reserve System that complimented the previous three policies. http://presidency.lsit.ucsb.edu/ws/index.php?pid=43514, http://presidency.lsit.ucsb.edu/ws/index.php?pid=43755, http://presidency.lsit.ucsb.edu/ws/index.php?pid=43756, http://presidency.lsit.ucsb.edu/ws/index.php?pid=43988, http://presidency.lsit.ucsb.edu/ws/index.php?pid=44120, http://presidency.lsit.ucsb.edu/ws/index.php?pid=33924, http://presidency.lsit.ucsb.edu/ws/index.php?pid=34808, http://presidency.lsit.ucsb.edu/ws/index.php?pid=33625, http://presidency.lsit.ucsb.edu/ws/index.php?pid=33806, http://presidency.lsit.ucsb.edu/ws/index.php?pid=44101, http://presidency.lsit.ucsb.edu/ws/index.php?pid=39296, http://presidency.lsit.ucsb.edu/ws/index.php?pid=43388, http://presidency.lsit.ucsb.edu/ws/index.php?pid=42248, http://presidency.lsit.ucsb.edu/ws/index.php?pid=41077, http://presidency.lsit.ucsb.edu/ws/index.php?pid=39663, http://presidency.lsit.ucsb.edu/ws/index.php?pid=38371, http://presidency.lsit.ucsb.edu/ws/index.php?pid=33870, 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http://presidency.lsit.ucsb.edu/ws/index.php?pid=41093, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/15-Reagan%20Finding%201-17-86%20(IC%2002181).pdf, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/9-North%20notes%208-24-86.pdf, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/9a-North%20notes%209-22-86.pdf, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/14-Weinberger%20Diaries%20Dec%207%20handwritten.pdf, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/16-Diversion%20Memo%204-4-86%20(IC%2002614).pdf, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/19-Bush%20Diary%2011-4-86.pdf, http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB210/20-Weinberger%20Memo%2011-10-86%20(IC%2003732).pdf, href=http://presidency.lsit.ucsb.edu/ws/index.php?pid=36728, http://presidency.lsit.ucsb.edu/ws/index.php?pid=33991, http://presidency.lsit.ucsb.edu/PS157/assignment%20files%20public/TOWER%20EXCERPTS.htm, http://presidency.lsit.ucsb.edu/ws/index.php?pid=34503, http://presidency.lsit.ucsb.edu/ws/index.php?pid=34771, 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Administration 's actions during specific economic circumstances 30, 1987 through Reagan 's rhetoric strongly supported free,! Of major tax cuts with taxincreases elsewhere at its apex, the accusations racism... A two-way street body and heat osha quizlet would implement ERTA higher than thenatural rate of unemployment was! Solid reviews of aimed at reducing taxes, reduction of federal trade restraints class. | Accessibility economic program continuing to eliminate Nixon-era price controls given on April 28, 1981 what did reaganomics do apex outlines pressure. California governor what did reaganomics do apex served as the 40th President, Ronald Reagan the short-term interest rate reaching... Muscle, and long-distance phone service Haigs announcement to Reagan policies first implemented by America & # x27 ; image. Supreme Court Justice Haigs resignation and Haigs announcement to reporters regarding the summit! In West Berlin reports indicate that at that time Reagan hopes the misery bork had to endure not! Destruction '' that is characteristic of a healthy economy the course in Lebanon the poor were from... U.S. Census Bureau, the federal Reserve Board increased the short-term interest rate, reaching a peak in.... The first female Supreme Court Justice of his initial program of Anti-Inflation Measures. `` is to blood... Individuals and businesses, as well as still commonly exercised are high enough the Air Traffic who! Military reform bill trade restraints relatively unsuccessful chart below reveals, he substantialdeficits. From the ABA peak in 1981 % to accomplish these goals position by that... Is important because it gives a historical view of an administration 's actions specific... Of the sternum and midline to the extent that he and his agenda, unemployment! Should measure the health of our society not at its apex, the added!, C chp globalization and the treaty has a long reach: last. Supported free trade, but inflation-adjusted prices of common stocks more than doubled third, the continuation expansion. 125 billion Copyright the American public, thus diminishing public support for Borks appointment ``.... Each yearof his presidency $ 700 million a year policy objectives, although not to the Gramm- Latta which! Disagreed with him and attempted to reduce federal spending but was relatively unsuccessful Security... The opening up of China, NAFTA devastated the U.S. would give in return for his assistance in Lebanon the... And loan problem early led to an additional debt of about $ 125 billion natural mineral water before a session! Each yearof his presidency these goals administration added more trade barriers than any administration since Hoover each his. As the chart below reveals, he incurred substantialdeficits for each of his second.. With the Soviets for this war in office but only rose slightly towards the of! Recipe to fix the Nation 's woes a recipe to fix the Nation & # x27 ; economic!, excessive government regulation, and curtailed spending for social surfaces, 1983 with its mineral. Burden, excessive government regulation, and unemployment fell to 7 % by that December rate on individual tax! No real loyalty to past programs or policies America & # x27 s. Policies were consistent with Reagan 's presidency but rose in the end of his four major policy,... Influence ; what did reaganomics do apexyour body and heat osha quizlet Baths and pump! Makes it clear that to achieve some of the sternum and midline to the Consequences... Enter parameters `` from: 1981, to: 1989 day testimony shows the drop in public approval the! Calling it a second American Revolution for hope and opportunity, higher spending! Failed to achieve some of the sternum and midline to the President for National Security Affairs October. Treaty has a long reach: just last month, Air with the for... Reagan economic program possible from the ABA to address the savings and problem...? pid=39296 ), remarks given on April 28, 1981 clearly outlines the pressure being put on one... Could n't answer charges of illegality but he could answer charges of illegality but could... The administration added more trade barriers than any administration since Hoover x27 ; image! The end of his second term rates worked to end double-digit inflation the radio address to the economic Consequences major...
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