Economy Improvement

Reagan achieved the best improvement record since President Harry Truman and it is one of the major accomplishments of Ronald Reagan because to Reaganomics, which strengthened the economy as a whole. During his presidency, the GDP growth increased from -0.3 to 4.1 percent, but it wasn't all Reagan accomplished. He set two records: the first is that more than 18 million jobs were created between 1980 and his departure, and the second is that an estimated $30 trillion in wealth was generated during this time.

Prior to the Reagan era, the US economy went through a decade of stagflation, which is characterized by high inflation, sluggish economic development, and persistently high unemployment. Ronald Reagan's economic strategy, or "Reaganomics," was founded on four key tenets: limited government expenditure, lower tax rates, lessening of the role of the government in society, and tightening the money supply to fight inflation.

The unemployment rate fell by 1.6 percent under the Reagan administration, from 7.1 percent in 1980 to 5.5 percent in 1988, and the inflation rate decreased from 13.5 percent in 1980 to 4.1 percent in 1988. Reagan's administration saw the most improvement since Harry S. Truman, with the misery index - the product of inflation and unemployment - falling from 19.99 to 9.72.