Reaganomics was the name given to Reagan's economic policies. They were built mainly to reduce taxes and promote unrestricted market activity. Beginning with a 30 percent tax cut, the wealthy were able to invest more money into growing businesses, and this in turn put more money in circulation, boosting the economy of the entire country. A process called "trickle down economics".
Social impacts, aids became a major issue as it spread about the country. People became scared and reluctant to interact for fear of contracting the disease. ERA, or the Equal Rights Amendment, became a social issue. Women pushing for equal rights in the american society. Abortion issues on legality or illegality of the act became prominent. Many believed that abortion is wrong, and should not be decided upon by the government. Drug use became an issue in american society, anti drug campaigns begin. gay rights also begin in this time. People start to "come out of the closet" more often.
Politically Reagan had very conservative views. He appointed conservative justice leaders Sandra Day O'Connor, and Clarence Thomas. He deregulated american business, keeping politics and business separate to boost the economy. He won the election by in a landslide victory in 1984, he brought strong foreign policy and good foreign relations back to the american government.