- Considered the worst recession since the Great Depression
- Tax Rates were in the "Prohibitive Range".
- Federal Reserve's contractionary monetary policy.
- High Inflation of the price of goods.
- Oil Crisis of 1973
- Energy Crisis of 1979
Reaganomics- Ronald Reagan's answer to the recession of 1982. It was Reagan's economic policies based on the theory of Supply-Side economics. It called for the widespread tax cuts, decreased social spending, increased military spending and the deregulation of domestic markets.