Reaganomics“We are not, as some would have us believe, doomed to inevitable decline. I don't believe in a fate that will fall on us no matter what we do. I believe in the fate that will befall us if we do nothing. So, with all the creative energy at our disposal, let us begin an era of national renewal. Let us renew our determination, our courage and our strength. And let us renew our faith and our hope. – Ronald Reagan, First Inaugural Address Shortly after entering the White House in 1981, Ronald Reagan launched what David Stockman, head of the Office of Management and Budget, called a “blitzkrieg.” Although Ronald Reagan and Adolf Hitler were very different people, both used blitzkrieg to take the opposition by storm. In Hitler's case, the opposition consisted more of the Allied countries, but Reagan's opposition concerned the economy and the government of the United States. One of the most discussed issues during Reagan's presidency was "supply-side economics." Supply-side economics is based on the idea that big businesses and the wealthy will spend more money, balance the economy and help close the federal budget deficit if taxes on them are reduced. People and businesses at the lower end of the economic system are expected to benefit from additional jobs created for production as well as lower prices for goods and services. Critics have called this theory “trickle down economics.” Others called the plan “Reaganomics.” However, all of these terms share the same meaning. After Reagan became president, he appointed David A. Stockman, a young two-term conservative Republican from Michigan, as director of the Office of Budget Management (OMB). Stockman has long been waiting for the opportunity to challenge Middle of Paper......ics. American History Online. Facts about File, Inc., 2012. Web. April 2, 2012 .WE52&iPin=EPHX206&SingleRecord=True>.Kallen, Stuart A. The 1980s. San Diego, CA: Lucent Books, 1999. Print. Kane, Joseph Nathan. Facts About Presidents: A Compilation of Biographical and Historical Information. New York: Wilson, 1981. Print. Knott, Stephen F. and Jeffrey L. Chidester. The Reagan years. New York: Facts on File, 2005. Print.Johnson, Darv. The Reagan years. San Diego, CA: Lucent Books, 2000. Print. Niskanen, William A. “Reaganomics.” The Concise Encyclopedia of Economics. Library of Economy and Liberty, 2002. Web. March 20, 2012. .“Reaganonmics.” Financial dictionary. The Free Dictionary, 2012. Web. April 2 2012. .