Reaganomics“We are not, as some would have us believe, doomed to inevitable decline. I don't believe in a fate that will befall us no matter what we do. I believe in a fate that will befall us if we do nothing. So, with all the creative energy at our disposal, let us usher in 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 Soon 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 are very different people, both used blitzkrieg to storm the opposition. In Hitler's case, the opposition tended to be allied countries, but Reagan's opposition consisted of the U.S. economy and government. One of the most discussed topics during Reagan's presidency was “supply-side economics.” The supply-side economic system is based on the idea that large corporations and the wealthy will spend more money, balance the economy, and help pay off the federal budget deficit if taxes on them are reduced. People and businesses at the bottom of the economic system should benefit from additional manufacturing jobs and reduced prices of goods and services. Critics called this theory “trickle-down economics.” Others have called the plan “Reaganomics.” However, all 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 had long been waiting for the chance to challenge the r... center of paper... ics." American History Online. Facts on 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 Collection 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 Economics and Freedom, 2002. Web. 20 March 2012. "Reaganonmics". The Free Dictionary, 2012. Web. 2 April 2012. .