Ronald Reagan

Reagan pursued supply-side economic policies—large tax cuts, deregulation, and shifts in spending—that helped lower inflation and stimulate growth but also coincided with rising federal deficits and greater income inequality.

On foreign policy he combined a military buildup and tough rhetoric toward the USSR with later diplomacy with Mikhail Gorbachev that advanced arms-control agreements; his presidency was also marred by the Iran–Contra affair.

Enacted major tax cuts with the Economic Recovery Tax Act of 1981; Pursued deregulation and conservative judicial appointments; Increased defense spending and advanced the Strategic Defense Initiative; Negotiated with Mikhail Gorbachev, contributing to U.S.–Soviet arms reductions; Re-elected in a 1984 landslide victory; Administration tarnished by the Iran–Contra affair