Last 2 Ch33 Sections -- The Girls' Third Period AP US History Notes

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Date Posted: 23:33:51 04/08/03 Tue
Author: sry so late! -j
Subject: Last 2 Ch33 Sections

I. The Fiscal Crisis
A. Soaring National Debt
i. the economic revival did little to reduce the staggering national debt
a. Reagan accumulated more debt in 8 years than in all previous American history combined
- the debt went from $906 bil in 1980 to $3.5 tril in 1991
ii. causes of the debt include
a. an aging population added to the deficit through government spending in Medicare and social security
b. the Reagan admin.�s tax cuts
c. gov. military spending
iii. tax raises
a. for the most part, the Reagan admin refused to consider raising income taxes
b. the Reagan admin did however; make cuts in �discretionary� domestic spending
- Medicare, Medicaid
- student loans
- school lunches and other educational programs
c. these cuts added to the growing poverty problem in America

I. The Fading of the Reagan Revolution
A. Scandal in the administration
i. Reagan was associated w/ many scandals but the biggest was the Savings and loan crisis
a. the savings and loan industry was deregulated in 1980 by Reagan and as a result, the industry expanded very rapidly
b. by the end of the decade, the industry was in chaos and the gov was forced to step in
c. the public ended up paying over half a trillion dollars to fix the industry
ii. the Iran-Contra Scandal
a. the white house sold weapons to Iran in exchange for American hostages
- it was also found that some of the money going to Iran was funneled to fund the contras in Nicaragua
b. in the months that followed, more information tying the white house to covert and sometimes illegal activities
- National Security Council staff member Oliver North was linked to higher administrative figures in the scandal
- the scandal did great damage to the Reagan admin even tho Reagan himself was never tied to the scandal

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