Reagan faced challenges in dealing with the economy from "summary" of The Promise by Jonathan Alter
Reagan's presidency was marked by a series of challenges when it came to managing the economy. One of the most pressing issues he faced was the high inflation rates that plagued the country during his first term in office. In an effort to combat this problem, Reagan implemented a policy of tight monetary control, which aimed to reduce the money supply in order to lower inflation rates. However, this policy also had the unintended consequence of causing a rise in interest rates, which made it more difficult for businesses and consumers to borrow money. Another significant economic challenge that Reagan faced was the high unemployment rates that persisted throughout much of his presidency. Despite his promises to create jobs and boost the economy, Reagan struggled to make significant progress in this area. The unemployment rate remained stubbornly high, particularly among certain groups such as African Americans and young people. This issue was further compounded by the decline of the manufacturing sector and th...
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