The height of the Cold War was at its peak. The race for superior nuclear armament and a society trying to identify what direction their future was headed in were engulfing the nation. Yet, everyday President Ronald Reagan was seen smiling and seemingly in control. Perhaps he was. Despite social conflicts, the economy, which tends to control whether life is good or bad, was booming with a low unemployment rate, a small trade surplus, and a modest budget deficit. However, interest rates were in double digits as well as inflation and the national debt increased more than it had in 200 years. So what was going on? Was Ronald Reagan an economic mastermind or the man who ruined an economy still feeling the aftermath twenty years after the fact? The answer is both. The economy can be manipulated for success or a failure by a President and Reagan did both, but the economy is also on its own timeline and relatively independent of the executive office, leaving the scrutiny of President Reagan’s administration in flux.The father’s of the Constitution clearly intended for Congress to control the economy more than the President, with this being apparent in the very beginning of the national document. In Article 1, Section 8, the constitution states… “Congress holds authority to… lay and collect taxes, duties, imposts and excises, to pay the debts, provide for the common defense and general welfare of the United States…; regulate commerce with foreign nations, and among the several states…; and coin money, regulate the value thereof, and of foreign coin…”(Diller 239). In contrast, the Constitution leaves no specific economic power to the President, creating a loophole for the President to influence the economy. The 20th century has seen a change in the ability of a President to control parts of the economy through Congressional statutes. Through State of The Morris 2Union addresses,...
