Editing Reaganomics (section)

===Debt and government expenditures===
[[File:United States budget deficit, 1971 to 2001.svg|thumb|left|300px|Budget deficit in billions of dollars, 1971–2001]]
Reagan was inaugurated in January 1981, making the first fiscal year (FY) he budgeted 1982 and the final budget 1989. 
* During Reagan's presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion.<ref>{{cite web|url=https://fred.stlouisfed.org/graph/?g=k977|title=Federal Debt Held by the Public|date=May 31, 2018|access-date=June 12, 2018|archive-date=September 23, 2022|archive-url=https://web.archive.org/web/20220923151957/https://fred.stlouisfed.org/graph/?g=k977|url-status=live}}</ref> This led to the U.S. moving from the world's largest international creditor to the world's largest debtor nation.<ref name="U.S. Debt"/> Reagan described the new debt as the "greatest disappointment" of his presidency.<ref name="Cannon128"/>
* The federal deficit as percentage of GDP rose from 2.5% of GDP in fiscal year 1981 to a peak of 5.7% of GDP in 1983, then fell to 2.7% GDP in 1989.<ref>{{cite web| url = https://research.stlouisfed.org/fred2/series/FYFSGDA188S| title = Federal Surplus or Deficit as Percent of Gross Domestic Product, Federal Reserve Bank of St. Louis| date = January 1929| access-date = February 23, 2016| archive-date = March 22, 2016| archive-url = https://web.archive.org/web/20160322210703/https://research.stlouisfed.org/fred2/series/FYFSGDA188S| url-status = live}}</ref>
* Total federal outlays averaged of 21.8% of GDP from 1981–88, versus the 1974–1980 average of 20.1% of GDP. This was the highest of any President from Carter through Obama.<ref>{{cite web| url = https://www.cbo.gov/publication/53651| title = CBO-Budget and Economic Outlook 2018-2028-Historical Data-Retrieved June 25, 2018| date = April 9, 2018| access-date = June 25, 2018| archive-date = February 2, 2020| archive-url = https://web.archive.org/web/20200202080730/https://www.cbo.gov/publication/53651| url-status = live}}</ref>
* Total federal revenues averaged 17.7% of GDP from 1981–88, versus the 1974–80 average of 17.6% of GDP.<ref name="cbo.gov">{{cite web |title=The Budget and Economic Outlook: 2014 to 2024 |url=https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/reports/45010-outlook2014feb0.pdf |access-date=9 August 2022 |website=Congressional Budget Office |archive-date=December 4, 2018 |archive-url=https://web.archive.org/web/20181204021501/https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/reports/45010-outlook2014feb0.pdf |url-status=live }}</ref>
* Federal individual income tax revenues fell from 8.7% of GDP in 1980 to a trough of 7.5% of GDP in 1984, then rose to 7.8% of GDP in 1988.<ref>{{cite web|url=http://www.cbo.gov/publication/45010|title=The Budget and Economic Outlook: 2014 to 2024|date=February 4, 2014|access-date=June 12, 2018|archive-date=June 12, 2018|archive-url=https://web.archive.org/web/20180612162542/https://www.cbo.gov/publication/45010|url-status=live}}</ref>