Economic program utilized during the Reagan administration, which emphasized low taxes, decreased economic regulation, low social services spending, and high military spending. Contributed to low interest rates, low inflation, and large budget deficits. Some of the major legislations passed during his presidency included the Economic Recovery Tax Act of 1981, the Tax Equity and Fiscal Responsibility Act of 1982, and the Tax Reform Act of 1986. President Reagan's economic approach was different from many previous Presidents, and the country was experiencing stagflation. The mixed effects of President Reagan's program have garnered both support and criticism.