there was also a big push for deregulation. they removed a lot of rules from industries like banking, airlines, and telecom. it was supposed to make things more competitive and efficient, but it kinda looks like it just led to monopolies and long term instability. some people even say this contributed to the 2008 crash
I can ad alot context to this, I was born in the late 1970s and got dose of both the cold war and post cold war life in america.
In the 1970s you had stagflation, The politician like nixon even did commie shit like price controls. Volker did a shock to the system and raised rates to just over 20%.
IMO this is a good thing because it helps clear bad shit off the books you can keep barrowing to stay afloat and the economic destruction helps free up capital for other projects.
The big business branch of the GOP always pushed for losing the regulations, Reagan's philosophy was the goverment makes more problems than it solves, and there was a cult like nature to it in the years after his term, people forget reagan had no problem raising taxes when it suited him.
I would recomend this book
This is a liberal professor coming to terms with trumps 2016 win, he basically outlines the issues the dem part has and the culture war and his model/thesis is still interesting to this day.
But back to your take on things. What changed wasnt just the 1980s it was the fall of the USSR and the resulting peace divided. We didnt have nuclear war hanging over our heads, we didnt need to fund such a huuge military machine.
We opened up china even more and sold them out machines for their cheap labor and willingness to pollute and poisin their own land and people.
The results at first of this was the 1990s where I spent my teenage years The cheap chinese shit have alot of material wealth to us, and the knock on effects of offshoring were building.
The 2008 crises was the results of bill clinton in 1999 repealing/mondernizing this old banking law
I was a nerd for the housing crash and while some kiwis here will repeat the bullshit that it was all caused by innocent banks being told by the big mean nigger worshipping goverment they had to give loans.
bullshit the loans were made by lending companies that were flipping them to banks to other banks to pension funds etc.
here is a white dude that runs a podcast who did a shit ton of fraud telling a story about how he did scams
Anyway hope that helpd