Mellonomics is a is a term that has been used to describe the economic

Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

 policies of United States Secretary of the Treasury

United States Secretary of the Treasury

The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...

 Andrew W. Mellon

Andrew W. Mellon

Andrew William Mellon was an American banker, industrialist, philanthropist, art collector and Secretary of the Treasury from March 4, 1921 until February 12, 1932.-Early life:...

. "Mellonomics" is a portmanteau, combining his last name of "Mellon" with the word "economics." This is similar to the more famous example of "Reaganomics

Reaganomics

Reaganomics refers to the economic policies promoted by the U.S. President Ronald Reagan during the 1980s, also known as supply-side economics and called trickle-down economics, particularly by critics...

."

History

The economic policies under President Reagan

Ronald Reagan

Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....

 are predominantly based upon those of Secretary Mellon. Mellon's policies favored keeping taxes low. He believed lower taxes would interfere less with large corporations, which would help the economy in general. Whereas Mellon's economic policies succeeded in reducing the national debt by holding down government expenditures, President Reagan's economic policies saw the increase of debts as a product of the Cold War

Cold War

The Cold War was the continuing state from roughly 1946 to 1991 of political conflict, military tension, proxy wars, and economic competition between the Communist World—primarily the Soviet Union and its satellite states and allies—and the powers of the Western world, primarily the United States...

's arms race and military buildup that taxed the federal budget through the 1980s.

See also

• Supply-side economics
  Supply-side economics
  Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing...
  
  
• Trickle-down economics
  Trickle-down economics
  "Trickle-down economics" and "the trickle-down theory" are terms used in United States politics to refer to the idea that tax breaks or other economic benefits provided by government to businesses and the wealthy will benefit poorer members of society by improving the economy as a whole...
  
  
• Neoliberalism
  Neoliberalism
  Neoliberalism is a market-driven approach to economic and social policy based on neoclassical theories of economics that emphasizes the efficiency of private enterprise, liberalized trade and relatively open markets, and therefore seeks to maximize the role of the private sector in determining the...
  
  
• Reaganomics
  Reaganomics
  Reaganomics refers to the economic policies promoted by the U.S. President Ronald Reagan during the 1980s, also known as supply-side economics and called trickle-down economics, particularly by critics...