Mellonomics

Andrew W. Mellon, the US Secretary of the Treasury from which Mellonomics derives its name

Mellonomics is a term that has been used to describe the economic policies of United States Secretary of the Treasury Andrew W. Mellon. "Mellonomics" is a portmanteau, combining his last name of "Mellon" with the word "economics." This is similar to the more famous example of "Reaganomics."

History

The economic policies under President Reagan 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's arms race and military buildup that taxed the federal budget through the 1980s, an expense that had not existed in Mellon's time.^{[citation needed]}

References

• The American Pageant, Twelfth edition.

See also

• Supply-side economics
• Trickle-down economics
• Neoliberalism
• Reaganomics