Nixonomics

Nixonomics, a portmanteau of the words “Nixon” and “economics”, refers to U.S. President Richard Nixon's economic performance. Nixon is first president to have his surname combined with the word "economics".

Nixon inherited a weak economy from President Lyndon B. Johnson, who didn’t follow the advice of his economists. In 1969, a tax bill passed that held several Nixon ideas, including a repeal of the investment tax credit and removal of two million of the nation's poor from the tax rolls. After a year it was becoming obvious that the plan wasn’t working. Nixon gave his budget plan to congress in 1971 in which he was to use a $11.6 billion deficit. Nixon then publicly agreed with Keynesian economic principles which stated that government expenditure could take the nation out of their recession, which was a considerably unusual view for a Republican president.