Final answer:
Ronald Reagan served as the 40th U.S. President, implementing 'Reaganomics' to stimulate the economy and reduce government size, though resulting in increased defense spending and federal deficits.
Step-by-step explanation:
The presidency of Ronald Reagan, the 40th President of the United States, spanned from 1981 to 1989 and was marked by a staunch conservative approach aimed at reviving American prosperity and emphasizing 'peace through strength' on an international level. Before his presidency, Reagan was a well-known Hollywood actor and the governor of California, known for his conservative values that he leveraged to win a landslide victory in the 1980 presidential election. During his tenure, he introduced a range of economic policies collectively known as 'Reaganomics,' which were designed to reduce federal government size, stimulate the economy, and provide tax relief to wealthy Americans.
Although Reagan sought to deregulate the economy and decrease government intervention, his administration also saw increased defense spending and resultant federal deficits. His rhetorical prowess was a hallmark of his leadership, which strongly communicated traditional values and conservative ideals. Reagan's legacy remains complex, as his policies contributed to both economic recovery and a widening income gap.