reagan reoriented american politics and claimed credit in 1984 for an economic renewal—"it's morning again in america!" was the successful campaign slogan. income taxes were slashed 25% and the upper tax rates abolished. the frustrations of stagflation were resolved under the new monetary policies of federal reserve chairman paul volcker, as no longer did soaring inflation and recession pull the country down. working again in bipartisan fashion, the social security financial crises were resolved for the next 25 years.