structural:expansion, linguistic:paraphrasing
Inflation and unemployment

Reagan took office in the midst of stagflation. The economy briefly experienced growth before plunging into a recession in July 1981. As Federal Reserve chairman, Paul Volcker fought inflation by pursuing a tight money policy of high interest rates, which restricted lending and investment, raised unemployment, and temporarily reduced economic growth. In December 1982, the Bureau of Labor Statistics (BLS) measured the unemployment rate at 10.8 percent. Around the same time, economic activity began to rise until its end in 1990, setting the record for the longest peacetime expansion. In 1983, the recession ended and Reagan nominated Volcker to a second term in fear of damaging confidence in the economic recovery.

Reagan appointed Alan Greenspan to succeed Volcker in 1987. Greenspan raised interest rates in another attempt to curb inflation, setting off the Black Monday stock market crash, although the markets eventually recovered. By 1989, the BLS measured the unemployment rate at 5.3 percent. The inflation rate dropped from 12 percent during the 1980 election to under 5 percent in 1989. Likewise, the interest rate dropped from 15 percent to under 10 percent. Yet, not all shared equally in the economic recovery, and both economic inequality and the number of homeless individuals increased during the 1980s. Critics have contended that a majority of the jobs created during this decade paid the minimum wage.