Some older Gen Xers started high school in the waning years of the Carter presidency, but much of the cohort became socially and politically conscious during the Reagan Era. President Ronald Reagan, voted in office principally by the boomer generation, embraced "laissez-faire" economics with vigor with cuts in the growth of government spending, reduction in taxes for the higher echelon of society, legalization of stock buybacks, and deregulation of key industries. Measures had drastic consequences on the social fabric of the country even if, gradually, reforms gained acceptability and exported overseas to willing participants. The early 1980s recession saw unemployment rise to 10.8% in 1982 requiring, more often than not, dual parental incomes. One-in-five American children grew up in poverty during this time. The federal debt almost tripled during Reagan's time in office, from $998 billion in 1981 to $2.857 trillion in 1989 placing greater burden on repayment on the incoming generation.