Ronald Reagan inherited a far worse economic crisis: double-digit inflation, double-digit unemployment, an energy crisis, a Soviet Union on the rise and an Iranian hostage crisis.
But he actually knew what he was doing. And -- strangely -- it was the complete opposite of Obama's agenda that includes punishing small business owners, restricting access to energy, killing our manned space program, and devastating our national security posture.
If you have a look at the bureau of statistics web site, it is pretty clear. Disregarding all other economic factors, the unemployment rate stood at 7.5 when Reagan was sworn into office on January 20 1981. After that it did shoot up, and peaked at 10.8% by the end of 1982, but steadily declined thereafter. By the election season of 1984, the rate held in the mid 7s, ironically the same rate at which Carter took his pounding back in 1980, yet Reagan won his second term by the largest margin in US history. Unemployment then declined at an even pace through his second term and when Bush 41 was inaugurated it was 5.2%.
ReplyDeleteRead more: http://wiki.answers.com/Q/During_Ronald_Reagan's_presidency_what_happen_to_unemployment#ixzz25kroj6oA
I think Bubba very stealthily undermined barky last night. He's still mad about '08, but has to go all passive aggressive lest his komrades call him party traitor or something.
ReplyDeleteI have you linked up at my place, here:
http://marezilla.com/2012/09/post-dc-show-after-party/
The idea that Reagan got a worse Economy than Obama is insanely stupid, Reagan did not get handed 2 wars, Trillion dollar deficits, and a terrible economic recession (There's a reason why it's called "THE WORST" economic recession since the Depression.
ReplyDeleteCarter did not fail because he was a democrat, he failed because he was inexperienced, but his BIGGEST criticisms came from the Democrats, not the Republicans.
When it comes to these two recoveries, we have many similarities. Both recoveries came at the help of the President and Federal Reserve chairman. Reagan did good but he did get some of the help from Democrat chairman of the Fed, Paul Volcker, same with Obama and Republican chair of the Fed. Ben Bernanked, both of them got their houses shifted 2 years into their presidency, Obama lost the house to the Reps, Reagan lost the House to the Dems.
If people actually knew anything about Reagan, they would know that problems were not fixed in 4 years, but let's compare Obama and Reagan, unemployment under Reagan went as high as 10.8% and by December of Reagan's 5th year in office, it was 7%
Under Obama, the unemployment rate went as high as 10% and by December of his 5th year, it was 6.7%
And don't pull that "u-6 unemployment" crap, we have no standards for that under Reagan so it's not fair to use it.
Overall, the most fundamental point to make about Obama when it comes to Reagan is that under Barack Obama, taxes are lower than they were under Reagan or Eisenhower, his stimulus bill was 1/3rd tax cuts, so the idea that Obama is a failure socialist is just misinformation BS, Reagan wasn't really well liked in the 80's but turned into a god after he left, don't be surprised if the same happened to Barry, they both have similar tales.
And as a last point, it seems pretty pathetic that Republicans skip over George W Bush and George HW Bush and go ALL the way to Reagan to compare to Obama, comparing the Republican's GREATEST president against the Democrat's....5th best president (Next to Clinton, Kennedy, FDR, LBJ)