Posted on 05/07/2014 5:31:48 AM PDT by grundle
How often have you heard a Democrat prattle on and on about how well Barack Obama has done with the economy, given the mess he inherited? Usually, it’s some version of, “Things are getting better, but the economy the President started with was so awful, so he’s done as well as anyone could expect.”
When Ronald Reagan took over from Jimmy Carter in ’81, things were actually worse economically compared to when Obama took over from George W. Bush in ’08.
Consider these three important comparisons of economic indicators, then and now:
- Unemployment was at 10.8% versus 7.7%
- Inflation (Consumer Price Index) was at 13.5% versus 2.7%
- Interest rates (prime rate) was at 21.5% versus 3.25%
In other words, Reagan inherited a bigger mess. Yet, there’s this chart of job growth:
Yes, you read that right: net job growth has declined under Obama. And by the end of the second year of their terms as President, economic growth under Reagan averaged 7.1% , under Obama an anemic 2.8%.
So, how did Reagan manage it? Across-the-board tax cuts, non-defense spending cuts, a restrained monetary supply, and deregulation.
What’s Obama done? Tax increases, spending increases, a massive money-supply increase through “quantitative easing,” and an explosive increase in regulations.
Game, set, and match to Ronald Reagan- and a sound, conservative economic policy.
With my heritage from and having visited Italy before, the image of him depicted as being part of the Sistine Chapel is enough to make me want to puke.
The issue with the graph, is that the Democrats don’t really want to admit how bad the economy is, and it’s probably worse than folks would like to share with the public.
Get in a car and drive cross-country....look at the business fronts shut down, the empty industrial parks, the dead zones around urban areas (Detroit, St Louis, Birmingham, Memphis, New Orleans), and the stability of the small business sector. In real America....nothing has really come back since 2008, and for a fair amount of the GW era....it was draining even then.
When you add in the damage of low bank CD rates (less than 3.6 percent since 2004), and mostly lower than 5.4 percent since the early 90’s....it tells part of the bigger story. Toss in the North American Free Trade Treaty. Then work up various tax credits that major corporations got from both their Republican and Democratic friends. Then mingle in the high debt owed by most college students over the past two decades (if they have extra funds....they pay on the college debt....NOT on house debt, a new car, or house renovation).
President Obama is part of the problem....but we’ve been on this cruise to nowhere for roughly two decades now. In the heartland....we don’t see rebound or infrastructure improvement. For us....it’s just talk, mindless chatter from journalists pretending to know something about real America (even Fox News fails on that account), and expert financial idiots talking about how Wall Street is getting better. There’s no bacon, no beef and no cheese on this burger...just bread and ketchup.
The operative phrase was, "He inherited the worst economy since The Great Depression."
Completely skipping over the Carter economy.
I am offended, personally. Even putting that poser’s name in the same sentence with Reagan is an affront to human decency. Simply put, there is NO comparison, and the mention of the possibility is patently absurd.
This is typical Democrat lying B.S. During the election cycle of 1992, George H.W. Bush lost his job after Bill Clinton hammered him relentlessly for having caused the “worst economy of the last 50 years.”
But in fact, as CNN’s Brooke Jackson has since reported: “Three days before Christmas 1992, the National Bureau of Economic Research finally issued its official proclamation that the recession had ended 21 months earlier. What became the longest boom in U.S. history actually began nearly two years before Clinton took office.” See (See http://www.cnn.com/2001/US/10/31/jackson.recession.primer.otsc/).
Could have saved the author a lot of words if he had just said "Obama applied socialism"
bump
Thank you for posting the chart. I don’t know why my post isn’t showing it now, because it did show it when I first posted it.
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