Luddly Neddite
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- Sep 14, 2011
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Reagan was allowed to triple the debt to force a recovery. He did not have to contend with massive layoffs in the public sector while he was trying to cut the unemployment rate
Ummm unemployment was 7.8% when Reagan took office, it balooned to 10.8%, higher than Obama's. He also had to deal with a 13% inflation rate. Obama's was zero.
Obama had no clue what to do, he still doesn't. Oh and didn't Obama alos increase the debt by a bunch???
Obama's policies have failed.
Reagan was allowed to triple the debt to force a recovery. He did not have to contend with massive layoffs in the public sector while he was trying to cut the unemployment rate
Ummm unemployment was 7.8% when Reagan took office, it balooned to 10.8%, higher than Obama's. He also had to deal with a 13% inflation rate. Obama's was zero.
Obama had no clue what to do, he still doesn't. Oh and didn't Obama alos increase the debt by a bunch???
Obama's policies have failed.
Again, Reagan's recession was artificially created by the Fed to bring down inflation. Once that goal was accomplished, the Fed eased its policy and the economy bounced back.
In 2008 the economy went into a tailspin when the Fed already had spent all its ammo by lowering the interest rates to zero. Obama had to improvise with stimulus, which is not as effective as monetary easing.
Obama was on his own, Reagan could simply watch the Fed fixing the economy for him.
It took Reagan 17 months to straighten out Jimmy Carter's mess he left. Unemployment actually rose during the first months of his presidency to over 10% (sound familiar?) Inflation jumped to 13.5%
Bill Clinton lied last night saying no other president faced what Obama was facing. Reagan's was just as bad if not worse.
When Reagan took office the economy was one of the double-digit inflation and high interest rates. During the campaign Reagan promised to restore the free market from excessive government regulation and encourage private initiative and enterprise.
Reagan's economic policies came to be known as "Reaganomics," an attempt, according to Lou Cannon, to "balance the federal budget, increase defense spending, and cut income taxes." The President vowed to protect entitlement programs (such as Medicare and Social Security) while cutting the outlays for social programs by targeting "waste, fraud and abuse." Reagan embraced the theory of "supply side economics," which postulated that tax cuts encouraged economic expansion which in turn increased the government's revenue at a lower tax rate.
During his first year in office, Reagan engineered the passage of $39 billion in budget cuts into law, as well as a massive 25 percent tax cut spread over three years for individual, and faster write-offs for capital investment for business. At the same time, he insisted on, and for the most part, was successful in gaining increased funding for defense.
Although inflation dropped from 13.5% in 1980 to 5.1% in 1982, a severe recession set in, with unemployment exceeding 10% in October, 1982 for the first time in forty years. The administration modified its economic policy after two years by proposing selected tax increases and budget cuts to control rising deficits and higher interest rates. After the 1982 downturn, the reduced inflation rate (under 5% for the remainder of the administration) sparked record economic growth, and produced one of the lowest unemployment rates in modern U.S. history (unemployment hit a 14 year low in June of 1988). As Reagan left office, the nation was experiencing its sixth consecutive year of economic prosperity.
The economic gains, however, came at a cost of a record annual deficit and a ballooning national debt. The budget deficit was exacerbated by a trade deficit. Americans continued to buy more foreign-made goods than they were selling. Reagan, however adhered to his free trade stance, and signed an agreement to that effect with Canada. He also signed, reluctantly, trade legislation designed to open foreign markets to U.S. goods.
Ronald Reagan Presidential Library, National Archives and Records Administration
Reaganomics - Wikipedia, the free encyclopedia
Reagan was allowed to triple the debt to force a recovery. He did not have to contend with massive layoffs in the public sector while he was trying to cut the unemployment rate
Ummm unemployment was 7.8% when Reagan took office, it balooned to 10.8%, higher than Obama's. He also had to deal with a 13% inflation rate. Obama's was zero.
Obama had no clue what to do, he still doesn't. Oh and didn't Obama alos increase the debt by a bunch???
Obama's policies have failed.
Again, Reagan's recession was artificially created by the Fed to bring down inflation. Once that goal was accomplished, the Fed eased its policy and the economy bounced back.
In 2008 the economy went into a tailspin when the Fed already had spent all its ammo by lowering the interest rates to zero. Obama had to improvise with stimulus, which is not as effective as monetary easing.
Obama was on his own, Reagan could simply watch the Fed fixing the economy for him.
Reagan was allowed to triple the debt to force a recovery. He did not have to contend with massive layoffs in the public sector while he was trying to cut the unemployment rate
Would you give a monetary amount (including inflation) that Reagan spent over his 8 years and compare that to what Obama has spent in 3+ years?
I'll be waiting, Leftwinger.
It took Reagan 17 months to straighten out Jimmy Carter's mess he left. Unemployment actually rose during the first months of his presidency to over 10% (sound familiar?) Inflation jumped to 13.5%
Bill Clinton lied last night saying no other president faced what Obama was facing. Reagan's was just as bad if not worse.
When Reagan took office the economy was one of the double-digit inflation and high interest rates. During the campaign Reagan promised to restore the free market from excessive government regulation and encourage private initiative and enterprise.
Reagan's economic policies came to be known as "Reaganomics," an attempt, according to Lou Cannon, to "balance the federal budget, increase defense spending, and cut income taxes." The President vowed to protect entitlement programs (such as Medicare and Social Security) while cutting the outlays for social programs by targeting "waste, fraud and abuse." Reagan embraced the theory of "supply side economics," which postulated that tax cuts encouraged economic expansion which in turn increased the government's revenue at a lower tax rate.
During his first year in office, Reagan engineered the passage of $39 billion in budget cuts into law, as well as a massive 25 percent tax cut spread over three years for individual, and faster write-offs for capital investment for business. At the same time, he insisted on, and for the most part, was successful in gaining increased funding for defense.
Although inflation dropped from 13.5% in 1980 to 5.1% in 1982, a severe recession set in, with unemployment exceeding 10% in October, 1982 for the first time in forty years. The administration modified its economic policy after two years by proposing selected tax increases and budget cuts to control rising deficits and higher interest rates. After the 1982 downturn, the reduced inflation rate (under 5% for the remainder of the administration) sparked record economic growth, and produced one of the lowest unemployment rates in modern U.S. history (unemployment hit a 14 year low in June of 1988). As Reagan left office, the nation was experiencing its sixth consecutive year of economic prosperity.
The economic gains, however, came at a cost of a record annual deficit and a ballooning national debt. The budget deficit was exacerbated by a trade deficit. Americans continued to buy more foreign-made goods than they were selling. Reagan, however adhered to his free trade stance, and signed an agreement to that effect with Canada. He also signed, reluctantly, trade legislation designed to open foreign markets to U.S. goods.
Ronald Reagan Presidential Library, National Archives and Records Administration
Reaganomics - Wikipedia, the free encyclopedia
Let's look at the actual numbers here and compare them to Obama's numbers. In January of 1981, the unemployment rate was 7.5%. Over the following two years it jumped to 10.4% By October of 1984, during the final stretch of the election, unemployment was only down to 7.4%, so basically, it hadn't budged during Reagan's first term. It wasn't until Reagan's second term that things really started to improve. These are the facts.
Now let's look at Obama. When he took office, unemployment was at 7.6% and the economy was in a tailspin. By the end of the year we had already surpassed 10% unemployment. That rate has steadily come down, but it has not come down fast, just as it did not come down fast for Reagan. The difference is in perception. In 1984, voters thought Reagan was doing a good job, and he rolled to re-election despite the fact that he hadn't really done anything to improve the economy. Compare that to Obama who while pretty much achieving the same results as Reagan in his first three and a half years, has been crucified for his handling of the economy. It's actually a bit humorous when you compare the two scenarios.
Let's look at the actual numbers here and compare them to Obama's numbers. In January of 1981, the unemployment rate was 7.5%. Over the following two years it jumped to 10.4% By October of 1984, during the final stretch of the election, unemployment was only down to 7.4%, so basically, it hadn't budged during Reagan's first term. It wasn't until Reagan's second term that things really started to improve. These are the facts.
Now let's look at Obama. When he took office, unemployment was at 7.6% and the economy was in a tailspin. By the end of the year we had already surpassed 10% unemployment. That rate has steadily come down, but it has not come down fast, just as it did not come down fast for Reagan. The difference is in perception. In 1984, voters thought Reagan was doing a good job, and he rolled to re-election despite the fact that he hadn't really done anything to improve the economy. Compare that to Obama who while pretty much achieving the same results as Reagan in his first three and a half years, has been crucified for his handling of the economy. It's actually a bit humorous when you compare the two scenarios.
It took Reagan 17 months to straighten out Jimmy Carter's mess he left. Unemployment actually rose during the first months of his presidency to over 10% (sound familiar?) Inflation jumped to 13.5%
Bill Clinton lied last night saying no other president faced what Obama was facing. Reagan's was just as bad if not worse.
Ronald Reagan Presidential Library, National Archives and Records Administration
Reaganomics - Wikipedia, the free encyclopedia
Let's look at the actual numbers here and compare them to Obama's numbers. In January of 1981, the unemployment rate was 7.5%. Over the following two years it jumped to 10.4% By October of 1984, during the final stretch of the election, unemployment was only down to 7.4%, so basically, it hadn't budged during Reagan's first term. It wasn't until Reagan's second term that things really started to improve. These are the facts.
Now let's look at Obama. When he took office, unemployment was at 7.6% and the economy was in a tailspin. By the end of the year we had already surpassed 10% unemployment. That rate has steadily come down, but it has not come down fast, just as it did not come down fast for Reagan. The difference is in perception. In 1984, voters thought Reagan was doing a good job, and he rolled to re-election despite the fact that he hadn't really done anything to improve the economy. Compare that to Obama who while pretty much achieving the same results as Reagan in his first three and a half years, has been crucified for his handling of the economy. It's actually a bit humorous when you compare the two scenarios.
So Reagan did in less than 2 years what Obama hasn't done in four and we're just supposed to give Obama a pass?? You fail to mention runaway inflation Obama didn't have to deal with.
Ummm unemployment was 7.8% when Reagan took office, it balooned to 10.8%, higher than Obama's. He also had to deal with a 13% inflation rate. Obama's was zero.
Obama had no clue what to do, he still doesn't. Oh and didn't Obama alos increase the debt by a bunch???
Obama's policies have failed.
Again, Reagan's recession was artificially created by the Fed to bring down inflation. Once that goal was accomplished, the Fed eased its policy and the economy bounced back.
In 2008 the economy went into a tailspin when the Fed already had spent all its ammo by lowering the interest rates to zero. Obama had to improvise with stimulus, which is not as effective as monetary easing.
Obama was on his own, Reagan could simply watch the Fed fixing the economy for him.
I keep asking for a link, do you have one??
Again, Reagan's recession was artificially created by the Fed to bring down inflation. Once that goal was accomplished, the Fed eased its policy and the economy bounced back.
In 2008 the economy went into a tailspin when the Fed already had spent all its ammo by lowering the interest rates to zero. Obama had to improvise with stimulus, which is not as effective as monetary easing.
Obama was on his own, Reagan could simply watch the Fed fixing the economy for him.
I keep asking for a link, do you have one??
This is how Fed created the Reagan's recession (by rising rates to 20%), and how it stopped it (by lowering them to 10%):
This is why the standard monetary policy was powerless in 2008 -- Fed started with much less room to lower the rates:
In 80's all the Fed HAD to do is lowering rates from 20% to 10%. In 2008 all the Fed COULD do is lowering rates from 5% to 0%, and that was not nearly enough for the economy to recover.
The OP is retarded.
The Reagan recession started 6 months AFTER Reagan took office. It ended in November 1982.
So are you saying Reagan's policies had nothing to do with his recovery and Obama's policies are helping this recession??