What Obama Inherited: The greatest nation the world has ever seen

[francoHFW]

And Reagan tripled the debt, and his S+L bubble started ANOTHER recession...Love thos Pub dereg/cronyism bubbles...

 

[AquaAthena]

What Obama Inherited: The greatest nation the world has ever seen.

True.

He also inherited a radical rightwing establishment hell-bent on destroying this great Nation for perceived political gain.

Obama begged for the job. Let's not forget that.

He should have looked into Reagan's 4-point plan if he truly wanted America to recover. Reagan's plan created over 20 million jobs.


1. Cut tax ratesto restore incentives for economic growth, which was implemented first with a reduction in the top income tax rate of 70% down to 50%, and then a 25% across-the-board reduction in income tax rates for everyone. The 1986 tax reform then reduced tax rates further, leaving just two rates, 28% and 15%.

2. Spending reductions, including a $31 billion cut in spending in 1981, close to 5% of the federal budget then, or the equivalent of about $175 billion in spending cuts for the year today. In constant dollars, nondefense discretionary spending declined by 14.4% from 1981 to 1982, and by 16.8% from 1981 to 1983. Moreover, in constant dollars, this nondefense discretionary spending never returned to its 1981 level for the rest of Reagan’s two terms! Even with the Reagan defense buildup, which won the Cold War without firing a shot, total federal spending declined from a high of 23.5% of GDP in 1983 to 21.3% in 1988 and 21.2% in 1989. That’s a real reduction in the size of government relative to the economy of 10%.

3. Anti-inflation monetary policy restraining money supply growth compared to demand, to maintain a stronger, more stable dollar value.

4. Deregulation, which saved consumers an estimated $100 billion per year in lower prices. Reagan’s first executive order, in fact, eliminated price controls on oil and natural gas. Production soared, and aided by a strong dollar the price of oil declined by more than 50%.

Reaganomics Vs. Obamanomics: Facts And Figures - Forbes

 

[francoHFW]

Why The Obama Recovery Has Been Much More Impressive Than ...
Jan 30, 2012 ... By contrast, residential investment subtracted 0.11 percentage point in 2010 ...
the thing: Subtract the housing rebound from the Reagan Recovery and GDP ...
the conditions that Obama inherited and what Reagan inherited.

articles.businessinsider.com/.../30672935_1_gdp-housing-rebound-housing-crisis - Cached

 

[BDBoop]

Reagan inherited a worse situation from Carter and he turned it around in a few years.

The following is from: I inherited a mess from Bush, just like Reagan from Carter [ArthurK]
In his regular NRO feature "Today’s Questions for the President" Peter Kirsanow looks at Obama's "blame Bush" and "I'm like Reagan" theme.

Here are the best parts - read the whole thing.

Reagan "inherited" a GDP rate of -3.2 percent. You inherited a GDP rate of -4.9 percent. Two and a half years after Reagan took office, however, GDP was at 5.1 percent (and exploded to 9.3 percent the next quarter). Two and a half years after you took office GDP growth is at 1.3 percent (and as likely to implode as explode next quarter).
Reagan inherited an inflation rate of 11.8 percent. You inherited an inflation rate of 0.3 percent. Two and a half years after Reagan took office inflation shrank to 2.46 percent. Two and a half years after you took office inflation has risen to 3.56 percent.

He forgot to add the Volcker factor. Reagan relied upon him as head of the Fed. Obama used Volcker's name and ignored him otherwise.

... Reagan inherited a national debt (adjusted for inflation) of $908 billion. You inherited a national debt of $10.1 trillion. Two and a half years after Reagan took office, $390 billion more had been added to the national debt. Two and a half years after you took office $4.4 trillion more has been added to the national debt.
Percentage-wise, that's about the same increase. But Reagan's additional debt was 6.4% of GDP, Obama's extra debt is 33.1% of GDP. Today's debt is a bigger problem than 1980s era debt because there's so much more of it.

(inflation adj. gdp numbers
1983 Q2 $6,072
2011 Q2 $13,270)

Reagan inherited an unemployment rate of 7.5 percent. You inherited an unemployment rate of 7.3 percent. Two and a half years after Reagan took office the unemployment rate was 9.4 percent, but fell to 7.6 percent within a few months and declined steadily thereafter to 5.3 percent. Two and a half years after you took office the unemployment rate is 9.2 percent. To fall to 7.6 percent by the end of this year, however, more than 1,000,000 jobs per month would need to be created. Only 18,000 were created in June; 25,000 in May.
Reagan slashed tax rates, encouraged American entrepreneurship, and didn’t complain incessantly about the mess he inherited. Will you ever do the same?

You do realize Reagan tripled the debt to achieve his economic miracle?

Reaganomics Vs. Obamanomics: Facts And Figures - Forbes

In February 2009 I wrote an article for The Wall Street Journal entitled “Reaganomics v Obamanomics,” which argued that the emerging outlines of

President Obama’s economic policies were following in close detail exactly the opposite of President Reagan’s economic policies. As a result, I predicted that Obamanomics would have the opposite results of Reaganomics. That prediction seems to be on track.

When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%.

At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years). The Washington establishment at the time argued that this inflation was now endemic to the American economy, and could not be stopped, at least not without a calamitous economic collapse.

All of the above was accompanied by double -igit interest rates, with the prime rate peaking at 21.5% in 1980. The poverty rate started increasing in 1978, eventually climbing by an astounding 33%, from 11.4% to 15.2%.

A fall in real median family income that began in 1978 snowballed to a decline of almost 10% by 1982.

In addition, from 1968 to 1982, the Dow Jones industrial average lost 70% of its real value, reflecting an overall collapse of stocks.

President Reagan campaigned on an explicitly articulated, four-point economic program to reverse this slow motion collapse of the American economy:

Read more for the four-point economic program from the link above:


Ronald Reagan created nearly 20 million new jobs were created during the recovery, increasing U.S. civilian employment by almost 20%. Unemployment fell to 5.3% by 1989.

Sorry, after nude avatar my eyes blurred. I got nothing. I'm sure it was a good post though.

Where are your clothes?

 

[francoHFW]

Reaganomics won't work today, but GOP candidates keep pushing it ...
Feb 12, 2012 ... The top income tax rate is 35 percent, half the rate Reagan inherited. And federal
revenue is at a 60-year low of about 15 percent of GDP, ...

Reaganomics won't work today, but GOP candidates keep pushing it anyway - Pittsburgh Post-Gazette - Cached

Pub dupes!! Their inability to adapt to new conditions bespeaks ignorance or insanity....

 

[Unkotare]

You would think people are slowly learning, the ones who care. Any neutral person would notice we absolutely chase the dupes around their silly OPs and crush them ALL THE TIME. They got nuthin' but stupid talking points and insults...lol

Do you have a lot of homework this weekend, kid?

 

[francoHFW]

I'm a retired teacher, moron. Aren't you tired of embarassing yourself, Pubtroll? LOL

 

[Lumpy 1]

I'm a retired teacher, moron. Aren't you tired of embarassing yourself, Pubtroll? LOL

 

[Unkotare]

I'm a retired teacher, moron. Aren't you tired of embarassing yourself, Pubtroll? LOL

Nope. Not buying that shit anymore. You have proven that you are unable to communicate in any fashion other than that of a dim-witted teenager, the only education you could come up with at a moment's notice was a high school, and your entire persona is that of a punk kid who has nothing much to say so he or she just repeats the same old nonsense over and over again. You're a little punk piece of shit and you need to grow up.

 

[Douger]

I'm a retired teacher, moron. Aren't you tired of embarassing yourself, Pubtroll? LOL

Nope. Not buying that shit anymore. You have proven that you are unable to communicate in any fashion other than that of a dim-witted teenager, the only education you could come up with at a moment's notice was a high school, and your entire persona is that of a punk kid who has nothing much to say so he or she just repeats the same old nonsense over and over again. You're a little punk piece of shit and you need to grow up.

What part of retired teacher cant you understand ? If he was a hall monitor he'da become a cop.If he were captain of the football team, he'da become a meathead.
People become teachers and principles because they are afraid to face the real world.

 

[Unkotare]

People become teachers and principles because they are afraid to face the real world.

You know, you can take a break from posting stupid shit every once in a while.

 

[Ruiz]

great nations dont make the nation by slaughtering the native population, and forcefully occupying their lands. great nations are not built by slaves kidnapped from Africa, and then the white people take all the credit. the funniest thing about america to me, is how the white people always claim that hispanics, and blacks are the lazy ones, yet the hispanics and the blacks are the ones out in the fields doing real work, not sitting around trolling forums for cash, or trading derivatives. great nations dont set up military bases around the world to threaten, and destabilise competitors. great nations dont hold fraudulent elections. great nations dont sponsor teror. great nations dont sponsor rogue states (ie israel). great nations dont traffic drugs. great nations dont use depleted uranium, white phosphorous on innocent civilians. great nations dont hire trolls to promote propaganda. great nations dont have to call themselves great nations, "democratic" or the "freest country in the world", because everyone would already know it, unless of course, they were NOT really all that great

 

[Bfgrn]

The President of the United States said:

"The problems we inherited were far worse than most inside and out of government had expected; the recession was deeper than most inside and out of government had predicted. Curing those problems has taken more time and a higher toll than any of us wanted."

On January 25th, 1983

 

[editec]

childish bullshit

 

[Sallow]

An economy losing 770,000 jobs a month
The worst recession in 70 years
Two wars
AlQaida still on the prowl
Gitmo filled with suspected terrorists who can't be tried
An America with it's global reputation in tatters.......Americans torture?
Collapsing auto and financial sectors
34 million Americans without affordable healthcare


How about I go into the America that Bush and the Republicans inherited?

Reagan inherited a worse situation from Carter and he turned it around in a few years.

The following is from: I inherited a mess from Bush, just like Reagan from Carter [ArthurK]
In his regular NRO feature "Today’s Questions for the President" Peter Kirsanow looks at Obama's "blame Bush" and "I'm like Reagan" theme.

Here are the best parts - read the whole thing.

Reagan "inherited" a GDP rate of -3.2 percent. You inherited a GDP rate of -4.9 percent. Two and a half years after Reagan took office, however, GDP was at 5.1 percent (and exploded to 9.3 percent the next quarter). Two and a half years after you took office GDP growth is at 1.3 percent (and as likely to implode as explode next quarter).
Reagan inherited an inflation rate of 11.8 percent. You inherited an inflation rate of 0.3 percent. Two and a half years after Reagan took office inflation shrank to 2.46 percent. Two and a half years after you took office inflation has risen to 3.56 percent.

He forgot to add the Volcker factor. Reagan relied upon him as head of the Fed. Obama used Volcker's name and ignored him otherwise.

... Reagan inherited a national debt (adjusted for inflation) of $908 billion. You inherited a national debt of $10.1 trillion. Two and a half years after Reagan took office, $390 billion more had been added to the national debt. Two and a half years after you took office $4.4 trillion more has been added to the national debt.
Percentage-wise, that's about the same increase. But Reagan's additional debt was 6.4% of GDP, Obama's extra debt is 33.1% of GDP. Today's debt is a bigger problem than 1980s era debt because there's so much more of it.

(inflation adj. gdp numbers
1983 Q2 $6,072
2011 Q2 $13,270)

Reagan inherited an unemployment rate of 7.5 percent. You inherited an unemployment rate of 7.3 percent. Two and a half years after Reagan took office the unemployment rate was 9.4 percent, but fell to 7.6 percent within a few months and declined steadily thereafter to 5.3 percent. Two and a half years after you took office the unemployment rate is 9.2 percent. To fall to 7.6 percent by the end of this year, however, more than 1,000,000 jobs per month would need to be created. Only 18,000 were created in June; 25,000 in May.
Reagan slashed tax rates, encouraged American entrepreneurship, and didn’t complain incessantly about the mess he inherited. Will you ever do the same?

Reagan was a treasonous bastard that wrecked the economy. He should have been impeached and removed from office for Iran Contra.

 

[Mac1958]

.

One tactic that's really getting old is to pretend that the economic environment that Obama started with was just another recession, as if somehow "recessions" are all the same and allow for static analysis and comparison. To simply and flatly equate what Obama walked into and what Reagan walked into is astonishing, and I don't know if this is just more standard partisan bullshit or real, old fashioned ignorance.

Politics has nothing to do with this - I'm talking about the condition of domestic and global economic and banking systems and institutions. While the Depression of the 30's had significant ripple effects internationally, the depth, breadth and complexity of the American banking system meltdown were, are, and will continue to cause damage on a larger scale around the world. When the real scope of this became clear, anyone who is either involved or just paying attention knew this was a disaster that could take a decade or more to play out.

Don't people know this? Or is this just some silly partisan bullshit game and no one told me? This is serious stuff and it's not over.

Holy crap, this is amazing.

.

 

[Sallow]

.

One tactic that's really getting old is to pretend that the economic environment that Obama started with was just another recession, as if somehow "recessions" are all the same and allow for static analysis and comparison. To simply and flatly equate what Obama walked into and what Reagan walked into is astonishing, and I don't know if this is just more standard partisan bullshit or real, old fashioned ignorance.

Politics has nothing to do with this - I'm talking about the condition of domestic and global economic and banking systems and institutions. While the Depression of the 30's had significant ripple effects internationally, the depth, breadth and complexity of the American banking system meltdown were, are, and will continue to cause damage on a larger scale around the world. When the real scope of this became clear, anyone who is either involved or just paying attention knew this was a disaster that could take a decade or more to play out.

Don't people know this? Or is this just some silly partisan bullshit game and no one told me? This is serious stuff and it's not over.

Holy crap, this is amazing.

.

Obviously they don't, because what should have been the natural reaction was a resounding cry to return to Glass-Steagall. That didn't happen. What happened was the "loyal" oppositions has been doing their very best to keep "casino rules" in place.

It's astonishing.

 

[Mac1958]

.

One tactic that's really getting old is to pretend that the economic environment that Obama started with was just another recession, as if somehow "recessions" are all the same and allow for static analysis and comparison. To simply and flatly equate what Obama walked into and what Reagan walked into is astonishing, and I don't know if this is just more standard partisan bullshit or real, old fashioned ignorance.

Politics has nothing to do with this - I'm talking about the condition of domestic and global economic and banking systems and institutions. While the Depression of the 30's had significant ripple effects internationally, the depth, breadth and complexity of the American banking system meltdown were, are, and will continue to cause damage on a larger scale around the world. When the real scope of this became clear, anyone who is either involved or just paying attention knew this was a disaster that could take a decade or more to play out.

Don't people know this? Or is this just some silly partisan bullshit game and no one told me? This is serious stuff and it's not over.

Holy crap, this is amazing.

.

Obviously they don't, because what should have been the natural reaction was a resounding cry to return to Glass-Steagall. That didn't happen. What happened was the "loyal" oppositions has been doing their very best to keep "casino rules" in place.

It's astonishing.

The need for a return to Glass-Steagall or something similar is so clear, and has been so ignored, that I have to think something nasty is going on. No excuse for this.

.

 

[Sallow]

.

One tactic that's really getting old is to pretend that the economic environment that Obama started with was just another recession, as if somehow "recessions" are all the same and allow for static analysis and comparison. To simply and flatly equate what Obama walked into and what Reagan walked into is astonishing, and I don't know if this is just more standard partisan bullshit or real, old fashioned ignorance.

Politics has nothing to do with this - I'm talking about the condition of domestic and global economic and banking systems and institutions. While the Depression of the 30's had significant ripple effects internationally, the depth, breadth and complexity of the American banking system meltdown were, are, and will continue to cause damage on a larger scale around the world. When the real scope of this became clear, anyone who is either involved or just paying attention knew this was a disaster that could take a decade or more to play out.

Don't people know this? Or is this just some silly partisan bullshit game and no one told me? This is serious stuff and it's not over.

Holy crap, this is amazing.

.

Obviously they don't, because what should have been the natural reaction was a resounding cry to return to Glass-Steagall. That didn't happen. What happened was the "loyal" oppositions has been doing their very best to keep "casino rules" in place.

It's astonishing.

The need for a return to Glass-Steagall or something similar is so clear, and has been so ignored, that I have to think something nasty is going on. No excuse for this.

.

Well it's no big secret. Michael Moore's made several films about it. And it's happening in plain sight. Heck, Republicans are now running a corporate raider.

While I'm not a big fan of the "well both parties are doing" meme..there is some credibility to that. But if the American people are not voting in people that are at least "corporate-lite", one has to suspect that either they don't care..or it's the outcome they want.

 

[Douger]

I am sick and tired of hearing Obama complain about what he inherited. The truth is that Obama inherited the greatest nation the world has ever seen

Proof that murkins all suffer from delusions of grandeur.
The truth is murka is a satanic empire run by genocidal sociopaths.