And Reagan tripled the debt, and his S+L bubble started ANOTHER recession...Love thos Pub dereg/cronyism bubbles...
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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.
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 "Todays 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 didnt 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 Obamas economic policies were following in close detail exactly the opposite of President Reagans 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.
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
I'm a retired teacher, moron. Aren't you tired of embarassing yourself, Pubtroll? LOL
I'm a retired teacher, moron. Aren't you tired of embarassing yourself, Pubtroll? LOL
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.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.
People become teachers and principles because they are afraid to face the real world.
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 "Todays 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 didnt complain incessantly about the mess he inherited. Will you ever do the same?
.
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.
.
.
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.
.
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.
.