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BOOM: What a real recovery looks like

longknife

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Oct 23, 2012 (13 hours ago)

by directorblue @ Doug Ross @ Journal: BOOM: What a real recovery looks like

I'd somehow missed this open letter from Investors Business Daily to FLOTUS ("Memo To Michelle: What A 'Huge Recovery' Looks Like"), but happened upon it thanks to a review of the comprehensive story rolodex at Instapundit:

Michelle Obama recently described this recovery as "huge." Maybe she forgot what decade it is. The Reagan recovery in the '80s was huge. But the one her husband's policies have given us? Not so much.

121023-two-recoveries.jpg


More at above link
 

expat_panama

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It's the difference between proud-of-America tax cuts and apologize-for-America tax hikes.
 

andy753

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Different US, different policies, different world. Do you really think Obama is to blame? What about Congress? The Federal Reserve? Even if McCain won the election, we would still be in a mess, and you know it. Get educated.
 

expat_panama

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...Obama is to blame? What about Congress? The Federal Reserve? ...
Blame's sure what lots of people think of first, but it doesn't fix anything. Let's make things better first, and afterwards those with nothing better to do can blame all they want. What we're talking about here is recovery --what it should look like and how it's brought about.

You made a great point mentioning Congress and the Fed because congress controls fiscal policy and the Fed does monetary policy. Both the '80 and '08 recessions started with high unemployment and market crashes (both worse in '80), but two big differences were inflation and the Soviet Empire that didn't happen in '08. The policy differences between then and now were both from the Fed and with Congress. In '82 the Fed had to fight inflation so we went back into a double-dip recession. This time no inflation meant no double-dip. Monetary policy hurt then and helped now. Fiscal policy is what hurts now and helped then, as Congress cut taxes big time 30 years ago and raised them in '10.

Taxes made a big difference not only for the economy but for the deficit:
taxctrv.png
 

Truthseeker420

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Oct 23, 2012 (13 hours ago)

by directorblue @ Doug Ross @ Journal: BOOM: What a real recovery looks like

I'd somehow missed this open letter from Investors Business Daily to FLOTUS ("Memo To Michelle: What A 'Huge Recovery' Looks Like"), but happened upon it thanks to a review of the comprehensive story rolodex at Instapundit:

Michelle Obama recently described this recovery as "huge." Maybe she forgot what decade it is. The Reagan recovery in the '80s was huge. But the one her husband's policies have given us? Not so much.

121023-two-recoveries.jpg


More at above link

Reagan was not dealing with 30 years of Reaganomics and the worst economy since the Great Depression. Nor did he have to deal with a do nothing congress. and with just a quick glance. the misery index is a lie.
 
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uscitizen

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Yeah reagan tac cuts?

I started paying instead of getting a refund after Reagans tax "cuts".
He did away with lots of personal income tax deductions.
 

uscitizen

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Many things are different now vs when Regan was president.

Remember during Reagans terms we went from a creditor nation to a debtor one.
We bought very little from China, etc...
 

iamwhatiseem

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What recovery?
I don't even want to hear that word.
30 straight months of of declining growth is not a damn recovery.
Record social programs, out-of-control underemployment, HUUUUUUUUUUUUUUUGE - record part-time employment instead of full time employed is so out of control that it is higher now than during the depression.
Recovery my ass.
 
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uscitizen

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When Reagan came into office we loaned money to other nations, when he left office we were borrowing money from other nations.
Our national debt was around $700 billion when Carter left office.
This all began under Reagan.
 

iamwhatiseem

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When Reagan came into office we loaned money to other nations, when he left office we were borrowing money from other nations.
Our national debt was around $700 billion when Carter left office.
This all began under Reagan.

You are a smart guy usc...so therefore I know you know that Clinton has every bit as much fault in our current crises as Reagan.
Our crises is caused by the corruption of both parties and you know it.
Bad form guy.
 

expat_panama

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...during Reagans terms we went from a creditor nation to a debtor one...
That's something that political hacks say because it fires up an campaign rally, and economists don't because it makes no sense from a standpoint of money and balances. The slogan gives the impression that America was prosperous before the '80's and destitute after. A complete mindless fantasy.
 

uscitizen

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When Reagan came into office we loaned money to other nations, when he left office we were borrowing money from other nations.
Our national debt was around $700 billion when Carter left office.
This all began under Reagan.

You are a smart guy usc...so therefore I know you know that Clinton has every bit as much fault in our current crises as Reagan.
Our crises is caused by the corruption of both parties and you know it.
Bad form guy.

True all presidents and congresses during and since Reagan have made things worse in the longterm. Well Paygo seemed to be working but was rapidly abandoned after the administration and congressional control change.

But I was correct in what I said as far as it went. I did not write an essay on it, sorry.

But those who blame all this on Obama are idiots, senile, fools or liars, or posess a combination of those dubious attributes.
.
 
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uscitizen

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...during Reagans terms we went from a creditor nation to a debtor one...
That's something that political hacks say because it fires up an campaign rally, and economists don't because it makes no sense from a standpoint of money and balances. The slogan gives the impression that America was prosperous before the '80's and destitute after. A complete mindless fantasy.

Yep to some the debt at 10 trillion or so was not a problem till Obama took office.
 

iamwhatiseem

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When Reagan came into office we loaned money to other nations, when he left office we were borrowing money from other nations.
Our national debt was around $700 billion when Carter left office.
This all began under Reagan.

You are a smart guy usc...so therefore I know you know that Clinton has every bit as much fault in our current crises as Reagan.
Our crises is caused by the corruption of both parties and you know it.
Bad form guy.

True all presidents and congresses during and since Reagan have made things worse in the longterm. Well Paygo seemed to be working but was rapidly abandoned after the administration and congressional control change.

But I was correct in what I said as far as it went. I did not write an essay on it, sorry.

But those who blame all this on Obama are idiots, senile, fools or liars, or posess a combination of those dubious attributes.
.

I blame Bush and Obama equally. Obama, like Bush, has done nothing to defeat corruption in a meaningful way. For f*cks sake Larry Summers has been a top advisor to this administration in not one, but two capacities. "Mr. Derivative" himself. Jeffery Immelt as the jobs czar ? Holy hell. Emanuel?
The Obama's benefited from corruption when he was a Senator, so I guess he is fine with it as President.
 

expat_panama

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...during Reagans terms we went from a creditor nation to a debtor one...
That's something that political hacks say because it fires up an campaign rally, and economists don't because it makes no sense from a standpoint of money and balances. The slogan gives the impression that America was prosperous before the '80's and destitute after. A complete mindless fantasy.
...debt at 10 trillion or so...
Ah, you're talking about some kind of debt or other that may have been say $ten trillion or eleven or whatever. The thing is that it might be a good idea to just go and look it up, because I know a $trillion by itself isn't much money, but you know a $trillion here, a $trillion there...
 

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