Reagan v. Obama On Recovery From A Recession

Compare and contrast:

• GDP. In the seven quarters after the 1981-82 recession ended, the economy cranked out quarterly growth rates that averaged 7.1%. Under Obama, GDP growth has averaged a mere 2.8%. (See chart at right.)

• Unemployment. Under Reagan, the unemployment rate had fallen to 7.5% by this point in the recovery. Under Obama, it’s still stuck at 8.8%.

• Long-term unemployment. There were far fewer long-term unemployed by this point in the Reagan recovery; just 18% of the unemployed had been without a job 27 weeks or more. Under Obama, that figure is an astonishing 45%.

• Consumer confidence. By this point in the Reagan recovery, the Conference Board’s Consumer Confidence Index had hit 100. Today, the index stands at just 65.4.

• Deficits. Under Reagan, the federal deficit was trimmed to 4.8% of GDP by 1984. Under Obama, the deficit is expected to climb to 10.9% of GDP this year.

It’s the policies that make the difference.  Where Reagan deregulated, Obama is over-regulating.  Where Reagan cut taxes, Obama desperately wants to increase them.  Where Reagan had spending under control, Obama is spending like a college kid with dad’s credit card and a hot date.

Meanwhile, as gas prices climb higher and higher, suffocating consumers and industry alike, Obama extolls the virtues of drilling for oil anywhere other than here.  Speculation and market manipulation are not causing the rise — if they could, why wouldn’t oil prices always be this high? — government interference is.

All of this takes a toll on investors, employers, and consumers.  We are all paying the price for the Democrats’ economically ignorant policies.

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Published in: on April 29, 2011 at 8:11 am  Leave a Comment  

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