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How long did it take Ronald Reagan to fix the economy and should we expect Obama to be any faster?

ὤTṻnde΄ӂ 2009/06/08 23:21:07
I read and answered this question on another site and thought it was interesting enough to ask on SodaHead.
Facts are, when Reagan took office in January of 1981 unemployment was 7.1%, by December of 1982 (23 months into his term) it had risen to 10.8%, by the time he left office in 1989 it was 4.4%.
Now considering that, do you conservative Republicans really think its fair to come to the conclusion after only four and a half months that Obama economic plans have been a proven failure ?
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  • Just MEH....Piwan 2009/06/09 13:25:19
    Just MEH....Piwan
    +3
    Not fair at all. It has taken those buffoons 8 years to screw up our country. Obama is no miracle worker, but I believe he is doing as best he can. No president is perfect and can solve ALL problems.

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  • patt 2009/06/09 16:06:34
    patt
    +2
    I guess it's easy to rewrite history. Most republicans worship Reagan as the icon of conservatism, but he routinely renamed tax increases to conceal the fact that he was breaking campaign promises. The highest unemployment in my lifetime was under Reagan. Social services were cut which created a huge homeless subculture. http://www.nhi.org/online/iss...

    "His deficit-causing supply-side tax cuts (derided by the elder Bush as "voodoo economics") were sold with phony numbers and sleight-of-hand accounting. These "trickle-down" tax cuts--coupled with a tremendous boost in military spending--were designed to bankrupt the government, pressuring it to reduce government spending and thereby justifying draconian cuts in social programs. (Remember ketchup as a vegetable?) " http://www.thenation.com/doc/...

    In short, a good time was NOT had by all.

    Give Obama the necessary time to prevent a Reagan-like recovery.
  • ὤTṻnde΄ӂ patt 2009/06/09 16:12:00
    ὤTṻnde΄ӂ
    +1
    Very nicely stated. I know I wasn't better off under Reagan. I will never forget the unbelievable lines at the gas pumps, the tax increase on gas, and sometimes finally getting to the pump only to find that the tanks were dry.
  • margee.... ὤTṻnde΄ӂ 2014/05/31 19:03:58
    margee.morey
    Do you also remember that the petroleum corporations lied to the public about gas shortages, and when Regan saw their huge profits, he implemented the Windfall-Profit-Tax and gas prices then normalized, and supply also normalized. Also, Interest rates for Mortgages were at 13%, and Regan brought the back down to 6%. He was FOR the people, and was almost assassinated, because of Reganomics...big corporations were not happy with Regan.
  • Just MEH....Piwan 2009/06/09 13:25:19
    Just MEH....Piwan
    +3
    Not fair at all. It has taken those buffoons 8 years to screw up our country. Obama is no miracle worker, but I believe he is doing as best he can. No president is perfect and can solve ALL problems.
  • ὤTṻnde΄ӂ Just ME... 2009/06/09 15:34:21
    ὤTṻnde΄ӂ
    +1
    Nor solve them in 4 months, either. ; )
  • ctuagentdown 2009/06/09 00:11:25
    ctuagentdown
    +3
    ronald only had to overcome 4 bad years obama has to overcome 6 or 7.
  • Dan D ctuagen... 2009/06/09 01:15:25
    Dan D
    6 or 7? I think it was 2 - the 2 since the Democrats took control of congress.
  • Zuggi 2009/06/08 23:41:52
    Zuggi
    +2
    Making sense is NOT ALLOWED!
  • ὤTṻnde΄ӂ Zuggi 2009/06/09 00:21:27
    ὤTṻnde΄ӂ
    +1
    Thanks, Zuggi
  • Dan D 2009/06/08 23:34:15
    Dan D
    +1
    The problem is Reagan fixed the economy by lower taxes and enabling business to hire people. He realized that government's role isn't to run the economy but make it so businesses and entrepreneurs could run the economy.

    Obama is taking the opposite approach and a lot of us don't think it'll work.
  • ὤTṻnde΄ӂ Dan D 2009/06/09 00:27:50 (edited)
    ὤTṻnde΄ӂ
    +4
    The point is, though, look how long it did take. Besides, Reagan backtracked on his vow not to increase taxes-- "It's conservative lore that Reagan the icon cut taxes, while George H.W. Bush the renegade raised them. As Stockman recalls, "No one was authorized to talk about tax increases on Ronald Reagan's watch, no matter what kind of tax, no matter how justified it was." Yet raising taxes is exactly what Reagan did. He did not always instigate those hikes or agree to them willingly--but he signed off on them. One year after his massive tax cut, Reagan agreed to a tax increase to reduce the deficit that restored fully one-third of the previous year's reduction. (In a bizarre bit of self-deception, Reagan, who never came to terms with this episode of ideological apostasy, persuaded himself that the three-year, $100 billion tax hike--the largest since World War II--was actually "tax reform" that closed loopholes in his earlier cut and therefore didn't count as raising taxes.)"

    Faced with looming deficits, Reagan raised taxes again in 1983 with a gasoline tax and once more in 1984, this time by $50 billion over three years, mainly through closing tax loopholes for business. Despite the fact that such increases were anathema to conservatives--and probably cost Reagan's successor, George H.W. Bush, reelection--Reagan raised taxes a grand total of four times just between 1982-84.
  • markbaland Dan D 2009/07/23 01:37:27
    markbaland
    ...because we all know how business cares about the people, and does what is good for the masses, right? HA!

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