Who inherited a worse economy, Obama or Reagan? (parties, national debt, government)

[harborlady]

Originally Posted by Smash255

Reagan was working at cutting the deficit?? Interesting.....

He did attempt, but the national deficit clock did not start rolling backwards until clinton came into office. It also started a trend rolling forward on Bush's credit card. Obama's credit card vs investments with payoffs... Americans as shareholders getting a dividend isn't irresponsible IMO. Now the credit card habits...

[BigV]

Originally Posted by AnUnidentifiedMale

The downturn would have been much worse if it weren't for the stimulus, according to private economists.

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According to BO's own estimates, the unemployment would be over 8 percent without stimulus and would not reach that figure if his stimulus were rammed through. We are at 10 percent after his stimulus passed.

The problem we are having now, is that private businesses are unsure what to do. Barry is busy coming up with more new rules and regulations which keeps businesses nervous about expanding and prevents them from hiring.

I'm not a prophet, but I can safely predict that 3 years from now, Obama will still be whining about Bush and the mess he inherited. Never mind that the Democrats were at the helm of Congress since 2006.

[BigV]

Originally Posted by Smash255

Obama just started his 2nd year in office, the economy didn't turn around until Reagan's 3rd year in office.

OK, but Reagan did something that stimulated growth. Obama keeps looking for ways to make villains of businesses.

[Finn_Jarber]

Originally Posted by BigV

This article makes shows that REAGAN actually inherited a worse economy, yet, I don't remember him whining about it.

Your memory does not serve you well if you don't remember him whining about it.

[momonkey]

Originally Posted by AnUnidentifiedMale

The downturn would have been much worse if it weren't for the stimulus, according to private economists.

Business > Image >

We already covered economists.

[momonkey]

Originally Posted by BigV

According to BO's own estimates, the unemployment would be over 8 percent without stimulus and would not reach that figure if his stimulus were rammed through. We are at 10 percent after his stimulus passed.

The problem we are having now, is that private businesses are unsure what to do. Barry is busy coming up with more new rules and regulations which keeps businesses nervous about expanding and prevents them from hiring.

I'm not a prophet, but I can safely predict that 3 years from now, Obama will still be whining about Bush and the mess he inherited. Never mind that the Democrats were at the helm of Congress since 2006.

See Jimmy Carter!

[Finn_Jarber]

Originally Posted by momonkey

That would be true except Reagan didn't throw a trillion dollars away on a failed "stimulus" that created zero jobs. For that reason, BO has already failed.

Actually Reagan did the exact opposite of what he preached, and ended up TRIPLING the national debt.

[momonkey]

Originally Posted by Frankie117

Oops.. It is indeed his third year. Of course, if you want to play semantics there was positive growth late into his second year (1982 +.3%).

Was actually disputing the other posters claim that the economy took off in 1984..



Obama also had to deal with a full blow financial crisis, which I think levels the playing field..

So did Reagan. He just didn't cry about it.

Reagan inherited a 20% prime rate and 11.83% inflation rate with a 19.33% misery index. What part of that would you describe as not a financial crisis?

[1751texan]

Originally Posted by momonkey

I can't remember Reagan ever complaining about the mess he inherited either.


"The dollar was at a post-World War II low at the end of Carter’s presidency. His Keynesian economists thought a weak dollar and inflation would create jobs. That didn’t happen. Inflation and unemployment reached a combined 20.5 percent in Carter’s last year."

The American Spectator : Weak Dollars, Weak Presidents

Liberals always think they can get something for nothing without unintended consequences.

The dollar hit its all time high in 1984 beginning the longest peace-time economic expansion without a recession in US history.

As I remeber Reagan left us with the largest Deficit in history at that time.the U.S. trade deficit expansion, In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $700 billion to $3 trillion. The US moved from being the world's largest international creditor to the world's largest debtor nation. Reagan described the new debt as the "greatest disappointment" of his presidency...(Info per Wiki)

[AnUnidentifiedMale]

The "misery index" is just one little way of evaluating the condition of the economy. It's been established that Obama inherited the worst economy since the Great Depression. It's settled.