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Only if you exclude Reagan, who presided over 10.8%.
According to the DOL, unemployment during Reagan's years was:
1982 9.71
1983 9.60
It may have hit 10.8, but for just two months at the peak of the recession. It continued to decline after 1983 and was at 5.49 when he left office. I see no significant improvements coming anytime soon under this administration and we're about to hit year 3 of 9.0%+ unemployment. That is unprecedented.
I can see you're furious about Bush, but then you must be hopping mad enraged about obama, because he's made EVERYTHING even worse than what you claim to be Bush's record.
Wouldn't you love to have $1.86/gal gas again, as it was under Bush, instead of $3.50/gal under obama?
Or an avg UE rate of 5.7% again, as it was under Bush, instead of 9.2% under obama?
Or an deficit of $450 BILLION again, as it was under Bush, instead of %1.4 TRILLION under obama?
Or a $9 Trillion debt again, as it was under Bush, instead of $14+ Trillion under obama?
According to the DOL, unemployment during Reagan's years was:
1982 9.71
1983 9.60
It may have hit 10.8, but for just two months at the peak of the recession. It continued to decline after 1983 and was at 5.49 when he left office. I see no significant improvements coming anytime soon under this administration and we're about to hit year 3 of 9.0%+ unemployment. That is unprecedented.
9.71% and 9.6% are both higher than now. It hit a high of 10.8% in 1983. What's significant is that unemployment steadily rose from his inauguration (below 8%) and two years later UE was over 10%.
Thus, for Republicans to demonize Obama while aggrandizing Reagan, requires a lethal dose of hypocrisy.
Why did I see a trend of people using evidence and facts to back up their claims against a group of people using ad hominem and anecdotes for their claims?
Why did I see a trend of people using evidence and facts to back up their claims against a group of people using ad hominem and anecdotes for their claims?
The prime rate when Reagan was sworn in was somewhere near 20% IIRC,which is an even more blistering condemnation of this alleged 'recovery' by this administration.
As Steve Moore pointed out in the WSJ on August 26th, the growth rate of GDP at the end of Reagan's third summer in the WH was sailing past 5%, and heading towards 7% or even 8%, launching worries about an 'overheating' economy.
He also proved that the Keynesians back then were just as stupid then as they are today, since they were convinced that Reagan's slash tax rates/incentivize production playbook wouldn't work, but the collapse of the inflation rate from 13% to 4% in a mere three years proved that they had an exclusive on stupidity until this President copied their playbook instead of Reagan's, with predictably disastrous results.
Maybe the President will raise taxes and Government spending and expansion like Reagan did...
Quote:
It's certainly true that Reagan entered office as a full-throated conservative vowing to cut both spending and taxes. And he quickly followed through on part of that promise, passing a major reduction in marginal tax rates. (According to author Lou Cannon, the top marginal rate fell from 70 percent when he came into office to 28 percent when he left.)
But following his party's losses in the 1982 election, Reagan largely backed off his efforts at spending cuts even as he continued to offer the small-government rhetoric that helped get him elected. In fact, he went in the opposite direction: His creation of the department of veterans affairs contributed to an increase in the federal workforce of more than 60,000 people during his presidency.
And while Reagan somewhat slowed the marginal rate of growth in the budget, it continued to increase during his time in office. So did the debt, skyrocketing from $700 billion to $3 trillion. Then there's the fact that after first pushing to cut Social Security benefits - and being stymied by Congress - Reagan in 1983 agreed to a $165 billion bailout of the program. He also massively expanded the Pentagon budget.
Meanwhile, following that initial tax cut, Reagan actually ended up raising taxes - eleven times. That's according to former Republican Sen. Alan Simpson, a longtime Reagan friend who co-chaired President Obama's fiscal commission that last year offered a deficit reduction proposal.
The prime rate when Reagan was sworn in was somewhere near 20% IIRC,which is an even more blistering condemnation of this alleged 'recovery' by this administration.
As Steve Moore pointed out in the WSJ on August 26th, the growth rate of GDP at the end of Reagan's third summer in the WH was sailing past 5%, and heading towards 7% or even 8%, launching worries about an 'overheating' economy.
He also proved that the Keynesians back then were just as stupid then as they are today, since they were convinced that Reagan's slash tax rates/incentivize production playbook wouldn't work, but the collapse of the inflation rate from 13% to 4% in a mere three years proved that they had an exclusive on stupidity until this President copied their playbook instead of Reagan's, with predictably disastrous results.
All recessions are not created equal. Unlike today's demand lacking recession, the 1980s recession was an inflation killing recession, caused by the Fed raising interest rates to very high levels to ward off inflation caused by steep rises in oil prices.
Once the Fed relaxed interest rates, the economy grew. While Steve Moore attributes the gains in GDP to cutting taxes, by the time GDP rose Reagan had already raised taxes. The original Reagan tax-cuts occurred toward the early part of Reagan's term. As you can see from the graph below, it had no impact. The gains started two or more years later and are correlated to the Fed cutting interest rates, not tax-cuts.
Last edited by MTAtech; 11-03-2011 at 10:16 AM..
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hmm...
