Quote:
Originally Posted by Gozer
“ The fourth quarter of 2008, right after the Lehman failure, now shows an 8.9% annual rate of decline in GDP and now represents the worst single-quarter decline in GDP since the 10.4% drop in the first quarter of 1958, exceeding the 7.9% decline in the second quarter of 1980.”
http://www.ihs.com/products/global-i...?ID=1065930147
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Lets start with this one.
Unemployment was the highest since the dirty thirties. He had a monolithic enemy of incredible power.....that would be the ORIGINAL European Union called USSR!!! Al Qeuda is a pipsqueak in comparison. A toe nail infection.
The military sucked. They were too busy dope smok'n.
How shatty? Reagan slayed the economic dragon first before driving the greatest evil to extinction!
Was this below situation worse than Obama....
by a mile and 10,000
Quote:
Slaying the Dragon
Before prosperity, however, there would be a bit more pain. Through most of the first two years of Reagan's first term, Americans already battered by the stagflation of the 1970s had to endure the sharpest recession in decades. The severity of the downturn was largely a consequence of Federal Reserve Chairman Paul Volcker's determination to end the devastating inflationary trends of the 1970s by any means necessary. Following the monetarist teachings of influential University of Chicago economist Milton Friedman, Volcker resolved to "slay the inflationary dragon" by sharply curtailing the growth of the money supply. That monetary contraction, imposed starting in 1980, succeeded in its primary objective; the inflation rate fell from a devastating high of 13.5% in 1980 to just 3.2% by 1983.19 However, it also produced a sharp jump in real interest rates that contributed to the brutal recession of 1981-82. The national unemployment rate exceeded 10% throughout 1982, rendering more Americans jobless than at any time since the Great Depression. (Not coincidentally, President Reagan's public approval rating bottomed out at just 35% that same year.)
To his great credit, however, Reagan stuck by Volcker even when it would have been politically expedient for him to pressure the Fed Chairman to expand the money supply to provide a short-term boost to the economy. Both men's patience paid off after 1983, when—with inflation under control at last—the economy began growing again. That growth continued, unabated, through the rest of Reagan's two-term presidency, marking the longest peacetime period of unbroken economic expansion yet seen in American history. (An even longer boom would occur a decade later, during a Bill Clinton presidency that largely followed Reagan's lead in economic policy.) Overall, between 1981 and 1989, real GDP per capita increased by nearly 23%; in the same span of time, the value of the stock market more than tripled.20
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http://books.google.co.jp/books?id=y...ection&f=false
http://www.house.gov/jec/economic_conditions.html
http://www.house.gov/jec/economic_conditions.html