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Recommendations: 71
When will obama actually become president or at least presidential?
Well, I think we should give him at least as much time as Reagan had. When Reagan took office in January 1981, the unemployment rate was at 7.5%. It was rising from the year before, when unemployment stood at 6.2%, but things were relatively stable compared to 2009.
Yet, in Reagan's first term, unemployment continued to rise for almost 2 years peaking out at 10.8% in December of 1982. It didn't fall below 9% until October of 1983.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
When Obama took office in January of this year, the Unemployment rate was at 7.6% and had been rising rapidly for a year--it was 4.9% a year earlier.
One more thing, Reagan actually had a very easy road to recovery. Interest rates peaked in January 1981 at an all time high of 19.25%. The Fed had their gun loaded with bullets, and all they had to do was cut rates every time the economy faultered for the next 27 years. http://www.federalreserve.gov/RELEASES/H15/data/Monthly/H15_...
Obama not only inhereted an economy in free-fall, he also inhereted a Fed with no bullets left in the gun. To pretend that everythign was honky dory until he got into office is willfull ignorance.
In any case, it's Obama's problem. The economy is certainly in the tank right now, but 4 years is a long time. We're only 9 months into Obama's first term. We'll see where things stand 2 years from now. If unemployment has fallen below 9% by October of 2011, we can say that Obama is at least as good as Reagan. If not, he'll have a hard time getting reelected.
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