Reagan vs. Obama - their legacies

[DELIMAN092262]

In other threads I have criticized the performance of the Obama Administration in respect to their handling of the economy. I have said the policies of Barack Obama and the economy can only be described as a failure. I have described how a great president Ronald Reagan turned around an economy and was considered a success for doing this feat.

Seems someone else shares my view.

http://online.wsj.com/article/SB10001424053111904875404576530412322260784.html

If you really want to light the fuse of a liberal Democrat, compare Barack Obama's economic performance after 30 months in office with that of Ronald Reagan. It's not at all flattering for Mr. Obama.

The two presidents have a lot in common. Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, combined with an agenda of deregulation, monetary restraint and spending controls. Mr. Obama, of course, has given us a $1 trillion spending stimulus.

By the end of the summer of Reagan's third year in office, the economy was soaring. The GDP growth rate was 5% and racing toward 7%, even 8% growth. In 1983 and '84 output was growing so fast the biggest worry was that the economy would "overheat." In the summer of 2011 we have an economy limping along at barely 1% growth and by some indications headed toward a "double-dip" recession. By the end of Reagan's first term, it was Morning in America. Today there is gloomy talk of America in its twilight.

My purpose here is not more Reagan idolatry, but to point out an incontrovertible truth: One program for recovery worked, and the other hasn't.

Basically, Reagan’ program was a success and Obama’s program is a failure. It does not get much clearer than that.

 

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