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Politics : American Presidential Politics and foreign affairs
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To: RMF who wrote (43769)6/13/2010 9:23:05 AM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
Re: "Well, Reagan inherited a rather bad economy."

Yes, he did.

Twin oil shocks bracketing a decade of solid stagflation.

(Even so though, and acknowledging all of the economic difficulties that were obvious during the Carter term in the midst of the 'Rustbelt meltdown'... Carter's years still produced more jobs on an annualized basis then Reagan ever did... and VASTLY LOWER federal deficits... and a higher level of GNP....)

Re: What he did was "make it worse". He let Volcker turn a bad economy into a horrendous economy.

I will differ from you on the Volcker thing.

Believe (after the decade of inflation largely created by the oil shocks and a solid decade's worth of piss-poor Federal Reserve leadership) that Volcker's actions were the ONLY and the BEST way to break out of that inflationary cycle.

However the FISCAL and the DEFICIT crisis that manifested over the Reagan/Bush 12 years cannot be blamed on Volcker --- he was opposed to those imprudent fiscal decisions.
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