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Politics : View from the Center and Left
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To: neolib who wrote (257868)8/8/2014 7:50:45 PM
From: Sam  Read Replies (2) of 541558
 
There are other significant differences as well. Interest rates were high and rising when Reagan came into office, and Volcker was determined to break inflation by keeping them high. And then he was determined to foster a recovery by dramatically lowering them when he deemed the inflationary psychology gone. And oil prices were very high when Reagan came into office, and fell dramatically. And the budget deficit at the beginning of Reagan's term was 2.6% of GDP.

There is no real comparison between the situation that Reagan faced and the situation that Obama faced. They were utterly different, and people who pretend that they were similar are either stupid, lying or being thoughtless. They were both recessions, sure, but the surrounding circumstances, the causes, the severity and the room to maneuver were all completely different from each other.
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