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. [Click for WSJ.com Article]
Obama has provided much cannon fodder for Romney including the multiple statements about Reagan by this administration in an attempt to gain independent voters. All of that can be brought to light as the president is vetted. I can only hope Romney focuses on Obama’s economic record because it has been a disaster. If the primaries are any indication of how Romney will market himself this election cycle… its going to be nasty. There have already been indirect attacks against Romeny such as MSNBC’s allegations about the presidential candidate’s dry religion putting “this great nation in jeopardy”. Romney had better prepare for a slew of attacks, in my last blog “Tea Party Terrorists” I discussed the DNC chair’s attack of millions of Americans, and it will only get worse. If Romney goes the same “negative” rout he will still get my vote but will lose my respect and it will be my goal to support a strong conservative to challenge him in the 2016 primary. I don’t like “if’s” so I will just see how it all plays out.
Unfortunately as it all “plays out” the country is going to a very bad place in a hand-basket. Today reports of the true numbers reflected a much lower drop than the already forecasted fall in GDP. The problem is the recent rise in GDP was inflated with unsustainable government spending. Obama was denied a 2nd stimulus because of a 2010 surprise election. THANK YOU Tea Party or proof of the real damage he has done to this economy would not be reflected in GDP numbers until well after his election. I have a feeling the number would have been well below today’s number of 2.2%. That is what Obama was counting on but he lost his super majority before fighting for a second stimulus. Its obvious to me now he weighed the decision of asking for more money or Obamacare and his choice is why leading democrats like Barney Frank are jumping ship. Hope and change… I sure HOPE we get a CHANGE in the White House.