The Obama Nation versus the Reagan Sensation

Our current economic slowdown is being called the "Great Recession."  How often have you heard someone say the this economy is the worst since the Depression?  The economic problems we face today are enormous, but that does not mean that the problems are unparalleled in recent decades.  In terms of unemployment, the economy President Reagan faced in the early 1980s was actually worse than today's. Unemployment, which stood at 7.8 percent when President Obama took office in January 2009, peaked at 10.0 percent near the end of that year and was at that level for just the one month. Ronald Reagan inherited an unemployment rate of 7.5 percent in January 1981.  Unemployment, which peaked at 10.8 percent in 1982, was at 10 percent or higher for ten straight months. These numbers suggest that President Reagan faced a jobs challenge at least as great as the present one. Our current unemployment rate (May 2012) is 8.2 percent.  In May 1984, the corresponding month in...(Read Full Article)