Both achieved favorable results compared to what each inherited; however, neither achieved optimal results.
I really wanted this to be about how each speech compare/contrast. But…
I’d suggest in somes ways Reagan inherited worse than Obama. So let’s compare:
Unemployment:
- Reagan inherited a 7.5% rate. Because of other economic conditions it shot up to 10.4%. By the time he finished his first term it was down to 7.3%.
- Obama inherited a 7.8% rate. Because of other economic conditions it shot up to 10%. It currently sits at 7.8%.
Median income:
- During Reagan’s first term, median income went from $17,923 to $22,080. An increase of 12%. Adjusted for inflation results in an increase from $45,260 to $46,215
- During Obama’s first term, median income went from $48,855 to $49,103. An increase of .05%. Adjusted for inflation results in a decrease from $52,195 to $50,054.
GDP Growth:
- During Reagan’s first term GDP growth got as high as 8% settling at 3.3% at the end of his first term.
- During Obama’s first term GDP growth got as high as 4% settling at 3.1%. 4th quarter not reported yet.
Deficit spending:
- Under Reagan, at the highest point in his first term, deficits were at 5.88% of GDP.
- Under Obama, at the highest point in his first term, deficits were at 10.13% of GDP. Currently they sit at 8.51%. At no time in Reagan’s tenure did it ever get that high. As a matter of fact, deficits dropped each year until it got to 3.04% in his first term.
Debt:
- Under Reagan in his first term, at its highest point, the debt was near 40% of GDP.
- Under Obama in his first term, at its highest point, the debt is at 104% of GDP.
Interest rates:
- Reagan inherited rates that were in excess of 18% and had them reduced to 13.18% at the end of his first term.
- Obama inherited rates that were right around 5%. It currently sits at 2.5%.
Gas prices:
- Reagan inherited $2.64/gallon gas. At the end of his first term it was at $1.95
- Obama inherited $2.14/gallon gas. Current average gas prices sit at $3.30.
Growth in GDP is relatively similar. However, deficits and debt as compared to the GDP is starkly different, with Reagan gleaning far better results.
Unemployment was similar with Reagan having slightly better results. However, it needs to ne mentioned here that Obama has created a situation that Reagan didn't have to worry about, and that is unemployment is not actually improving. This requires a manipulation of the numbers to create the illusion things are improving. Actual unemployment is around 14% and the unemployment numbers do NOT account for people that have stopped looking for a job (drop out of collecting unemployment insurance) and started collecting social security disability.
Median income is a huge difference between the two.
Gas prices, causing every level of our economy to suffer, under Obama are far worse.
We haven’t even fully factored in the effects of Obamacare; one of the biggest power-grabs by the government since the New Deal. The next 4 years will tell us how this plays out since most of it doesn’t kick in until 2014. We can readdress this in 4 years and compare.
But in light of speeches, Reagan was a uniter. He spoke about US, WE, our greatness. Obama doesn’t speak in these terms. He speaks about HIM, government, and how we’re divided. We have Reagan’s second inaugural speech. Let’s compare that to Obama’s today.
I lub you awpitt but you really do live in
land.
