Wednesday, October 15, 2008

The Worst Financial Crisis Since.... Jimmy Carter

"We are in the worst financial crisis since the Great Depression"- Barack Obama

No Senator, we are in the worst financial crisis since the "great" Jimmy Carter administration.

History shows a tax increase on the wealthy pushed America over the edge in the Great Depression.
More recent example would be Jimmy Carter who was considered the worst president ever.
When Reagan entered office the United States inflation rate stood at 11.83% and unemployment at 7.5%. Reagan implemented policies based on supply-side economics and advocated a laissez-faire philosophy, seeking to stimulate the economy with large, across-the-board tax cuts. Citing the economic theories of Arthur Laffer, Reagan promoted the proposed tax cuts as potentially stimulating the economy enough to expand the tax base, offsetting the revenue loss due to reduced rates of taxation, a theory that entered political discussion as the Laffer curve. Reaganomics was the subject of debate with supporters pointing to improvements in certain key economic indicators as evidence of success.

During Reagan's presidency federal income tax rates were lowered significantly with the signing of the Economic Recovery Tax Act of 1981. Real gross domestic product (GDP) growth recovered strongly after the 1982 recession and grew during his eight years in office at an annual rate of 3.4% per year. Unemployment peaked at 10.8% percent in December 1982-higher than any time since the Great Depression then dropped during the rest of Reagan's presidency. Sixteen million new jobs were created, while inflation significantly decreased.

During Carter's administration, the economy suffered double-digit inflation, coupled with very high interest rates, oil shortages, high unemployment and slow economic growth. Productivity growth in the United States had declined to an average annual rate of 1 percent, compared to 3.2 percent of the 1960s. There was also a growing federal budget deficit.

So.. the next time you hear Obama or one of his liberal buddies say this is the worst financial disaster since the great depression... you know what to say.

"No, it's the worst economy since Jimmmah Caawtah"


Blogger Otter said...

Well, I'm not a real big fan of Jimmy Carter myself but I did notice something missing in your post here.

You forgot to mention Reagan's increase in spending on defense and the fact that he tripled (if not more) the deficit.

6:21 PM  
Blogger Red S Tater said...

You forgot to mention that it was the increase in defense spending that destroyed the USSR and "tore down that wall".

No matter how those on the left try to spin it... Jimmy Carter is still the worst President in our history and Barack Obama follows Carter's policies to the n'th degree.

If you didn't like Jimmy Carter... You shouldn't vote for Obama... they are almost the exact same in terms of policy and ideology.

9:47 AM  

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