Wednesday, October 3, 2012 - 9:53 AM
I just heard this morning, yet again, the recession that President Obama inherited described as the "worst recession since the Great Depression." While not dismissing the gravity of the most recent recession, the recession that President Reagan inherited was certainly no picnic! If I remember correctly, in 1981 both inflation and unemployment were in the double digits, and I had the misfortune of having to look for a job then (it took five months to find one). Perhaps the difference between the two might have been in the strength of the following recovery? Maybe it is that "Reaganomics" worked, whereas "Obamanomics" has yet (if ever) to show meaningful results? By the way, at least in 1981 interest rates on deposit accounts kept up with inflation; I remember having had a FDIC-insured CD at 17%!
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Feb 26, 2010
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