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One Year Later, Another Look at Obamanomics vs. Reaganomics
On this day last year, I posted two charts that I developed using the Minneapolis Federal Reserve Banks interactive website.Those two charts showed that the current recovery was very weak compared to the boom of the early 1980s. But perhaps that was an unfair comparison. Maybe the Reagan recovery started strong and then hit a wall. Or maybe the Obama recovery was the economic equivalent of a late bloomer. So lets look at the same charts, but add an extra year of data. Does it make a difference? Meh not so much. Lets start with the GDP data. The comparison is striking. Under Reagans policies, the economy skyrocketed. Heck, the chart prepared by the Minneapolis Fed doesnt even go high enough to show how well the economy performed during the 1980s. Under Obamas policies, by contrast, weve just barely gotten back to where we were when the recession began. Unlike past recessions, we havent enjoyed a strong bounce. And this means we havent recovered the output that was lost during the downturn. Posted by: Beavis 2012-02-02 |
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