Obama and the Crash of 2013 by Peter Ferrara

Author:Peter Ferrara [Ferrara, Peter]
Language: eng
Format: epub
ISBN: 978-1-59403-625-5
Publisher: Encounter Books
Published: 2011-12-05T16:00:00+00:00

REAGANOMICS VS. OBAMANOMICS

As I explain in my recent book, America’s Ticking Bankruptcy Bomb,5 in order to see how we can achieve another economic boom, we need to look at what we did the last time America got into such trouble. When President Reagan entered office in 1981, he actually faced much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-82, with unemployment soaring into double digits at a peak of 10.8 percent. At the same time, America suffered roaring double-digit inflation, with inflation raging at 11.3 percent in 1979 and 13.5 percent in 1980 (25 percent in two years). The Washington establishment at the time argued that this inflation had become endemic to the American economy and could not be stopped, at least not without a calamitous economic collapse.

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