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Thread: US economy creates 243,000 jobs in January

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    You have to make up your mind which I know is hard for a wage slave to do but Reagan inherited an economy with a high misery index indicating high inflation and rising unemployment. Volcker implemented the tight monetary policy in the late 70's that carried through into 1981. Reagan's economic policies were implemented in August 1981 and started benefiting the economy in fiscal year 1982. Too bad you weren't old enough then to understand what Reagan did and the fact that Reagan didn't do anything to force Volcker to put the economy into recession as it was already headed there. Reagan tax cuts brought us out of it rapidly as the results show. Obama can only dream about Reagan leadership but is to arrogant to emulate it.
    Wait, Mr. Stop-blaming-it-on-Bush is blaming Reagan's recession on Carter? OMFG!!

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by AdamT View Post
    You might also check out the most recent survey among presidential scholars. You will not that Obama ranks above Reagan and WAY above Bush.

    Historical rankings of Presidents of the United States - Wikipedia, the free encyclopedia
    Impressive and probably more so to the 24 million unemployed/under employed Americans and all taxpayers who will be paying the debt service on the 5.7 trillion debt that Obama will generate by the end of fiscal year 2012. The supporters today deserve this American Idol President as they ignore his record.

    Sienna poll taken in 2010 before the booming 1.8% GDP growth in 2011 and the additional trillions added to the debt as of today.
    Last edited by Conservative; 02-27-12 at 01:43 PM.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by AdamT View Post
    Wait, Mr. Stop-blaming-it-on-Bush is blaming Reagan's recession on Carter? OMFG!!
    Right, Carter was an economic genius that left the country with high inflation, high interest rates and an increasing unemployment rate. Carter was so good he had a recession in 1980 so anyone that blames Reagan for a recession that began in July 1981 before his policies were even passed by Congress is a true Obama supporter, too ignorant to vote.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    Right, Carter was an economic genius that left the country with high inflation, high interest rates and an increasing unemployment rate. Carter was so good he had a recession in 1980 so anyone that blames Reagan for a recession that began in July 1981 before his policies were even passed by Congress is a true Obama supporter, too ignorant to vote.
    You can't even see the nova-like hypocrisy, can you?

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by AdamT View Post
    You can't even see the nova-like hypocrisy, can you?
    No but I see a lot of proof that Obama supporters really are the most gullible, misinformed, and ignorant voters in this country today

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    You have to make up your mind which I know is hard for a wage slave to do but Reagan inherited an economy with a high misery index indicating high inflation and rising unemployment. Volcker implemented the tight monetary policy in the late 70's that carried through into 1981. Reagan's economic policies were implemented in August 1981 and started benefiting the economy in fiscal year 1982. Too bad you weren't old enough then to understand what Reagan did and the fact that Reagan didn't do anything to force Volcker to put the economy into recession as it was already headed there. Reagan tax cuts brought us out of it rapidly as the results show. Obama can only dream about Reagan leadership but is to arrogant to emulate it.

    errrr reagan raised taxes in '82

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post

    You have to make up your mind...
    I've answered your question about what Reagan did to cause the 1981-82 recession enough times that an honest person would not have ascribed the position to me that you made. And my answer has never swayed.

    Quote Originally Posted by Conservative View Post

    which I know is hard for a wage slave to do but Reagan inherited an economy with a high misery index indicating high inflation and rising unemployment.
    Stop lying, Con. Unemployment was not rising when Reagan became president. Here are the last 2 quarters of 1980 and the first 2 quarters of 1981

    07/80: 7.8%
    08/80: 7.7%
    09/80: 7.5%
    10/80: 7.5%
    11/80: 7.5%
    12/80: 7.2%
    01/80: 7.5%
    ------------> Reagan sworn in
    02/80: 7.4%
    03/80: 7.4%
    04/80: 7.2%
    05/80: 7.5%
    06/80: 7.5%


    Quote Originally Posted by Conservative View Post

    Volcker implemented the tight monetary policy in the late 70's that carried through into 1981. Reagan's economic policies were implemented in August 1981 and started benefiting the economy in fiscal year 1982.
    Umm, the economy grew worse in FY1982. It was Reagan raising taxes that launched the economic boom.

    Quote Originally Posted by Conservative View Post

    Too bad you weren't old enough then to understand what Reagan did and the fact that Reagan didn't do anything to force Volcker to put the economy into recession as it was already headed there. Reagan tax cuts brought us out of it rapidly as the results show. Obama can only dream about Reagan leadership but is to arrogant to emulate it.
    C'mon, Con, put your convictions front and center ... take the bet that you made.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post

    I have searched and searched and found no evidence that Reagan was in the office anytime during he 1980's when interest rates rose to over 20%. Your loyalty to Obama policies is going to be your downfall. You can accept that prediction or do what you always do, ignore it.
    Umm, what does that have to do with the post you responded to??

    Oh, wait ... nothing at all.

    Ok, carry on.

    Wait! But first, the bet you made.

    I'm accepting it. Why are you running away now from your own bet??




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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by AdamT View Post

    You can't even see the nova-like hypocrisy, can you?

    Quote Originally Posted by Conservative View Post

    No ...
    Says it all.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Sheik Yerbuti View Post
    Says it all.
    Posted this in another thread, but it's apropos here:

    Reagan kept as chairman of the Federal Reserve Board the man Carter had appointed: Paul Volcker. And Volcker continued his policy of high interest rates to squeeze inflation out of the economy.

    The high interest rates slowed the economy -- viewed by Volcker and Reagan (and Thatcher in Britain) as temporary medicine that had to be endured. By the summer of 1981, people had difficulty borrowing money for homes and cars, and many business people could not borrow money to invest in growth. Automobile sales declined. The economy went into recession. In 1982 business failures were triple what they were in 1979, and unemployment by the end of 1982 was at 10.8 percent, its highest since the 1930s. In 1982 the economy declined by 2.2 percent growth. The prime interest rate reached 21.5 percent in June. And the cover of a publication for builders had an image of a "wanted" poster of Volcker and accused him of having murdered millions of small businesses. Congressmen moved to impeach Volcker or to appoint members of the Federal Reserve Board who would be sympathetic to farmers, workers, consumers and small businesses. Jack Kemp, a Republican congressman from New York, called for Volcker's resignation. In August 1982, Senator Robert C. Byrd of West Virginia introduced the Balanced Monetary Policy Act of 1982, which would have forced a reduction in interest rates.

    Reagan was portrayed as leading an economic assault against ordinary Americans. He supported Volcker through 1982, and in January 1983 his approval rating was down to 35 percent, with 56 percent disapproving -- as the economy was beginning to recover. Interest rates fell from over 20 percent down to 10 percent, and in the first three months of 1983 the economy had a rate of growth equivalent to 2.6 percent per year. In the second three months (quarter) of the year the economy grew as a 10.9 percent rate (annualized). In 1983, inflation was 3.2 percent -- down from 10.3 percent in 1981. And for last half of 1983 and into 1984 the economy's growth rate hovered between 7.4 and 5 percent.

    The medicine that so many had disliked had worked. The economy was booming. Joy had spread to Wall Street. The Dow Jones Industrial Average (DJIA) had bottomed at 784 in March, 1982. Anticipating recovery it had reached 1,000 in October, 1983, and had climbed to a new high of 1,200 in April, 1983 -- where it was at re-election time in 1984.
    President Reagan's Economic Policies

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