In the battle over Ronald Reagan’s legacy, where media liberals and even the president are trying to suggest that Obama equals Reagan, here’s a quick thought:
Both Obama and Reagan inherited deep and brutal recessions. But the first six recovery quarters look much different for each president.
For President Obama, from the middle of 2009 through the end of 2010, real GDP growth has averaged only 3 percent annually and nonfarm payroll jobs a paltry 121,000.
On the other hand, in 1983-84 period, Reagan’s first six quarters of recovery saw real GDP averaging 7.7 percent annually with nonfarm payrolls rising 5.3 million.
So the numbers are different. And so are the philosophies. President Obama is strictly big-government spending, while President Reagan cut spending and tax rates to solve recession.
All of us Reaganites appreciate Obama’s kind words about the Gipper, but the differences between the two presidents are huge.
I’ll be writing more on this shortly.