Our President, Lord Obama, likes to site the dire economic conditions as reason for his enormous tax-and-spend schemes. Apparently on his planet the way to get an economy really booming is by confiscating private money and spending all of that plus astronomically more in borrowed money on, er, um, "shovel-ready projects" or some such.
Most sane people are on to his scam by now. However, O continues to say that right now we are in the worst economic *crisis* since The Great Depression.
Hardly. When Reagan took office the prime interest rate was 20.5%. Now? 3.25% How about inflation. Reagan inherited from Nixon/Ford/Carter bungling an inflation rate of 14.8%. Obama took on, let's see, oh yeah. 0%
Unemployment? 1982 saw 10.8% and Obama has 7.6% to worry him. Although with his confiscation of employers' wealth I'm confident he'll break Carter's numbers soon enough.
Mortgage interest rates when Reagan took over? 18.5% (My first home loan was at 17% interest!) Now? About 5%.
Really, Lord O., grow a pair and quit whining. I know you got through Columbia and Harvard without having to learn much non-leftist history, but you might want to take a look at what Ronald Reagan inherited and how he put an end to it and started us on the longest peacetime boom since Harding/Coolidge.
Oops, too late. We're doomed to repeat the Hoover/FDR debacle.
