Reagan Warned Us About Obama

[Troubled_CA]

In reality (which I know scares most conservatives)

most of the National debt can be attributed to the GOP.

Reagan tripled the national debt.

Bush ONE doubled it yet again, so there is a five fold increase in 2 presidents.

Clinton actually had some years of negative debt growth (depending on the accounting used)

AND GW added 76% again to the debt.

But NOW it's all Obama and the Dem's fault.

Funny how we had almost NO debt after WWII was paid off, up until Reagan took office.

40 years of Democratic rule and the country prospered!

the economy grew, the middle class grew, the debt did NOT.

Elect a GOP congress and we started to gain debt!

Hmmmm, coincident??

I think not.

 

[Spoonman]

In reality (which I know scares most conservatives)

most of the National debt can be attributed to the GOP.

Reagan tripled the national debt.

Bush ONE doubled it yet again, so there is a five fold increase in 2 presidents.

Clinton actually had some years of negative debt growth (depending on the accounting used)

AND GW added 76% again to the debt.

But NOW it's all Obama and the Dem's fault.

Funny how we had almost NO debt after WWII was paid off, up until Reagan took office.

40 years of Democratic rule and the country prospered!

the economy grew, the middle class grew, the debt did NOT.

Elect a GOP congress and we started to gain debt!

Hmmmm, coincident??

I think not.

actually most of that debt was incurred with a democratic congress. the periods of relief there was a republican congress. you know, the guys who hold the purse strings.

 

[Bfgrn]

So what you are saying is they failed. Now its time to sto pthe bullshit lip service. Tell us exactly what it is Reagan did that put us in this horrible place we're in today and tell us what the democrats have done to correct it. no lib has ever been able to answer that question. ever. all you ever do is flap your gums and make a bunch of false claims you can not back up.

I already did once on this thread. I will say it again...DEBT:

Democrats have always PAID for programs and legislation they pass. Ever hear of PAYGO?

The true irony of Ronald Reagan; he created a mythical 'welfare queen' used to deconstruct the middle class and trash the poor. Yet Ronald Reagan is the ultimate welfare queen personified.

As the liberal era that began with the New Deal came to an end with the splintering of the Democratic Party brought about by assassination of Presidents and future Presidents, the Vietnam War fiasco and conservative money creating 'think tanks', JFK and LBJ, the last two Presidents of that era faced the awful specter how to deal with revenue SURPLUSES. Public debt was not even part of our lexicon...

Enter Reagan, the welfare queen. Put everything on the Beijing credit card and dump the bill on our children, grandchildren and their children and grandchildren.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt.


"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

"Grover Norquist has no plan to pay this debt down. His plan says you continue to add to the debt..."
Senator Saxby Chambliss (R-Ga.)

“Ronald Reagan changed the trajectory of America in a way that Richard Nixon did not and in a way that Bill Clinton did not.” Reagan was an ideological inflection point, ending a 50-year liberal ascendancy and beginning a 30-year conservative ascendancy.
Charles Krauthammer

well there you have it, more gum flapping. once again i see no cause and action. no here is what reagan did, and here is what the democrats did to counter it. once again, libs can not answer the question. once again libs can not back up their claims.

NO cause and action huh?

 

[Ernie S.]

Obama is channeling Reagan's legacy while today's right wingers are shitting all over it.

Reagan--No Loopholes For Millionaires - YouTube

No worries, we'll surely believe that when you post crap with the Think Progress logo smattered all over it.

Butthurt ^^

^^^ butthead^^^

 

[Spoonman]

I already did once on this thread. I will say it again...DEBT:

Democrats have always PAID for programs and legislation they pass. Ever hear of PAYGO?

The true irony of Ronald Reagan; he created a mythical 'welfare queen' used to deconstruct the middle class and trash the poor. Yet Ronald Reagan is the ultimate welfare queen personified.

As the liberal era that began with the New Deal came to an end with the splintering of the Democratic Party brought about by assassination of Presidents and future Presidents, the Vietnam War fiasco and conservative money creating 'think tanks', JFK and LBJ, the last two Presidents of that era faced the awful specter how to deal with revenue SURPLUSES. Public debt was not even part of our lexicon...

Enter Reagan, the welfare queen. Put everything on the Beijing credit card and dump the bill on our children, grandchildren and their children and grandchildren.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt.


"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

"Grover Norquist has no plan to pay this debt down. His plan says you continue to add to the debt..."
Senator Saxby Chambliss (R-Ga.)

“Ronald Reagan changed the trajectory of America in a way that Richard Nixon did not and in a way that Bill Clinton did not.” Reagan was an ideological inflection point, ending a 50-year liberal ascendancy and beginning a 30-year conservative ascendancy.
Charles Krauthammer

well there you have it, more gum flapping. once again i see no cause and action. no here is what reagan did, and here is what the democrats did to counter it. once again, libs can not answer the question. once again libs can not back up their claims.

NO cause and action huh?

thats right

 

[Nole]

puck Ronald Reagen, seriously. The guy was half out of his gourde while in office. His pic should be showcased in the Dictionary under the word DUPE.

 

[Nole]

Here is one fact you Reagen lovers cant explain.

This is my ACE in the hole when discussing politics about the 1980's and Reagen....

Before Reagen, America was they #1 EXPORTER of goods in the world, second to none, union jobs that paid well were abundant.

After Saint Ronny left office, America was they LARGEST importer of goods in the world.

So, Saint Ronny took office with America being a producer and left office with her being a consumer. Look it up guys and gals. Its there for all you misbehaving GOPers and Obama haters to read.

Saint Ronny was the cancer that clung to Americas middle class, it is known.

 

[bodecea]

Reagan told more truths in that short clip than Obama has in 10 years.

Yeah...when he said he "didn't recall".

and Obama says he gets his information from the news..

you are sad

At least he knows about the news........

 

[Zarius]

Here is one fact you Reagen lovers cant explain.

This is my ACE in the hole when discussing politics about the 1980's and Reagen....

Before Reagen, America was they #1 EXPORTER of goods in the world, second to none, union jobs that paid well were abundant.

After Saint Ronny left office, America was they LARGEST importer of goods in the world.

So, Saint Ronny took office with America being a producer and left office with her being a consumer. Look it up guys and gals. Its there for all you misbehaving GOPers and Obama haters to read.

Saint Ronny was the cancer that clung to Americas middle class, it is known.

I cant rep until tomorrow and this is a winner. Ill tell you how crazy it is in righttie land. I was talking to a brainwashed Limbaugh baby about Presidents. He went on and on about how he turned on Bush and how awful (of course) President Obama is. This was in lets say 2010. Typical of the syndrome he forgot I knew his age before he made this comment, "My President is dead". I quickly said to him, "you were eight when he left office and he is your guy'? Yep those eight year olds sure are political giants. And they talk about Obama worship!

 

[Spoonman]

Here is one fact you Reagen lovers cant explain.

This is my ACE in the hole when discussing politics about the 1980's and Reagen....

Before Reagen, America was they #1 EXPORTER of goods in the world, second to none, union jobs that paid well were abundant.

After Saint Ronny left office, America was they LARGEST importer of goods in the world.

So, Saint Ronny took office with America being a producer and left office with her being a consumer. Look it up guys and gals. Its there for all you misbehaving GOPers and Obama haters to read.

Saint Ronny was the cancer that clung to Americas middle class, it is known.

I think you have a little more than an ace up your hole. clinton did away with quotas which did more to open the flood gates for importing more than anything. Name one thing the democrats have done to try to stem the tide you claim reagan initiated.

 

[Spoonman]

Here is one fact you Reagen lovers cant explain.

This is my ACE in the hole when discussing politics about the 1980's and Reagen....

Before Reagen, America was they #1 EXPORTER of goods in the world, second to none, union jobs that paid well were abundant.

After Saint Ronny left office, America was they LARGEST importer of goods in the world.

So, Saint Ronny took office with America being a producer and left office with her being a consumer. Look it up guys and gals. Its there for all you misbehaving GOPers and Obama haters to read.

Saint Ronny was the cancer that clung to Americas middle class, it is known.

I cant rep until tomorrow and this is a winner. Ill tell you how crazy it is in righttie land. I was talking to a brainwashed Limbaugh baby about Presidents. He went on and on about how he turned on Bush and how awful (of course) President Obama is. This was in lets say 2010. Typical of the syndrome he forgot I knew his age before he made this comment, "My President is dead". I quickly said to him, "you were eight when he left office and he is your guy'? Yep those eight year olds sure are political giants. And they talk about Obama worship!

So einstein, we'll give you a shot at the million dollar question. Name one thing the democrats have done to try to stem the tide you say reagan caused. why is there no lib that can ever answer that question

 

[Bfgrn]

well there you have it, more gum flapping. once again i see no cause and action. no here is what reagan did, and here is what the democrats did to counter it. once again, libs can not answer the question. once again libs can not back up their claims.

NO cause and action huh?

thats right

You keep asking Democrats to answer your questions. YOU need to answer this: Is the ANYTHING a Republican can do that you will find fault with? I showed you that it took Reagan only 5 years to accumulate as much debt as it took the whole history of the country to accumulate before him. And the blame does not fall on Democrats in Congress.

Even Reagan's budget director is trying to tell you the truth. And Murray N. Rothbard was no liberal or Democrat.

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

"The excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget."
Murray N. Rothbard - former Dean of the Austrian School, an economist, economic historian, and libertarian political philosopher

 

[Shoey]

There are so many cluster bombs Reagan dropped that haven't detonated yet they will continue to maim the American worker for generations.

The true irony of Ronald Reagan; he created a mythical 'welfare queen' used to deconstruct the middle class and trash the poor. Yet Ronald Reagan is the ultimate welfare queen personified.

As the liberal era that began with the New Deal came to an end with the splintering of the Democratic Party brought about by assassination of Presidents and future Presidents, the Vietnam War fiasco and conservative money creating 'think tanks', JFK and LBJ, the last two Presidents of that era faced the awful specter how to deal with revenue SURPLUSES. Public debt was not even part of our lexicon...

Enter Reagan, the welfare queen. Put everything on the Beijing credit card and dump the bill on our children, grandchildren and their children and grandchildren.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt.


"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

"Grover Norquist has no plan to pay this debt down. His plan says you continue to add to the debt..."
Senator Saxby Chambliss (R-Ga.)

“Ronald Reagan changed the trajectory of America in a way that Richard Nixon did not and in a way that Bill Clinton did not.” Reagan was an ideological inflection point, ending a 50-year liberal ascendancy and beginning a 30-year conservative ascendancy.
Charles Krauthammer

As Forrest Gump once declared, "Stupid is as stupid does"

Ronald Reagan, "The Great Communicator" inherited a notably high 7.5% nation wide unemployment rate coupled with an economy that declined in Real GDP growth by -0.3% and 13.5% inflation rate from the Carter administration. Under Carter, the prime lending rate hit 21.5% in December 1980, the highest rate in U.S. history under any President. In 1983, Ronald Reagan's economic policies provided substantial economic breakthrough and the 1st quarter GDP grew an astonishing 5.1%. The U.S. economy grew at a 4.5% pace in 1983 and a remarkable 7.2% in 1984. From 1948-2009, the U.S. economy has grown an average of 3.28% per fiscal year. During Reagan's eight tenure as President, Real GDP growth averaged 3.4% per fiscal year.

*Jimmy Carter's Misery Index scores = 16.27.

* George W. Bush's Misery Index for his term was 7.96, well below half that of Carter.

Ronald Reagan, "The Great Communicator" inherited a notably high 7.5% nation wide unemployment rate. He drove that unemployment rate to 10.8%.

For ten of the 16 months in the Reagan recession, the unemployment rate exceeded 10%, reaching a high of 10.8% for two months in late fall of 1982.

Reagan’s objective was to implement his theory of “Reaganomics,” which was based on stimulating the economy with tax cuts, tax credits and accelerated depreciation (supply-side economics).

Reagan’s primary catalyst to achieve this objective was the passage of the Economic Recovery Tax Act (ERTA) in July of 1981, which introduced phased-in reductions in marginal tax rates that were substantial. ERTA was however a “bridge too far” and failed miserably creating massive budget deficits and weakening the economy, culminating in a severe recession which lasted through 1982.

Luckily Reagan saw his error, and with the passage of TEFRA (Tax Equity and Fiscal Responsibility Act) in September of ‘82, the economy began to get its footing back. TEFRA became the remedy to ERTA. In fact, TEFRA was the largest peacetime tax increase ever signed into law by any of our presidents, and ironically it was a Republican, Ronald Reagan,who signed it into law.

TEFRA kicked off one of the most substantive bull cycles in our financial history: one that endured for more than five years. Reagan deserves credit for backing TEFRA and for its powerful economic result. However, few realize it was Democrat Pete Stark of California who sponsored TEFRA. Had it not been for Reagan’s pragmatism and ability to work across the aisle with Democrats like Stark, Speaker of the House Tip O’Neill, and other members of Congress, TEFRA would not have happened and Reagan would likely have been a one-term president.

These allegations clearly indicate intellectual stupidity and incompetency.

Taking into consideration that Real GDP economic growth under President Obama is worse this year (1.7%), than last year. Last years Real GDP growth (1.8%) worse than the previous year, (3.0%) is an indicative sign that Obama's economic policies are a complete failure. The average Real GDP growth during the Obama administration (2.1%) is worse than the yearly average Real GDP growth (2.3%) during the W" administration. While it's accurate that nearly 1.2 million individuals have completely dropped out of the work participation since Obama was inaugurated, President Obama's failed economic policies are a detriment to the societal fabric of our Constitutional Republic.

 

[Bfgrn]

As Forrest Gump once declared, "Stupid is as stupid does"

Ronald Reagan, "The Great Communicator" inherited a notably high 7.5% nation wide unemployment rate coupled with an economy that declined in Real GDP growth by -0.3% and 13.5% inflation rate from the Carter administration. Under Carter, the prime lending rate hit 21.5% in December 1980, the highest rate in U.S. history under any President. In 1983, Ronald Reagan's economic policies provided substantial economic breakthrough and the 1st quarter GDP grew an astonishing 5.1%. The U.S. economy grew at a 4.5% pace in 1983 and a remarkable 7.2% in 1984. From 1948-2009, the U.S. economy has grown an average of 3.28% per fiscal year. During Reagan's eight tenure as President, Real GDP growth averaged 3.4% per fiscal year.

*Jimmy Carter's Misery Index scores = 16.27.

* George W. Bush's Misery Index for his term was 7.96, well below half that of Carter.

Ronald Reagan, "The Great Communicator" inherited a notably high 7.5% nation wide unemployment rate. He drove that unemployment rate to 10.8%.

For ten of the 16 months in the Reagan recession, the unemployment rate exceeded 10%, reaching a high of 10.8% for two months in late fall of 1982.

Reagan’s objective was to implement his theory of “Reaganomics,” which was based on stimulating the economy with tax cuts, tax credits and accelerated depreciation (supply-side economics).

Reagan’s primary catalyst to achieve this objective was the passage of the Economic Recovery Tax Act (ERTA) in July of 1981, which introduced phased-in reductions in marginal tax rates that were substantial. ERTA was however a “bridge too far” and failed miserably creating massive budget deficits and weakening the economy, culminating in a severe recession which lasted through 1982.

Luckily Reagan saw his error, and with the passage of TEFRA (Tax Equity and Fiscal Responsibility Act) in September of ‘82, the economy began to get its footing back. TEFRA became the remedy to ERTA. In fact, TEFRA was the largest peacetime tax increase ever signed into law by any of our presidents, and ironically it was a Republican, Ronald Reagan,who signed it into law.

TEFRA kicked off one of the most substantive bull cycles in our financial history: one that endured for more than five years. Reagan deserves credit for backing TEFRA and for its powerful economic result. However, few realize it was Democrat Pete Stark of California who sponsored TEFRA. Had it not been for Reagan’s pragmatism and ability to work across the aisle with Democrats like Stark, Speaker of the House Tip O’Neill, and other members of Congress, TEFRA would not have happened and Reagan would likely have been a one-term president.

These allegations clearly indicate intellectual stupidity and incompetency.

Taking into consideration that Real GDP economic growth under President Obama is worse this year (1.7%), than last year. Last years Real GDP growth (1.8%) worse than the previous year, (3.0%) is an indicative sign that Obama's economic policies are a complete failure. The average Real GDP growth during the Obama administration (2.1%) is worse than the yearly average Real GDP growth (2.3%) during the W" administration. President Obama's failed economic policies are a detriment to the societal fabric of our Constitutional Republic.

How do you increase real GDP growth? And what options does Obama really have when you consider the toxic partisan politics in Washington? Reagan didn't have that problem. Even Bush got most of what he wanted, including tax cuts. Democrats have always been a loyal opposition. What Republicans have done since Obama was elected borders on treason. They are loyal ONLY to party and ideology. Bush's former speechwriter David Frum spilled the beans on health care:

"At the beginning of this process we made a strategic decision: unlike, say, Democrats in 2001 when President Bush proposed his first tax cut, we would make no deal with the administration. No negotiations, no compromise, nothing. We were going for all the marbles. This would be Obama’s Waterloo – just as healthcare was Clinton’s in 1994."

 

[Shoey]

NO cause and action huh?

thats right

You keep asking Democrats to answer your questions. YOU need to answer this: Is the ANYTHING a Republican can do that you will find fault with? I showed you that it took Reagan only 5 years to accumulate as much debt as it took the whole history of the country to accumulate before him. And the blame does not fall on Democrats in Congress.

Even Reagan's budget director is trying to tell you the truth. And Murray N. Rothbard was no liberal or Democrat.

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

"The excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget."
Murray N. Rothbard - former Dean of the Austrian School, an economist, economic historian, and libertarian political philosopher

Fiscal years 2010 & 2011 exhibited reckless, out of control debt spending by President Obama and a the US Congress. (Democrats controlled the US congress in 2009 and 2010) Authorized budgetary expenditures for 2010 equaled an estimated $3.552 trillion. Expenditure spending for 2011 totaled about $3.729 trillion. Senate Democrats and President Obama held America's economy hostage through measures of US government imperialism and interventionism and while failing to decrease Federal expenditure/entitlement spending and increase Federal revenue. As noted in my prior post, since 1949, the average Real GDP economic growth is 3.29% During Reagan's 8 year tenure as President, his administration average Real GDP growth was 3.4% In fact, Reagan's economy performed better than any other Republican President dating as far back as 1953.

Obamanonics vs. Reaganomics

The Reagan philosophy was to incentivize production—i.e., the "supply side" of the economy—by lowering restraints on business expansion and investment. This was done by slashing marginal income tax rates, eliminating regulatory high hurdles, and reining in inflation with a tighter monetary policy. The economy would soon take flight for more than 80 consecutive months. Then the Reagan critics declared what they once thought couldn't work was actually a textbook Keynesian expansion fueled by budget deficits of $200 billion a year, or about 4%-5% of GDP. Fast-forward to today. Mr. Obama is running deficits of $1.3 trillion, or 8%-9% of GDP. If the Reagan deficits powered the '80s expansion, the Obama deficits—twice as large—should have the U.S. sprinting at Olympic speed. From 1967 to 1982 stocks lost two-thirds of their value relative to inflation, according to a new report from Laffer Associates. That mass liquidation of wealth was a first-rate financial calamity. And tell me that 20% mortgage interest rates, as we saw in the 1970s, aren't indicative of a monetary-policy meltdown.

Stephen Moore: Obamanonics vs. Reaganomics - WSJ.com

 

[nitroz]

Indeed.

"The day we forget that we are a nation "under God", then we will be a nation gone under."

-Ronald Reagan

Fun fact: We became "One nation under god" in 1954. Before, we were one nation, indivisible, with liberty and justice for all.


So we were what regan has warned about BEFORE he made that speech, and that was how this country was founded.

 

[Shoey]

Indeed.

"The day we forget that we are a nation "under God", then we will be a nation gone under."

-Ronald Reagan

Fun fact: We became "One nation under god" in 1954. Before, we were one nation, indivisible, with liberty and justice for all.


So we were what regan has warned about BEFORE he made that speech, and that was how this country was founded.

Fun fact: Before 1954, we were one nation, indivisible, with liberty and justice for all.

In January of 2009, "We The People" are one nation under a buffoon.

 

[Bfgrn]

thats right

You keep asking Democrats to answer your questions. YOU need to answer this: Is the ANYTHING a Republican can do that you will find fault with? I showed you that it took Reagan only 5 years to accumulate as much debt as it took the whole history of the country to accumulate before him. And the blame does not fall on Democrats in Congress.

Even Reagan's budget director is trying to tell you the truth. And Murray N. Rothbard was no liberal or Democrat.

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

"The excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget."
Murray N. Rothbard - former Dean of the Austrian School, an economist, economic historian, and libertarian political philosopher

Fiscal years 2010 & 2011 exhibited reckless, out of control debt spending by President Obama and a the US Congress. (Democrats controlled the US congress in 2009 and 2010) Authorized budgetary expenditures for 2010 equaled an estimated $3.552 trillion. Expenditure spending for 2011 totaled about $3.729 trillion. Senate Democrats and President Obama held America's economy hostage through measures of US government imperialism and interventionism and while failing to decrease Federal expenditure/entitlement spending and increase Federal revenue. As noted in my prior post, since 1949, the average Real GDP economic growth is 3.29% During Reagan's 8 year tenure as President, his administration average Real GDP growth was 3.4% In fact, Reagan's economy performed better than any other Republican President dating as far back as 1953.

Obamanonics vs. Reaganomics

The Reagan philosophy was to incentivize production—i.e., the "supply side" of the economy—by lowering restraints on business expansion and investment. This was done by slashing marginal income tax rates, eliminating regulatory high hurdles, and reining in inflation with a tighter monetary policy. The economy would soon take flight for more than 80 consecutive months. Then the Reagan critics declared what they once thought couldn't work was actually a textbook Keynesian expansion fueled by budget deficits of $200 billion a year, or about 4%-5% of GDP. Fast-forward to today. Mr. Obama is running deficits of $1.3 trillion, or 8%-9% of GDP. If the Reagan deficits powered the '80s expansion, the Obama deficits—twice as large—should have the U.S. sprinting at Olympic speed. From 1967 to 1982 stocks lost two-thirds of their value relative to inflation, according to a new report from Laffer Associates. That mass liquidation of wealth was a first-rate financial calamity. And tell me that 20% mortgage interest rates, as we saw in the 1970s, aren't indicative of a monetary-policy meltdown.

Stephen Moore: Obamanonics vs. Reaganomics - WSJ.com

You didn't answer my question. BTW, WHAT monetary policy does Obama or the Fed have? Lower interest rates?? Maybe we could PAY someone to borrow money?

Obama inherited a trashed economy, and there is no monetary policy option, only fiscal policy. Obama passed the stimulus bill, that's fiscal policy, and it worked. But it was too small.

We are in a liquidity trap. And Obama is faced with a mind numbingly ignorant group of right wing liquidationists. The teabagger House believes Americans need to be punished and austerity is what they need to suffer. It is as ignorant as believing blood letting would save lives.

You folks on the right are from the Andrew Mellon school of social Darwinism.

Contemplating in retrospect the wreck of his country’s economy and his own presidency, Herbert Hoover wrote bitterly in his memoirs about those who had advised inaction during the downslide:

The ‘leave-it-alone liquidationists’ headed by Secretary of the Treasury Mellon…felt that government must keep its hands off and let the slump liquidate itself. Mr. Mellon had only one formula: ‘Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate’.…He held that even panic was not altogether a bad thing. He said: ‘It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people’.