Itty Bitty Reality Check

Okay I think we need a tiny bit of perspective here.

When I graduated from college in early May 1983 the unemployment rate for that month wasn't out yet but in April that rate was (brace yourself) 10.8%. Today it is 10.2% Okay so a 0.6% difference may not seem like much but translated into jobs that's a lot of people.

Yes! That's right! 10.8% in 1983. And even then the numbers did not include those whose unemployment had expired, those who were no longer actively looking, just the way the numbers don't include them now.

Now think a minute folks... which president was called upon as a beacon throughout the entire campaign last year? Ronald Reagan. Who was president in 1983? Ronald Reagan! He was half-way through his first term then (or nearly so) and we had unemployment that high.

Inflation was at 6.68% in May 1983. Today that rate is - 1.29%. Can you see the difference?

When I was first entering the "real" work force in 1983 unemployment was higher, the rate of inflation was a LOT higher. And our much lauded President Reagan (whom I voted for mind you, twice) was further into his first term in office than our current President Obama is...

And yet, today there is ranting and wailing and gnashing of teeth over the horrible state we are in, all the jobs lost etc. when the man has only been in office for about ten (10) months.

It took President Reagan both of his terms to turn the economy around, the full effects of his economic plans really did not kick in until President Clinton took office. Clinton gets a lot of credit for balancing the budget etc. but without Reagan's groundwork that would probably not have been possible. Not that Clinton didn't do some things right but that's another blog post for another time.

Given that Reagan had two terms, that his VP went on for one term making twelve (12) years of so-called Reaganomics slowly turning things around before coming to fruition about mid-way through Clinton's first term can we really, truly expect a president who has only been in office since January to have fixed things already? Is that realistic? Of course not.