The talking heads on the left keep talking about "the worst economy since the Great Depression." How soon they forget.
Peter Ferrara over at Forbes wrote......
When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%.
The prime rate peaking at 21.5% in 1980.
America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980.
After seven quarters of the Reagan recovery, unemployment had fallen 3.3 percentage points from its peak to 7.5%, with only 18% unemployed long-term for 27 weeks or more. After seven quarters of the Obama recovery, unemployment has fallen only 1.3 percentage points from its peak, with a postwar record 45% long-term unemployed.
Economist John Lott has rightly said, “For the last couple of years, President Obama keeps claiming that the recession was the worst economy since the Great Depression. But this is not correct. This is the worst “recovery” since the Great Depression.”
Read the entire article here