This little insight on history is for all my young friends who weren't alive, or old enough to remember the events of 32 years ago. This year at the Democrat National Convention, Bill Clinton the Patriarch of the DNC gave a speech in his best quivering voice, exhibiting his trade mark lip bite as he assured the American people that Barack Obama had inherited the worse economic conditions any new President had ever faced, and that Obama had done all that any man could have ever done to improve the situation. The only problem is, none of that was true. When Ronald Reagan assumed the Presidency in 1980 after the four year disaster that was the Jimmy Carter Administration, the U.S. unemployment rate was at 10.8%, compared to 7.8% for Obama. The prime interest rate was 21.5% when Reagan took office, compared to only 3.25% for Obama, and inflation was at 10.3% compared to only 1.8% for Obama. So, by any standard Ronald Reagan faced a far tougher situation than Obama had to deal with!! So, what was the situation three years into Reagan's first term, compared to Obama's first term. By 1983, the unemployment rate had dropped by 35% for Reagan compared to a increase in the unemployment from 7.8% to 8.3% for Obama. Interest rates had fallen by 50% and the inflation rate had fallen from 10.3% to 3.2% under Reagan. In the meantime, Reagan had the economy growing at a rate of 7.4% annually compared to 1.3% for Obama. In 1984, the American people reelected Reagan to a second term in a landslide, awarding him 49 of the 50 states. By the end of Reagan's second term, 23 Million new jobs had been created and revenue to the U.S. Treasure had doubled!! Reagan also rebuilt the Military, which Carter had almost underfunded out of existence and ended the Cold War, defeating the old Soviet Union without firing a shot, resulting in the destruction of the Berlin Wall and the reunification of the German people!! Reagan also appointed the first woman to the Supreme Court and passed immigration reform legislation that provided a path to U.S. citizenship for 3 Million former illegal aliens, something Obama promised Latinos he'd do in 2008, but never did. Additionally, the unemployment rate for Blacks in the U.S. fell by 50% under Reagan and the number of Black owned business doubled, resulting in a 35% increase in the Black middle-class. How did Reagan accomplish so much, by cutting taxes and freeing the private sector to do what it does best, PROSPER!! By comparison, Federal Regulations have skyrocketed under Obama and the national debate has grown at a rate faster than all the debt the U.S. accumulated through two World Wars, the Civil War, Korea, and Viet-Nam from 1776 to the year 2000!! So don't kid yourself, the U.S. has been in far worse situations then we face today and there is a path out, but that path does not involve four more years of Obama's failed Socialist, Keynesian economic policies. America's business is business and the Free Enterprise System is the engine that drives economic prosperity, not the government!! As a business owner, I can assure you that reelecting Obama will be a disaster for this country. Right now, American business is sitting on Trillions of dollars it will not invest back into the U.S. economy as long as Obama is President, due to the uncertainty of Obama's tax policies, the cost of Obamacare, and Federal regulations that are strangling America's energy producers, specifically the coal industry that supplies the bulk of our affordable energy!! Obama's hostile attitude and policies toward the private sector are killing this country economically, and that's a FACT!!
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