Obamanonics vs. Reaganomics: One a Complete Failure, the Other a Resounding Success … “It was the best of times, it was the worst of times”

Call it a Tale of Two Presidencies, Obamanonics vs. Reaganomics.

You make the call which is which, it should not be too difficult to determine Obama from Reagan. Democrats and the MSM like to call Obama “Reaganesque;” however, any common sense thinking person knows Obama is “Carteresque”. The talking points of the LEFT is that Obama inherited a bad economy and they have constantly used that as an excuse. Flashback to Ronald Reagan, who inherited a worse economy from Jimmy Carter and turned it around. No one heard excused from President Reagan, they got results instead.

Ronald Reagan, Barack Obama – the two should never be mentioned in the same sentence

“It was the best of times [Reagan], it was the worst of times [Obama], it was the age of wisdom [Reagan], it was the age of foolishness [Obama], it was the epoch of belief [Reagan], it was the epoch of incredulity [Obama], it was the season of Light [Reagan], it was the season of Darkness [Obama], it was the spring of hope [Reagan], it was the winter of despair [Obama], we had everything before us [Reagan], we had nothing before us [Obama], we were all going direct to Heaven [Reagan], we were all going direct the other way [Obama] …

Democrats like to compare Barack Obama to former President Ronald Reagan, but do they really? Not after reading the Wallstreet Journal’s latest article spelling out the failed accomplishments of Obamanomics and the success of Reaganomics. No honest and thinking person could ever compare the two Presidents, the manner in which they went going about fixing a terrible economy and the results of their policies. The key words here were “honest” and “thinking”.  The MSM seems to have amnesia when they compare Obama and Reagan forgetting the fact that “The Great Communicators” policies

The two presidents have a lot in common. Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, combined with an agenda of deregulation, monetary restraint and spending controls. Mr. Obama, of course, has given us a $1 trillion spending stimulus.

By the end of the summer of Reagan’s third year in office, the economy was soaring. The GDP growth rate was 5% and racing toward 7%, even 8% growth. In 1983 and ’84 output was growing so fast the biggest worry was that the economy would “overheat.” In the summer of 2011 we have an economy limping along at barely 1% growth and by some indications headed toward a “double-dip” recession. By the end of Reagan’s first term, it was Morning in America. Today there is gloomy talk of America in its twilight.

My purpose here is not more Reagan idolatry, but to point out an incontrovertible truth: One program for recovery worked, and the other hasn’t.

Presently Barack Obama has a 44% approval rating while 52% disapprove. Only 18% think the country is on the right track. When Democrats and Obama’s mouth pieces are asked about his terrible polling numbers and the umteen million of Americans out of work without jobs and its affects on his 2012 reelection chances, they constantly bring up Ronald Reagan and his polling numbers during his first term. What the lying media and the spinning Obamaites don’t tell you is that Reagan’s polling was trending up while Obama’s is trending downward and his handling of the economy is in free-fall.

To understand how misguided Obama is on the economy is to compare Obama’s failed approach to Reaganomics. The philosophy on Reagan’s policies were as follows:

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.

As opposed to Barack Obama’s approach of government spending and Keynesian economics.  Ronald Reagan’s handing of the economy created 80 straight months of rewards to the American people. Barack Obama, not so much. Obama has increased the federal budget faster than any president in US history. His government regulations against business have devastated job hiring. His war on Big Oil and Big Coal have decimated US energy as Barack touts “green jobs”.

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.

The left has now embraced a new theory to explain why the Obama spending hasn’t worked. The answer is contained in the book “This Time Is Different,” by economists Carmen Reinhart and Kenneth Rogoff. Published in 2009, the book examines centuries of recessions and depressions world-wide. The authors conclude that it takes nations much longer—six years or more—to recover from financial crises and the popping of asset bubbles than from typical recessions.

Both Presidents inherited bad economies; however, Reagan applied tax cuts and other fiscally adept policies, Obama did not, he spent government (tax payers) money like a drunken sailor. Reagan’s polices worked, created unprecedented economic expansion, victory over the USSR and earned him a second term and a place in US history. Barack Obama has provided us nothing but meager job growth and record budget deficits. Now Obama promises us “Hope & Change” in his second term. No disrespect President Obama, actually there might be some, America cannot take 4 more years of your crap. Even  Democrats called Obama’s the “debt bill” a Satan sandwich, the reality is that Obama’s Presidency has been crap. But wait, Obama is not to blame, imagine that, he did not know how bad the economy was.  Actually Mr. Obama, the US did not know haw bad a President you were.

There is something that is genuinely different this time. It isn’t the nature of the crisis Mr. Obama inherited, but the nature of his policy prescriptions. Reagan applied tax cuts and other policies that, yes, took the deficit to unchartered peacetime highs.

But that borrowing financed a remarkable and prolonged economic expansion and a victory against the Evil Empire in the Cold War. What exactly have Mr. Obama’s deficits gotten us?

Obama has had a failed economic plan and a failed presidency. How could anyone think that they deserve a second term. Most, including many Democrats, wish the election was this Fall and Obama was not the Democrat candidate. After 2 and 1/2 years as President Obama has taken the car from the ditch and driven it off the cliff while telling the American people that he needs more time. NO BARACK,  YOU’RE DRIVERS LICENSE WILL BE REVOKED IN 2012!!!

Brian in a Blue State

(Update … bumped from this weekend, great read, Red)