We will never know what the unemployment rate would have been if Obama wasnt president. I have no doubt that atleast half of the job losses on his watch were not his fault. But the stock market was relitively calm in Bush's last 2-3 months after the SEPT/OCT fall panic of 2008. The market crashed almost as much under Obama as it did Bush, inspite of a lack of bad news coming out of the financial markets - certainly not as bad as the news in SEPT and OCT of 2008. It is reasonable to speculate that the economy had already fallen far enough when Obama took office in January 2009. What Obama ist definately responsible for is the unemployment rate staying at 10% for 20 months. Totally unacceptable.
The unemployment rate is likely higher than 9.1% when you account for the labor force participation rate being at a 40 year low. Reagan was re-elected at a 7.3% unemployment rate, the best Obama can hope for is 8% - and that is optimistic. At this comporable point in Regan's presidency, the economy had been growing rapidly for 6 months. In 1983 and 1984, we experienced some quarters with rediculously high rates of growth - some as high as 8%!!! I dont think that is going to happen in the next 18 months. Also, Reagan had to kill inflation his first 2 years - by jacking up interest rates and causing the unemployment rate to rise up to 10%. Obama had to do no such thing. Interest rates are virtually 0. He dicked around with health care his first 2 years.
Even when you include the war costs, Bush's deficits are very managable and historically low. Definately far better than Obama's deficits. Today, when most people analyze Bush's deficits, the war costs are included. its not like Standard and Poor and bond holders arent going to take that in account.
I don't want to (nor have the time to) nitpick your post. You do make some interesting points. But the portion highlighted in red ignores how monetary policy is implemented in the United States. Presidents, whether Reagan or Obama, have NOTHING to do with monetary policy or pegging interest rates. Under Reagan, that was done by Paul Volker. Under Obama, it has been Ben Bernanke. As I'm sure you know, the Executive and Legislative branches are able to decide fiscal policy, and that may
influence interest rates. But the decisions by the Fed (totally independent of the President and/or Congress) more directly influence interest rates, whether through quantitative programs or pegging the discount rate to a particular range. Paul Volker snuffed out inflation/stagflation. Ronald Reagan had very little, if anything, to do with that.
On unemployment, you also left out the devastation that would have resulted had GM (and Chrysler) gone into Chapter 7, instead of the government financed, pre-packaged Chapter 11 - which everyone from Corker to Shelby said was unworkable. How wrong they were. How lucky we were. Even conservative economic models had unemployment rising to 15-20% had that taken place. And it would be wishful thinking to imagine that we would be in recovery right now, had that happened.
We would also disagree on Bush's deficits being "manageable" or "historically low". Whether measured nominally or as a percentage of GDP, neither characterization would be true. But of course, the deficits under Obama have been worse. Of course, without the Great Recession, Bush's Middle East wars and the Bush tax cuts (the tax cuts alone have added about $2.4 trillion to the debt and about $400 billion in interest costs over the decade), "Obama's deficits" wouldn't be as bad. But he still has to take ownership of what his proposals have done to the deficit.
But again, you've made some interesting points. Hopefully we can continue this (good) discussion at a later time. :hatsoff: