Mr. President, You're No Reagan

One more little blog about Obama's speech and then I will let it go. 

I was really aggravated when Obama used a Reagan quote during his speech.  The implication was that Reagan would be fighting for the same deal that Obama is fighting for.  When Obama quoted Reagan, he stated. " Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment?  And I think I know your answer.”

The problem is that Americans have very, very short memories.  When Reagan used the quote, it was for a purpose that is almost 180 degrees opposite of what Obama is trying to do.  For a quick refresher, Reagan had just stepped into Office and was faced with a huge debacle left by the second most incompetent president in modern U.S. history, Jimmy Carter. 

In order to jump start the economy, with a democratically held Congress, Reagan proposed "trickle down economics".  The four pillars of Reagan's economic policy were:

1. Reduce Growth of Government spending.
2. Reduce Income Tax and Capital Gains Tax.
3. Reduce Government regulation.
4. Control the money supply to reduce inflation.

Reagan proposed and got passed a reduction in taxes from 70% to 50% and eventually down to 28% as a high level for all tax payers.  He went on to slash corporate taxes and the economy rebounded, reducing unemployment from 10.8% to 5.5% when he left office.  The federal deficit fell from 6% of GDP in 1983 to 2.9% of GDP.  The rate of growth in federal spending fell from 4% under Jimmy Carter to 2.5% under Ronald Reagan.

In contrast, under Obama, unemployment has risen from 7.8% in January 2009 to 10.1% by November 2009.  Numbers are reported at between 9.1% and 10.2% right now, but that doesn't count the people that have stopped looking for jobs.  The real number is between 15-17% unemployment. Foreclosures on housing are at a record high (32%), the housing market remains in decline, the deficit will exceed $1 trillion for every year of Obama’s term, the national debt is north of $14 trillion, markets are anxious and falling, and economic growth is at a dismal 1.8%, in other words, way behind inflation rates and going backwards.

So, as you listen to the hollow rantings from a community activist turned president, don't be fooled. The quote Obama used from Reagan in his last speech was misused and twisted.

Nice try Obama!  But Mr. President, you're no Reagan!