Publisher Steve Forbes says President Barack Obama's got the Reagan-type phrases down pat but hasn't taken any Ronald Reagan-like actions.
“It's true that both men came into office facing turbulent economies,” Forbes writes in The Wall Street Journal. “But there the similarities end.”
Reagan, Forbes notes, came into the White House facing an economy as troubled as it is now, an economy that had even higher unemployment, catastrophic interest rates (18 percent for mortgages) and a stock market that in real terms had fallen 60 percent from its mid-1960s levels.
“When he left office eight years later, the U.S. had become an economic miracle: 18 million new jobs had been created; Silicon Valley had blossomed, becoming a global symbol for innovation; and the stock market was experiencing a bull run that, despite dramatic ups and downs, didn't end until the turn of the 21st century, after the Dow had expanded 15-fold,” says Forbes.
However, Reagan was unable to permanently rein in domestic spending and many of his economic reforms were undone by his successors.
“Today we are once again beset by a Carter-esque malaise, wherein we must accept abnormally high unemployment and the notion that printing more dollars is the way to recovery,” says Forbes.
The Vancouver Sun reports that the latest economic letter from the San Francisco Federal Reserve blames cyclical forces, not structural changes for today’s high unemployment rate, and that even college graduates will face dim job prospects well into the future.
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