Dear Editor:
The following is data comparing the recoveries from recessions during Reagan and Obama presidencies. All figures below are in 2009 dollars, to adjust for inflation, unless noted.
Reagan was president from 1981-89. GDP hit a pre-recession high of $7,187 in 1979. It grew to $9,195 trillion in 1989. Real GDP growth was over 4 percent in five of the six years from 1984-1989.
The latest recession ended in June 2009. GDP dropped from $14,853 trillion to $14,415 trillion from 2007-2009. It is estimated to be $16,393 trillion in 2016. The highest GDP growth under Obama has been 2.63 percent.
Reagan increased the national debt by $2.43 trillion ($26,000/household). Obama has already increased it by $7.2 trillion ($57,000/household).
Unemployment hit a high of 10.8 percent in November and December 1982. By the end of Reagan's presidency it had dropped to 5.4 percent. The labor participation rate grew from 66.5 percent at the end of Reagan's term to 67.3 percent in March and April 2000.
When Obama took office the unemployment rate was 4.2 percent. It increased to 10.0 percent in October 2009. It currently hovers around 4.9 and 5.0 percent. The labor participation rate stands at an abysmal 62.8 percent, a two-generation low. The 55+ and 65+ are the only age groups where the labor participation rate has increased.
The number of food stamp recipients decreased from 22.4 million to 18.8 million during the Reagan presidency. At the end of the Clinton presidency, there were only 17.2 million food stamp recipients. By 2008 the number had increased to 28.2 million and by January 2016 the number had skyrocketed to over 46 million.
The following are median (half of households below and half above) household income in 2014 dollars. In 1978 the pre-recession high was $50,184. By 1990 it had grown to $52,623. It hit a high of $57,724 in 2007. In 2014 it was $53,657.
In 1985, 2.2 percent of 25-64 year olds were collecting Social Security Disability Insurance benefits. With all the additional "help" (regulation) from groups like OSHA, the EPA, one would expect the percentage of disabled people to decrease. By 2005 the number had increased to 4.1 percent before exploding to 6.2 percent in 2014.
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