When President Obama mentions he inherited the worst economy since the depression, he is badly mistaken. When Ronald Reagan entered office in January 1981, he inherited an economy from Jimmy Carter much worse than the economy Obama inherited from Bush.
Carter’s economy was so terrible; a “Misery Index” was formulated to gage the economic attitude during his presidency. The statistic adds the Inflation Rate and the Unemployment Rate and arrives at the Misery Index. The only difference is that most of Obama’s supporters weren’t born or cognizant of the Carter Malaise.
In 1980, Jimmy Carter’s last year in office, and when Reagan arrived, the vital economic statistics were: Interest Rate of 21%; Inflation, 13.5%; Unemployment 7% so his “Misery Index” stood at 20.5%.
In January 2009, Obama “inherited” an economy with Interest Rates at 3.25%, where they still stand. By the way, no adjustment in this figure reveals more stagnation than positive movement. Inflation stood at 4.2% and Unemployment was 7.5%. Bush’s Misery Index of 11.7% that Obama inherited was much better than Reagan’s 20.5, so don’t believe the liberal media and allow Obama’s supporters assuage you into believing Obama’s spending is necessary because he “inherited the worst economy since the depression.” Taken at its’ highest numbers, Bush’s Misery index is 12.8%; 5% inflation plus 7.8% unemployment which is still 6 points lower than Obama’s current numbers.
Currently, Obama’s statistics are: 2.7% Inflation and rising. Unemployment is 9%, but many economists believe the realistic rate is 16%; for a Misery Index of 18.7%. Obama’s Misery Index is higher than Bushs’. Obama took “the worst economy since the depression,” and made it worse. His Misery Index score is 7 points higher and considering his economic agenda, the index will only go higher.
Obama’s economic policies are eerily similar to Carter’s and if there is any solace from this sentiment, Obama, like Carter, will be a one term President. While gas prices are rising today, Obama supporters seem to forget high gas prices and the long gas lines in the1970’s. Carter suggested wearing sweaters and turning down the thermostat. He started the Energy Department to solve our dependence on foreign oil. How is that working out today? Similarly, Obama tells us we need to inflate our tires and we can’t keep our houses at 72 degrees. He refuses to drill for oil on domestic lands and initiates so many regulations that they choke any chance of economic recovery. This guy is Carter II, which is why I suggest the return of the Misery Index.
The adage is true: You need a Carter to get a Reagan,” applies to Obama.