From: FairfieldLife@yahoogroups.com [mailto:FairfieldLife@yahoogroups.com] On Behalf Of jpgillam Sent: Friday, August 26, 2011 2:23 PM To: FairfieldLife@yahoogroups.com Subject: [FairfieldLife] Re: Anyone have a good rebuttal to this article?
The two presidential administrations faced or are facing two different economic problems. Reagan was president when the Federal Reserve squeezed inflation away. The economy suffered for a bit, then bounded back - probably spurred by the spending derided below. Obama became president when the West entered a period of massive deleveraging. Everyone is paying down debt. Our houses are worth less than we're paying on them. Escalating healthcare costs are consuming increases in productivity. The only way out may be fiscal stimulus, but it goes against the culture of paying down debt. Today's problem is entirely different from that of 1980, and will take longer to correct. Thanks Patrick. I'll send that off to my friend, and pretend I wrote it, so I seem smarter than I am. Stick around; he'll probably reply.
