Mr. Obama complains that he inherited the deepest recession in generations and that getting out of it was going to take more time.
The severe 1981-82 recession ended in just two years after President Reagan’s tax cuts. His economy was growing by 5.6 percent and 7.7 percent in the last two quarters of his third year, then soared to 8 percent in 1984.
The country had a referendum on Reagan’s economic policies in his fourth year, when he carried 49 states.
The country will pull out of the Obama recession eventually, but it’s not going to happen until we have a president who, like Reagan, believes in the power of American capitalism and understands how it works.
Donald Lambro is a syndicated columnist and contributor to The Washington Times.
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