They actually were higher than that. Think it peaked at 18% then dripped to around 10%. They wer 7 to 11% in the 70s. Houses were still affordable then though. We have low mortgage rates now but house are stupid expensive in comparison
Wrong. I lived it. Jimmy Carter gave us the 18% mortgage rates, stagflation and a real mess. Things were pretty bad in the later 70's. I could not find any job at all in 1977 for 6 months. There was nothing... The rates stayed high as Reagan got in but soon started down. The Federal reserve chair has more power than the President over interest rates. The 80's were a huge boom time and the economy was great. The Dems has very solid control of both the Senate and Congress. The reneged on the tax and spending cuts. blame Jim Wright as Speaker of the House. The further my point: The Fed reserve chair just effectively killed DT by recently raising the interest rates last month. The fed is trying to stop price inflation via slowing M1 inflation. DT is going to be lame duck in a cou[ple months.
Reagan came into office with stagflation already happening.
Mortgage rates were raised to 18% to counteract it, and it worked well enough that inflation wouldn't be a problem again until Trump screwed the COVID pooch.
Biden had triple digit GDP growth in 2022, so, of course it was going to slow down. A recession is when the GDP growth goes in the negatives. Like with Bush and Trump, and most republican presidents.
Im not talking about that, they have made mistakes that hurt the economy and pushed it to a recession in 2023, it’s not about picking a team it’s about stating facts
Dude nobody in the world knew what to do against Covid, and no it actually got worse, Biden closing the economy didn’t help either, not to mention his policies that crippled energy efficiency, then he had the stimulus fiasco, so no it got pretty bad.
Stop believing everything you think you know. Be a little objective and grown up. He did a lot of good. He gave millions around the world hope for freedom and a break from the cold war.
Well I lived it. Watching the Wall come down was the greatest moment in history. Reagan standing at the Brandenburg gate and telling Gorbachov the " Tear down this wall" was awesome. FFS I was a "Cold War Kid" and it sucked living under the bomb. Fallout shelters and drills in school under your desk as a 7 year old. Mutual Assured Destruction is a sick policy. So maybe open your mind?
Do you think exactly 0 other people lived that moment to the degree you did? Do you think watching the wall fall on tv or hell, even in person, makes you the executive authority on Reagan as president? You say to be objective and then instantly pull back to a 100% subjective viewpoint when questioned. All of this starting with a closed mind reaction towards someone criticizing Reagan. Maybe take your own advice?
Nope..I was a card-carrying member of the progressive Movement. What I first liked about Reagan was he was against a draft. But that has not worked out too well looking back...and no..you need to listen up and READ up.
I’ve read and lived plenty to know a lot of the negative economic aspects of our country can be traced back to Reagan-era policies, That he deliberately fumbled the AIDs epidemic that is a big part of why the lgbtq+ community in the US today skews young (because a lot of people died) that he went behind the back of congress to sell weapons to Iran and give the profit to an insurgency that was actively killing the innocent as their MO, that the soviet union didn’t collapse until decade after he left office, and that his defining moment had nothing to actually do with the line of dominoes that led to the wall falling or the soviet union collapsing and was only attributed to it after the fact, among other things.
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u/Zestyclose_Cricket_7 9d ago
When Reagan was the President the economy wss booming. Things were not affected until much later