Recession

The news media across the country refers to the recession that occurred during the Obama administration as the worst economy since the great depression and I want to challenge that assertion with some data. The recession that occurred during the Reagan years was more severe by all economic measurements. Both reached a high of 10.8 % unemployment but other factors were quite different. Inflation reached a high of 13.9 in 1980 and a high of 2.9% in 2013. Interest rates reached 21.5% in 1981 a high of 3.5% in 2012. In the Reagan recession the administration lowered the top tax rate from 70% to 28% while easing regulations on business while the Obama administration spent 800 billion on bank bailouts, along with 1.4 trillion in fed spending called quantitative easing and raised taxes mostly to pay for Obamacare. On both occasions the country recovered but the Obama recession was the slowest recovery of any recession. This information should be reviewed when the next recession hits.