The recession started in 1980. Reagan was not President for even one day in 1980, and his tax cuts did not take effect until 1983.
The great Ronaldus Magnus inherited a FAR worse economy from Mr. Peanut Carter than Comrade Ozero did from Bush43:
Carter economy:
-Double digit unemployment
-Double digit inflation
-Prime interest > 20%
-Mortgage 30yr interest > 18%
After 1 year of passing his tax rate cuts, Reagan’s GDP was soaring @ 8.5%
Comrade’s BIG GOVT Porkulus results:
-GDP in 1Q/11 = 0.4%
-Unemployment (U6) = 16%
“The recession started in 1980. Reagan was not President for even one day in 1980, and his tax cuts did not take effect until 1983.”
- this.