Most people do not remember. But two years into Reagan (1982) was the bottom of the Carter job market.
“Most people do not remember. But two years into Reagan (1982) was the bottom of the Carter job market.”
Fed Chairman Paul Volcker had monetary growth stopped dead until August of 1982. It’s why interest rates reached nearly 20%.
This was with Reagan’s approval, they both wanted to kill the inflationary expectations that had raged for a decade. And it worked better than anyone expected it would.
In August ‘82 the Fed relented and turned tap back on in the credit markets. The stock market roared to life and so did the American economy.
True. Reagan took on the nation in a bad economic situation.