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FBN’s Lou Dobbs compares the economic recovery in Obama’s first term with that of Ronald Regan in his first term in office.
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President Obama started with a much weaker economy -- I did.
Listen to me -- No present.
No president.
Not me.
Not any of my predecessors.
No one could have fully repaired all the damage that he found it just more years.
Now listen to -- mister president and you're just being modest aren't you.
That's Clinton being his modest -- but he forgot about a president who did overcome these seemingly insurmountable.
And he did it in quick order he didn't need a second term to do it but he did do it.
And they -- so well we got that second term in -- when president Ronald Reagan took office he inherited what became a severe recession.
Within five months of taking office when Reagan was campaigning the unemployment rate I think about that.
Ronald Reagan.
-- -- do that.
The unemployment rate was seven point 5%.
Now that's pretty tough I was in October 1980 -- he went through to the polls to be elected president.
I would climb into double digits.
If you can imagine it's rising to ten point 4%.
Ten point 4% -- January of 1984.
The year.
When the country had to decide whether -- not to give him a second term.
It dropped that year.
From ten -- point 4%.
Back to 7%.
-- By the end of his first term not only that the inflation rate in the country.
In 1988.
Was nearly 13%.
13%.
Inflation.
In 198013%.
It fell to less than -- percent by the end of his first term 4%.
After nineteen.
-- the prime rate.
Dropping the prime rate for crying out what we've got zero to a quarter percent.
Discount rates benchmark rates.
The primary.
In 1980.
Was fifteen and a half percent -- Fifteen and a half percent.
So when you hear people -- talking about how tough everything -- let's talk off here.
These are big bad economic numbers.
And there is really no reason why -- President Clinton.
Should have forgotten how bad they lower.
But listen.
Listen to -- happened in short order listen to how President Reagan.
Could sell his accomplishments and look at the American people's rate in the -- In 1984.
And tell them why they deserve a second term this is what he said at the 1984.
Republican Convention.
Today of all the major industrial nations of the world.
America has the strongest economic growth.
One of the lowest inflation rates the fastest rate of job creation six and a half million jobs in the last year that have.
A record 600000.
Business in corporations in 1983.
And the largest increase in real after tax personal income since World War II.
Wow President Reagan cut also boast about.
Seven point 2% think about it seven point 2%.
GDP growth.
I mean in 1984.
But he's hardly the only remarkable president we've and and I don't understand I know that President Clinton was really pressed for time last night he had only.
-- just about forty not -- back minutes in which are gonna go through business these president's.
-- -- -- -- Franklin Roosevelt FDR inherited the greatest depression history.
But in the first year in which he sought reelection that was 1936.
1936.
-- real GDP growth had risen to thirteen.
Point 1%.
Thirteen point 1%.
Under President Obama is spend 2% in the first quarter of Fisher one point 7%.
In the second quarter.
We're talking about let's call it.
2%.
And he wants to get -- the unemployment rate when President Obama took office -- seven point 8%.
Seven point 8%.
On one.
It's now all at eight point 3%.
Eight point 3%.
And 42.
Quarters.
Excuse me 43.
-- Above 8%.
President Clinton wasn't called -- -- now for nothing if you notice last night there are some other numbers heavily about but.
As I said there's just so much you can do with -- 4849 minutes.
The president likes to brag about how the last 29 months the economy is produced about four and a half million private sector -- President Clinton say the same thing.
Four point five.
Million jobs.
Well not so fast.
Job growth hasn't kept up with even population grow.
And there's been a -- -- decline.
Of 3161000.
Jobs.
I'm saying.
Net decline.
Make -- net.
Because that's the real number everybody should be looking at.
Not a -- a four and a half million as.
President Clinton suggested last night sure the president presided over the greatest.
President Clinton presided over the greatest peacetime expansion.
In our country's history.
But it was in part through the repeal.
Of his depression era of -- depression era Glass-Steagall act.
-- in the final year nineteen -- nine of his administration which led to the banks.
Being too big to fail -- lighting and conflicted interest.
In 2008.
I don't want him.
Again -- only 48 to 49 minutes President Clinton couldn't mention.
That he contributed to the economic crisis in 2008 and -- what.
When he expanded the community reinvestment act.
That helped to lower mortgage standards and contributed to the sub prime mortgage crisis of 2008.
That was so devastating.
President Clinton didn't have time again in that short 48 minute speech that you might have watched.
I understand the laps on the part of President Clinton but I'm glad there was so much time.
In which he had the opportunity to point out the importance.
Of arithmetic because arithmetic.
Real office.
Arithmetic.
Is what we're facing now and it's going to be very important that we have.
Mathematicians.
Who really pay attention to the numbers honestly and forthrightly.
Over the course of the next.
