LMAO...
Not the same economy
Reagan inherited a much worse economic condition from Carter than what Trump inherited from either Obama or Biden
The recession late in Carters term and early in Reagan’s term was deliberately brought on by the Federal Reserve to bring down inflation.
Inflation is on the rise again, despite the president claiming that it’s not
Reagan also inherited an economy that was in recession/stagflation. Despite what Trump and supporters claim, Trump did not inherit anything remotely similar
We had gas lines at the end of Carter’s term. Something I have never seen since.
You are right, it was not the exact same economy, but there are parallels between the two. And the FED lowered the interest rates before inflation was fully tamed, which caused a worsening of it all leading into the Reagan years. I remember the early years of Reagan painfully, for I had a house for sale that sat there for years. It was not a pleasant couple of years for me at all. BUT THAT WAS NOT REAGAN'S FAULT, ALL THE SH*T WAS AN OUTCOME OF CARTER POLICIES AND FED POLICIES AT THE TIME.
I believe we are once again at a similar junction. I do not believe inflation is tamed. I do not see it. I see prices on products I am buying increasing, and not small increases either!!!!!!!!!!! One of the fellows I play bridge with, we were talking about inflation this past Saturday, and he said the premiums on his home insurance went up 29%. He did not have any claims or did anything to warrant such an increase, that is pure inflation. Inflation caused by the Biden Idiocracy!!!!!!!!!!
I expect a 1/4 pt decrease in the Fed rate in September, but don't hold your breath for more decreases this year. I just do not see it happening. Our economy is on fire, and I see interest rates staying as they are until 2nd quarter next year. Trump's policies are greatly stimulating our economy. With that, interest rates will not come down fast by the FED. No way.
Foreclosures are also up! Not a good sign.
And frankly, I do not recall gas lines in 1980. I remember well the gas lines, but they were in 1975, and we were limited to $5 per visit to the pump, and the lines were so long, it was not unusual to wait an hour to get to a pump. I remember 1975 vividly. Went on a camping trip to the highest mountain in West Virginia. The weatherman forecast sunny, warm temps and no precipitation. It rained cats and dogs the whole weekend, bone chilling cold, and on the morning of our last day, we got 3-4 inches of snow. Took me 3 hours to make my way down the mountain, sliding all the way down, and one in our gang, he ran out of gas, and had a hell of a time finding $5 worth of gas on a Sunday. I think he ended up having someone give him gas from their home, for the stations were all closed or out of gas.
Frankly, I do not see any golden age, not yet anyway. But I do have confidence things will improve next year. But our worthless Congress has to bite the bullet and cut spending with a sharp knife. There is no reason to have deficit spending. None! End the abuse now. If the Republicans do not balance the budget in 2026, that will be one more reason for the Dems to beat them up. It is the deficit spending that is destroying the US dollar, and government spending that causes inflation.
Congress needs to do their job. So far, they are doing nothing that impresses me. NOTHING!!!!!!!!!!!
