Wednesday, January 21, 2009

Obama... What Would Reagan Do?

Yesterday was great occasion. For obvious reasons it was a proud day to be an American. I didn't vote for Obama, but he is my President. I will support him. I will also speak out against his policies when I believe that they are flawed. His inaugural speech scared me.

I was annoyed when Obama said that we are in the worst economic disaster since the great depression. This isn't true. By any measure Ronald Reagan inherited a much worse economic situation from Jimmy Carter than Obama is moving into.

Prime Interest Rate20.5%3.3%
People in Poverty14%12%
Dow Jones9518000
Median Income (Todays dollars)42,00050,000
Maximum Tax Rate70%35%

Reagan pulled us out of that economic crisis and he ended the cold war. Obama's motto should be: "What Would Reagen Do?"

What scares me is that Obama’s policies are much like Carter’s or FDR's policies. Please remember that if it wasn't for World War II and FDR's promise to keep the United States out of the war that he would not have been re-elected because of his economic policies.

Things are going to get much worse.

The financial markets are reflecting that Obama's ideas are flawed. After the inaugural speech the Dow Jones Industrial Average dropped 332 points. This IS the worst inauguration speech drop of the Dow Jones in history.

The proposed economic stimulus package will cost more than;

Both of the Iraq wars

The Vietnam War

Korean War

World War II

All of the NASA projects

The Savings and Loan bail out

The Louisiana Purchase

And the entire cost of the New Deal

It will cost more than those things combined, and adjusted for inflation.

The United States will borrow more this year than in the previous two hundred years combined.

This is not what Reagan would do. Please Obama, ask yourself... What would Reagan do?