Real GDP declined by one-half of 1 percent in 1980, President Carter's last year, and rose 3.9 percent in 1988, President Reagan's last year. The CPI rose 13.5 percent in 1980 and by 4.1 percent in '88. The prime rate dropped from 15 percent in 1980 to 9 percent in 1988. Real median family income rose from $34,200 in 1980 to $37,000 in 1988. The unemployment rate declined from 7.0 percent in 1980 to 5.4 percent in 1988.
Domestic spending, and particularly entitlement spending grew enormously under the Democrat congress. The budget deficit rose from $74 billion in 1980 to $155 billion in 1988, while the trade deficit rose from $15 billion to $129 billion during the same period. And, contrary to widespread belief, the portion of the population below the poverty line was 13 percent in both years. One more set of numbers: Real national wealth rose from $11.9 trillion in 1980 to $14.2 trillion in 1988.
It would appear to me he did many things right to bring about positive changes in our economy. Bash him all you like but please don't forget to mention the huge increases in spending by the democrats which helped to substantially increase the deficit.
Kevin g
