Giving Obama His Due
But on the night of Reagan’s final State of the Union speech in 1988, when he boasted that “one of the best recoveries in decades” should “send away the hand-wringers and doubting Thomases,” the economic numbers were not as good as those on Obama’s watch.
At no time in Reagan’s eight years was the unemployment rate lower than it is today, at 5 percent — and this after Obama was handed the worst economic calamity since the Great Depression. Reagan lauded a federal deficit at 3.4 percent of gross national product. By last fall, Obama had done better than that, posting a deficit of 2.5 percent of G.D.P.
.. But it may also be that the country was not ready for a transformational president; rather than sweep away the last racial barrier, his years in office showed just how deep-rooted the sentiment behind those barriers remains.