casey, for a cat who lives in Toronto, your analysis of American politics just blows my mind away...Listen, even the peeps I know who make $25K per year are voting for Obama!!  Anyone with half an economic understanding and the implication of tax increases on our economy will know why Obama's tax policy is bound to fail bringing about the downfall of all our social programs along with it.  The govt will end up losing more $$ in the long run...This is the sad irony behind raising taxes!!  BTW, with all the jobs that will be shipped overseas, decrease in foreign investors because of a 45% cap gains tax (who make up 25% of Wall Street value = US companies) and the incentive of firms to hold their plants here due to these increased taxes, how on earth in the Long Run could we see the various welfare programs, etc that the govt currently has still be funded??  Man, sometimes I feel like I'm talking to a bunch of high school droupouts as the rhetoric and economic theory they know is way below a 9th grader's.

Madhise says: I know US economy was in shambles during Carter era, but you should give him credit for appointing Volcker who turned the economy around

Madhise, lil know-it-all wankers like you crack me up to no avail.  You agree in my later posting that you knew that the Prez has no hand in appointing the Fed Governor.  HAHAHAH   In hindsight, even a monkey can be correct.  Just goes on to prove the rhetoric and the low-level comprehending abilities that I'm trynna correct here.  Atleast admit you were wrong, son!!

You next say: Which President had surplus budget?

I sincerely hope pseudo economists like you understand that with a surplus budget comes about a strong US$.  And with a strong dollar comes about lower exports which means less demand for US manufactured goods…What happens then??  Unemployment due to weakening demand!  We are already in a recession and a strong dollar now would basically kill the little growth we will experience for the short run.  Basic 101s and yet you are a proponent of a Budget Surplus.  Listen, the only reason we are not in the recessionary nadirs today is because of the WEAK US$.  Though the Dow may be 11,500 points today in nominal terms, taking into consideration the strong US$ policy we had until 2001 would wipe this figure by about a half in real terms.  Imagine we had a strong dollar and a surplus budget, then what??  We’d see capital flight overnight from all the foreign investors on Wall Street since the Dow would now be close to the 6,000 levels instead. 

You finally say: so, give credit to Jimmy Carter too for starting recovery process by Paul Volcker who was appointed during Carter administration.. Reagan took the credit for recovery started by Carter.  isn't it?

How many times do I have to say you that Reagan’s recovery process was not created by Carter.  Did Carter even start a War for that (like the Senior Bush did under which Clinton basked all the glory)?  Or what majot Fiscal spending did Carter ever undertake during his tenure??  Listen, Reagan heeded advice from the great Friedman and decided to opt for Friedman’s theory and implement it in the US.  This was the policy that made the US rebound from the stagflation days!!  No wonder its called Reaganomics (or Voodoo Economics by the Sr. Bush) and not Carteromics!!! 

I wish you’d all have done some basic readings on economics rather than have me give a lecture here.  Seems like I’m providing a free service for the peeps with rhetorics of high-skool dropouts.  Wouldn’t wanna do that at all…Like my main man, Lord Keynes said, “There is no such thing as a free lunch.”