That was then, this is now

Twenty-eight years minus one day, another President gave his first State of the Union speech. Similarly, the United States was in an economic recession. At that time, unemployment was over 10%, inflation and consumer interest rates were above 15% each. In his speech, President Reagan outlined his plan to bring the country out of that recession.

The cumulative national debt had just exceeded one trillion dollars. More than 200 years were needed to accumulate that level. (We have now crossed $12 trillion and see no end in sight for its continued growth.)

Reagan listed 3 keys to reducing budget deficits. First, encourage economic growth. Second, Lower interest rates and third, control federal spending. He was very adamant about NOT raising taxes as an attempt to lower the deficit. He felt that would encourage federal spending (and the Democrats in charge of Congress did not lower spending) and would discourage private investment.

He also referred to recent meetings with foreign leaders. He said how they were surprised that he (Reagan) did NOT apologize for American wealth and its strength of the free marketplace.

These policies DID turn around the national economy then.

Now, 28 years later, another President stood before Congress with a similar economic situation. Fortunately, we do not experience the devastating interest rates we did then. Unfortunately, he is taking just the opposite approach. Considering that Reagan's plan worked - and it did - Obama's plan will probably will not succeed. Our international standing will fall, as it already has started.

I believe Obama may very well be a one term president.