And how does it compare to the present recovery?
I'm not getting many actual answers here.
For those who say there was no Reagan Recession, I'm referring to the recession that occurred in the early 80's. You can call it something else if you like.
For those who say I'm too young to remember Carter, alas, you are wrong. I was born during the Truman administration.
Mr. Wolf
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The last time we are in a recession this bad it was under Ronald Reagan and it took from December 1982 for unemployment to improve from 10.8% to 7.2% in November 1984.
correrafan
It lasted from 1981 to 1989, so I would say 8 years, the length of his entire term.
There wasn't a Reagan recession everywhere in the US, only in some hard-hit areas. I don't remember if any reasons for this were offered by political commentators, but I have my own suspicions as to the cause of such a long recession being entrenched only in certain areas.
This recession is not only a replay of Reagan's Recession, it is also showing the same pattern: It seems to be severe only in certain areas. Given the Reagan Recession's length and intractability, I would guess that this one will last at least 4 to 5 more years in my area.
ProLife Liberal
It took eight years of President Clinton. President GHW Bush started the process. Reagan's "trickle down" turned into "trickle on us" economics. The way that Reagan made it look like there was more employment was to include the amount of people in the military. The amount of people in the military was never included in the employment statistics until Reagan. The other thing Reagan did, was expand government, so that more people could work in the government.
Anonymous
I live in Pittsburgh.
Tens of thousands of steelworkers lost their jobs within a few months in the early 80s.
Their unemployment compensation, pensions, health insurance, homes, and cars followed.
We never fully recovered
rbennitt_022
Reagan inherited the recession and by following true conservative ideologies, Reagan brought us out. This administration will not cut taxes to kick-start the economy. Printing and spending money WILL NOT WORK. I know that did not answer the question; however, I just wanted to point out that Reagan had it right and what we have now is a joke.