In a turning point of the 1980 Presidential campaign, the Republican challenger asked:
“How many of you are better off now than you were four years ago?”
Examining some unemployment rates:
Nov, 1976: 7.8% – Carter elected.
Nov, 1980: 7.5% – Reagan elected.
Nov, 1982: 10.8% – Mid term elections
Mar, 1989: 5.0% – Best value under Reagan/Bush
Nov, 1992: 7.4% – Clinton Elected
Apr, 2000: 3.8% – Best value under Clinton
Dec, 2000: 3.9% – Bush appointed
Nov, 2008: 6.8% Obama elected
o More were better off in 1980 than 1976.
o Things got much worse under supply side economics, before they got better
o The lowest unemployment rates were after the Clinton administration edged up the tax rates on the highest incomes.
It might be mentioned that:
o These are national – they might have been better or worse in some areas than in others.
o The rate always understates the true unemployed.