While the nation takes stock of Barack Obama's first year in the White House, some perspective might be gained by considering a similar point in an earlier administration.
President Ronald Reagan took the oath of office in 1981, with the economy on the downslide and the unemployment rate at 7.5 percent. The deficit grew - and so did the number of unemployed.
On his first anniversary in office, the unemployment rate stood at 8.6 percent, and it kept growing. We didn't get into this crisis overnight and we won't get out of it overnight, the president kept saying...
...By 1982 it was an axiom in the White House that Reagan, like so many of his modern predecessors, would be a one-term president. I believe that Reagan will not run again."
The unemployment rate peaked at 10.8 percent the month of the 1982 mid-term elections, when Republicans lost 26 seats in the House...
...Today, Reagan is regarded as a transformational president who, as Obama noted during the 2008 primaries, "changed the trajectory" of American politics.