As the young U.S. senator takes the oath to become president, he sets out to fix an economy struggling with rising unemployment, slumping profits and depressed stock prices.
He knows the deep recession could prevent him from advancing his broader domestic and diplomatic agenda. Yes — all true for President Obama.
But that's what John F. Kennedy faced as well. On his frosty Inauguration Day in January 1961, Kennedy had to start fulfilling his campaign pledge to "get America moving again." Like Obama, he would need to win over a deeply skeptical business community.
The similarities mostly end right there.
Since taking office, Obama has struggled with the aftermath of a global financial crisis and a home foreclosure meltdown. Even after nearly five years in office, he presides over an economy stuck with a 7.3 percent unemployment rate and a disappointing growth rate well below 3 percent.
In contrast, Kennedy enjoyed a nearly miraculous economic turnaround. At the time of his death in November 1963, an employment boom was beginning. Stocks were soaring, swept up in the emerging "go-go" era on Wall Street — a time when investors were falling in love with mutual funds and conglomerates.
So, what exactly did Kennedy do? And as the nation marks the half-century anniversary of his assassination, do the experts credit him with having a lasting economic legacy?
Most historians say Kennedy's long-term economic impact was profound, but complicated. Virtually all agree that in the short run, his policies did contribute to that golden era of the mid-1960s when the United States was enjoying one of the most robust economic expansions in history.
By 1966 — the year that might have been the fifth of his presidency had he lived — Kennedy would have been presiding over an economy growing at a rate of 6.6 percent and an unemployment rate falling to just 3.8 percent.
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