In the 80s, historically, people called the economy under Ronald Reagans presidency "reaganomics". Whether it was an apt name or not, it was the term applied to the dismal few years in the 80s until things got corrected and after when much of the manufacturing jobs disappeared and headed to Mexico. The 08 recessession was a confluence of things that started before Obama won the election. By the time he took office we were already in the recession of 08, considering his swearing in was in 09.