(FORTUNE Magazine) – As soon as it became clear that Michael Dukakis would be the Democratic nominee, Ronald Reagan charged that he was painting the economic picture much darker than it is. The debate will continue until November. For a check on what's happened to the economy since January 1981, see below. For another measure of the Reagan regime, see Letters.

WHEN THE PRESIDENT TOOK OFFICE NOW

Inflation 10.5% 4.5% Corporate bond yields 14.4% 10.3% Unemployment rate 7.4% 5.5% Unemployment rate, adult black males 12.1% 10.7% Yen to the dollar 205 125 Budget deficit (billions) $79 $155* Trade deficit (billions) 34.6 137.2*

*Estimate.