All economies are cyclical, and the American economy is no different, so perhaps we were long overdue for the economic downturn we find ourselves in. Nonetheless, if we rewind to January 2007, we find the DOW closed at 12,6212, GDP growth for the previous quarter was 3.5 percent and unemployment stood at 4.6 percent.

So perhaps it was at the beginning of 2007 that our economic fortunes really began to deteriorate.

But then came the 2008 election with its hope, change and attendant promises. Meanwhile, one promise in particular stood out from all the others. With a deficit spinning out of control and a $780 billion stimulus bill purported to be the solution to our economic woes, Barack Obama, in his first speech to a joint session of Congress, promised to “cut the deficit in half” by the end of his first term.

The Associated Press said, “In calling for a deficit of about $530 billion in four years, (President) Obama has established a marker by which to measure his first-term performance as president.”

Let's not forget that no one coerced the new president to make that promise. After all, he had already won the election. So why did President Obama say what he did?

Did he have information the financial community didn't have? Was it hubris in the wake of his victory over John McCain, or was it the fact that the Democrats won both houses of Congress and he, Nancy Pelosi and Harry Reid controlled all the levers of government and could pass any legislation they chose for at least the next two years?

We will never know the answer to that question. However, this much we do know: As accessed on Jan. 22, 2012, the Office of Management and Budget projected President Obama's 2012 deficit at $1.15 trillion. That's light years from delivering on his promise.

Only the true believers expected miracles from Barack Obama. But as Americans, we certainly had every right to expect the new administration to accurately assess our economic problems, design a plan to address those problems and, lastly, to display the courage of leadership and admit when it was time to modify its policies.

A wise man once said, “Successful people aren't people without problems; rather, they are people who solve their problems.”

Dr. Norman Vincent Peale opined, “The only people without problems are those in the cemetery.”

And that's why we elect presidents — to successfully attend to the nation's problems, both known and unforeseen.

A leader takes a big problem (such as the myriad of health care components) and separates it into smaller parts so it can be more easily manipulated. A politician takes a lot of little problems (like the myriad of health care components) and rolls them all together until they are unworkable — i.e., Obamacare.

A politician blames oil spills, natural disasters and his predecessor for the failures of his administration. A leader would rather blame himself than others.

But in reality, a true leader doesn't waste much time on any kind of blame.

A politician believes in “fate.” A leader believes we make our own fate by what we do or fail to do.

When a leader makes a mistake, he or she says, “I was wrong.” When a politician makes a mistake, it's always someone else's fault.

Human nature being what it is, we don't always consider leadership qualities when entering the voting booth, so I thought it might be interesting to examine President Obama's leadership in 10 key areas since his inauguration:

1. Unemployment today: 14 million; on inauguration day: 12 million.

2. Unemployment rate today: 8.3 percent; on inauguration day: 7.7 percent.

3. Gas prices today: $3.43; on inauguration day: $1.85

4. Federal debt today: $15.23 trillion; on inauguration day: $10.6 trillion.

5. Debt per American citizen today: $47,047; on inauguration day: $34,731.

6. Food stamp recipients today: 45 million; on inauguration day: 32 million.

7. Average family health insurance premiums today: $15,013; on inauguration day: $13,375.

8. Average home value today, $172,600; on inauguration day $193,400.

9. U.S. global competitive index today: fifth; on inauguration day: first.

10. Americans living below the poverty level today: 46.2 million; on inauguration day: 39.8 million.

We hold our children accountable for their grades and deportment and our spouses accountable for hurtful actions. We demand accountability from the medical profession and the Eagle County School Board for spending our tax dollars wisely.

So shouldn't the leader of the free world be held accountable, too? To answer that question, we need look no further than Barack Obama's own words.

Quote of the day: “I will be held accountable, I've got four years and … a year from now, I think people are going to see that we're starting to make some progress, but there's still going to be some pain out there. … If I don't have this done in three years, there's going to be a one-term proposition.” Barack Obama to Matt Lauer, Feb. 2, 2009.

Butch Mazzuca, of Edwards, writes regularly for the Vail Daily. He can be reached at bmazz68@comcast.net.