Assuming that moving trucks will be backing up to the White House come January--and assuming Mitt Romney fully employs his five-point plan for economic recovery--how long will it be before economic recovery takes place?
Recall that Reagan had to sit through about two very difficult years before the economy turned upward; at one point in 1982 the unemployment rate reached 10%. Reagan, I think, had a disadvantage in that his policies of lower taxes and deregulation were considered novel at the time. Lenders and job creators had become conditioned to the Keynesian policies of post-FDR America, and few seemed willing to "go first" and invest in the perceived uncertainties of a laissez faire economy. I'm not forgetting the Kennedy tax cuts, but I don't recall the Kennedy cuts being a point of reference at the time. I welcome a more seasoned member of Ricochet to correct me on this point, if needed.
Fortunately for Romney, he has precedent on his side. With the Kennedy, Reagan, and Bush recoveries to back him up, not to mention a large portion of the populace that is better educated in the virtues of pre-Wilson, limited-government America than it has been since the '80s, and possibly before (thanks, largely, to the Tea Party Movement and the web for that).
My prediction--predicated on the notion that Romney is willing and able to do what he says within the first six months of his term--is that the economy will remain fairly stagnant until March/April 2014, which will mark the beginning of a long, steady recovery.