Based on analysis of Brazilian economic indicators in the period 1995-2010, this paper aims to establish a comparative evaluation between FHC and Lula governments. The results indicate that the main macroeconomic and social variables as well as public finance indicators and external financial situation of the country showed a more virtuous behavior during Lula’s government. It is noticed that, especially regarding to macroeconomic policies, Lula did not cause significant changes in relation to what was already being implemented at the end of FHC government. Therefore, most of the results should not be attributed to the superiority of management but to the fact that the international economic environment was more favorable to Brazil in the period of 2003-2010 than in 1995-2002. Considering the significant differences in the economic numbers, the paper presents some reasons why it is possible to say that both governments left much to be done in other aspects of Brazilian social and economic reality, mainly regarding the absence of a national strategic plan able to initiate a process of structural and institutional changes that can effectively put Brazil on a way already covered by developed countries.