Use the substring method and substring off 4 elements and assign it to your new date for the year. Then substring off two elements at a time and store the month and date accordingly.
var dateString = "20120515";
var year = dateString.substring(0,4);
var month = dateString.substring(4,6);
var day = dateString.substring(6,8);
var date = new Date(year, month-1, day);
var currentDate = new Date();
Now you can compare the two dates with the normal operators.
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