Skip to comments.Obama Recovery Is WORST EVER Since Great Depression
Posted on 06/27/2011 4:02:45 AM PDT by safetysign
Worst. President. Ever.
A new report shows that real GDP has risen 0.8% over the 13 quarters since the recession began, compared to an average increase of 9.9% in past recoveries.
(Team Obama promised that US GDP growth would be 4.0% in 2011. The Fed announced last week that they see GDP at 2.7% to 2.9% this year. The Wall Street Journal reported:
When a new Bloomberg poll finds that 44% of Americans feel that the economy is "worse than when Obama was inaugurated" (versus only 34% who say it is "better"), you know the economic recovery is pretty anemic. Now the Joint Economic Committee has chronicled how weak it is compared to others since World War II. In a report entitled "Unchartered Depths," the Committee finds that "employment is now 5.0% below what it was at the start of the recession, 38 months ago. This compares to an average rise in employment of 3.7% over the same period in prior post-WWII recessions." On economic growth, real GDP has risen 0.8% over the 13 quarters since the recession began, compared to an average increase of 9.9% in past recoveries. From the beginning of the recession to April 2011, real personal income has grown just .9% compared to 9.4% for the same period in previous post 1960 recessions. The standard response from Obama apologists is that recession of 2008 and 2009 was different because, as former Clinton administration economist Robert Shapiro puts it, "this was a financial crisis, and these take longer to recover from." In fact, in most cases, the deeper the recession, the stronger the recovery to make up for lost ground. That was what Ronald Reagan's critics said when the U.S. economy soared during 1983 and 1984 with quarterly growth numbers exceeding 7%. At the time, liberal Keynesians yawned and declared the good times nothing more than a normal snapback from the deep recession. So where is the normal snapback now? Even $4 trillion in deficits since 2009 and nearly $2 trillion of asset purchases by the Fed haven't pulled the economy from its funk.
34% of Americans also say that their favorite ice cream tastes like Obama's @ss....
Barry can't figure out what went wrong The people aren't singing his song Well, here is the gist The people are p...ed And we'll vote him out before long
.08% sounds more like it. There’s no way we’ve recovered. My job took it’s hit in the winter of 2008- 2009 and has never been what it used to be.
If if you want to make the claim he inherited this mess, to say that it’s better than when Bush was in office is insanity. This is terrible, I’ve never seen anything like it. It has to be a Depression.
Any good Republican candidate for 2012 will just conveniently borrow from the 1980 Ronald Reagan playbook and that will be the end of Obama—in the end, pocketbook issues overrule everything else in an election, and it was those issues that killed James Earl Carter’s chances for re-election in 1980.
Can you imagion how long an NFL coach would last on His new job if He said look at the mess I inherited ?
These are can’t do, never did it people, the country needs can do, get it done.
“Obama Recovery IS Worst Ever...”
Maybe, but George Bush did it and his mess made a recovery almost impossible.
The problem is they got away with this during the Great Depression along with the buying off of cronies. This is why no matter what you tell some idiots of the the Left they will believe that A)We’re not spending enough, or B)This mess was too much for Obama to fix.
After really paying attention to what happened during the Great Depression, seeing some studies showing how it didn’t work, finding out that Warren G. Harding had a bigger mess which recovered in 8 months, I’m stunned to see a myth that has lived on and is repeated to this day.
OK, now I have a question. Based upon Kensian (sp) Economics, when the economy goes south, it is up to the Government to prime the pump to get things moving again. At this point, Zero and his menions have blown $750B before the 2010 election and have nothing to show for it.
What can be done now, when the Federal Debt limit is coming up, we are running a A$1.6T deficit (apprx) for this year and the size of the Federal Government is growing like a juggernaut. The only option I see, is to cut the size of Government by $1.6T. This will be interesting to watch.
The so-called "Summer of Recovery" last summer amounted to nothing more than a bunch of dim idiots like Biden declaring the recession over. Unemployment didn't change much, consumer confidence was in the pits and remains there, and outrageous spending continued unabated. No one has the cahones to call it what it is: The 0bama Depression!
0bama and his regime should be thrown out for gross incompetence, if nothing else!
In 2012, Let's elect an AMERICAN, who cares about This Country, not a kenyan marxist bent on it's destruction!
You can see true unemployment by looking at "Labor Force Participation" rates.
These are put out by the Bureau of Labor Statistics.
See them here: http://data.bls.gov/pdq/SurveyOutputServlet
The 34% who think the economy improved must be professional welfare junkies who did indeed fare better than the rest of us.
Even with the official fudging of the numbers, the Unemployment rate really took off when Obama won the election.
Stimulus! More stimulus!
Insanity: Doing the same thing over and over again and expecting different results.This very suspiciously corresponds with Obama winning the election... despite the huge spike in government payrolls...
~ Albert Einstein
Sorry, but that’s just not true. He was a two term President. After 9/11 no one thought we would recover from the job losses. Unemployment held at or about 5% for most of his presidency. It was the housing and Fannie/Freddie/Wall Street collapse. To blame President Bush is disingenuous. Most of the money he spent was directly related to the aftermath of 9/11 and military and national security issues.
He called it sarcasm. See his tag.
Yes, this will be and IS the narrative of the Left. They will never admit these New Deal style programs do more harm than good.
I apologize. I didn’t see the sarcasm tag.
“I apologize. I didn’t see the sarcasm tag.”
My apologies for not writing in capitals.