DEVASTATING: Obama Recovery Is WORST EVER Since Great Depression
Posted by Jim Hoft on Sunday, June 26, 2011, 10:21 AM
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.
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Mahdi Al-Dajjal commented:
Talk amongst yourselves. I’ll give you the topic.
You rightwing nutcases are simply too feeble-minded to understand that deficit spending as a percentage of GDP is actually GOOD for the economy. Ergo, the higher the deficit spending, the better the economy. Only us Harvard educated people understand such nuances.
JKB commented:
Oh, the bounce back here will be stratospheric just as soon as their is a change that gives people hope. I suspect that change will be Obama and his minions being run out of DC on a high speed rail.
In other news, here is some decidedly non-cheerio expectation about food inflation in 2012:
Ginger commented:
Has any one heard about this? Weiner being investigated by the FBI!
http://www.washingtonpost.com/politics/activists-cry-foul-over-fbi-probe/2011/06/09/AGPRskTH_story.html
jainphx commented:
Haavvard, I’m curious, do they have a class that teaches stupid, it seems everything wrong with this world graduated from Haavvard.
vamoose commented:
“…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 why wasn’t there a “normal snapback from this recovery? The answer is rather simple: Obama & his Dem congress didn’t let free markets work. Instead they engaged in picking winners (GM/Chrysler/unions/govt workers) and losers, and in creating a enough uncertainty that businesses small and large are worried about making new investments. Doing nothing is far better than a government that tries to engineer a “recovery.”
Wm T Sherman commented:
A different Weiner, Ginger.
Carbon Pootprint commented:
Obama sent our economy to Cuba for medical treatment.
JimmyT commented:
This news is supposed to be a big surprise. I’ve been looking for a job for 2.5 years. Nothing out there and less expected in the future. I’ve talked to people I know who lived through the 30′s and they say it wasn’t this bad then. And, to make it worse, we no longer have all the small farmers out there who grow food like they had in the 30′s. My mother-in-law grew up on a farm during this period and said they used to give food to people who couldn’t afford it. That was a common practice. Just saying!
patpacer commented:
JKB, How inflationary? I believe that is up to the spooky dude. Food prices at the grocery stores jumped 18% the last few weeks and jumped even higher again this week.
“With some purchases made on March 29th, Soros is the third largest grain company behind Cargill, and Archer-Daniels Midland.
With strong ties to the Obama administration, Soros now has both the economic and political clout to begin consolidation of purchasing and shipping domestic agriculture around the world”.
Valerie commented:
We can also look at the post-WWI recession, how it was treated, and the results.
Reagan wasn’t the first president to try cutting taxes and spending by the government to stimulate the economy.
http://kimpriestap.com/?p=2061
We’ve done the experiments. We know better than this.
http://thehill.com/homenews/administration/168457-obama-we-cant-simply-cut-our-way-to-prosperity
BO is following old, bad economic advice.
shibumi commented:
The Obama Recovery is an illusion perpetuated by the Democratic party. I guess they figure if their minions in the MSM keep repeating it, the sheeple will believe it.
Roland commented:
It is only fair that we indulge Obama’s “O” branding penchant on the economy as well: The Great “O”ppression
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