Disaster. Obama Recovery Is Worst Since Great Depression

Worst. Recovery. Ever.
Barack Obama’s economic recovery is even worse than we thought.

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(The Wall Street Journal)

The Obama recovery is the worst ever since the Great Depression.
The Wall Street Journal reported, via Memeorandum:

Two years ago, officials said, the worst recession since the Great Depression ended. The stumbling recovery has also proven to be the worst since the economic disaster of the 1930s.

Across a wide range of measures—employment growth, unemployment levels, bank lending, economic output, income growth, home prices and household expectations for financial well-being—the economy’s improvement since the recession’s end in June 2009 has been the worst, or one of the worst, since the government started tracking these trends after World War II.

Profits Thrive in Weak Recovery Bright Days for the Bottom Line Keeping a Watch on the Bellwethers In some ways the recovery is much like the 1991 and 2001 post-recession periods: All three are marked by gradual output growth rather than sharp snap-backs typical of earlier recoveries. But this recovery may remain lackluster for years, many economists say, because of heavy household debt, a financial system still damaged by the mortgage crisis, fragile confidence and a government with few good options for supporting growth.

There are bright spots. Exports, particularly of manufactured and agricultural goods, are improving, in part because of booming developing-country economies and the weaker dollar. They are expected to pick up in the second half of the year as the temporary shock fades from Japan’s earthquake and tsunami. In a hint of this, the Institute of Supply Management on Friday reported an uptick in manufacturing for June. Higher corporate profits, stock prices and business investment also are supporting the expansion.

More… This is frightening.

The Foundry posted this chart showing the weak employment numbers during the Obama years.

#1 July 6, 2011 at 9:21 am
shibumi commented:

There is NO RECOVERY.

It is a myth.

Like Skittle sh*tting unicorns.
#2 July 6, 2011 at 9:29 am
CoolCzech commented:

B Plus, Baby!
#3 July 6, 2011 at 9:32 am
megapotamus commented:

This is the sum total of the Democrats’ defense. It is purely semantic. Recession? No, we’re in recovery! We’re in growth! Meanwhile we believe that all the macro economic indicators will return to their historical averages. Well, every one except bond yields. We’ve been paying 3-4% for a long time but the average is close to 6. But growth of 4%, unemployment of 5 percent and inflation sub-4% are the averages that Geithner and even Ryan are presuming, for merely historical reasons, we will regain, oh, any minute now.
#4 July 6, 2011 at 9:38 am
forest commented:

The Great Depression consisted of an acute recession from the very end of ’29 through 32′, then anemic growth for a few years – hampered by all manner of government interventions. Then another recession hit in early ’37 followed by another period of anemic growth set in until the war. We just call the whole thing “the Great Depression”.

Today they are trying to sell this period of lame government-stifled growth a “recovery” and the other shoe dropping soon will be called a “double-dip recession”. History will call it the “Second Great Depression”.
#5 July 6, 2011 at 9:39 am
Militant Conservative commented:

Bought my house under Bush admin for 140K. It appreciated to 165K

Now under Democrat policies (community reinvestment act) AND Obama admin my house is valued at 114K.

Thanks Black socialist Obama.

powder is dry
#6 July 6, 2011 at 9:43 am
Ruebacca commented:

The problem is companies like Boeing aren’t doing what they are told. Build your factory in strong union states like the all knowing all powerful bureaucrat told you to.
#7 July 6, 2011 at 9:51 am
#1AMERICAN commented:

marxism/socialism at it’s finest…thanks mooslum odumbo
#8 July 6, 2011 at 10:09 am
CoolCzech commented:

But at least, the Lefties have a firm grip on the Corporate Jet issue.

Because, you know, It’s All About the Corporate Jets, Stupid!
#9 July 6, 2011 at 10:33 am
Missy8s commented:

Here’s a simple fact that nobody is taking notice of….

From 2007 through 2010 tax receipts as a percentage of GDP plummeted to the second lowest rate in US history…

Why you may ask?

Because the tax base plummeted as unemployment skyrocketed, this is irrefutable proof of the Laffer Curve’s link between taxation rates, regulatory burden, tax base size and employment rates.

When taxes and regulatory burden increase job creation stops, unemployment increases and tax receipts plummet, exactly as Art Laffer and Ludwig Von Mises predicted.

I challenge any liberal to take a look at this this chart from Wikipedia of all places and tell me exactly why these extraordinary loss of tax receipts occurred…

http://upload.wikimedia.org/wikipedia/commons/thumb/7/75/U.S._Federal_Tax_Receipts_as_a_Percentage_of_GDP_1945%E2%80%932015.jpg/350px-U.S._Federal_Tax_Receipts_as_a_Percentage_of_GDP_1945%E2%80%932015.jpg

There were five very specific events that occurred that caused the tax receipt levels to plummet and none of them can be attributed to George Bush’s presidency.

Glass-Stegal, 9-11, Dodd-Frank, the 2006 elections and O’care.
#10 July 6, 2011 at 10:36 am
Spider commented:

The demo-nuts on the business shows keeping talking about jobs ‘saved’.

Meaning if you have a job, it was saved by the almighty demo’s; if you lost your job it was Bush’s fault.

Only Orwell could spin it like that
#11 July 6, 2011 at 10:39 am
∅ commented:

Even OCDick has given up on slobbering over his messiah! That can’t bode well for zero.

Where’s petie t.? I guess calling people “racists” can’t pay all that well.
#12 July 6, 2011 at 10:46 am
Militant Conservative commented:

Pete T…….Can’t Understand Normal Thinking.

The laffer curve is correct and undeciferable by the left, you need critical thinking

ability and logic. All the left has is hate and emotion.

powder is dry.
#14 July 6, 2011 at 11:12 am
dunce commented:

Even long after obumer is gone, debt service and public empolyee pension costs will be a serious drag on the economy for many years. Many have argued that the debt was not important because we owed it to ourselves, even if that was true in the past, today foreign countries hold a large share of the debt and collect the interest to re-invest in their own economy. Investors avoid highly leveraged companies because if there are bumps in the economic road, they will have to file for bankruptcy and countries can run out of credit as well. His redistribution scheme by design includes wealth transfer to other countries.
#17 July 6, 2011 at 2:26 pm
bg commented:

++

ht Rush Limbaugh..

Barbara Boxer’s blatant rewriting of history

[Boxer’s staff suggests her floor statement should be read in the context of Republicans coming to floor this week and lecturing Democrats about the tide of deficits, without acknowledging their own role in promoting tax cuts, higher military spending and other programs that have helped erode the nation’s fiscal standing. Fair enough.

But one alternative history does not give license to invent another one. When we started examining this question, we thought Boxer’s comment might be worth a couple of Pinocchios. But the more we dug, the more we decided that her comments had begun to cross a line, especially since she had been an active member of the Budget Committee during the 1990s.

Boxer literally wipes away any Republican contribution to the process — and also claims credit for creating 23 million jobs while ignoring broad historical changes in the U.S. economy that had little to do with inside-the-Beltway sausage-making. This is more than just spin; it is a rewriting of history that borders on the absurd.]

==