+1
The reputards just can't handle the truth. Obama cleaned up the mess that Bush43 and Dick Cheney left behind and got the USA out of the steepest recession since the Great Depression of 1929'.
Originally Posted by adav8s28
BAHHAAAAAAA
WRONG!
but keep posting that lie all you want. we all know the truth.
like FDR and the Great Depression, Obama actually stalled out recovery post 2008.
https://www.forbes.com/sites/briando.../#38f8eeef6076
The Worst Economic Crisis Since When?
Brian Domitrovic Contributor
Swell Gross Domestic Product report the other day. The economy shrank by a tenth of a point.
Shrank. We’re supposed to be recovering from a very low base, the Great Recession and all that. We can’t even get a positive number?
Negative quarterly GDP used to never happen. From late 1982 through 2000, it occurred twice, two dips in succession in 1990-91. But for 32 quarters in a row before late 1990, and for 39 in succession after early 1991, the GDP reports were all positive. Then from 2001 till 2008, we had another run of 25 consecutive positive quarters.
Since 2008? Six down quarters. Three of them under President Bush, three under Obama. We only had four down increments total from 1982-2007, a quarter century. That’s one of the reasons we call that notable period “The Great Moderation.”
This rough beast we’ve been enduring since 2008 surely must be “the worst economic downturn since the Great Depression”—as President Obama put it in his interminable stump speech of campaign 2012.
Certainly the “Great Recession” has no precedent since 1982. But before then? There were five down quarters in the brutal recession of 1980-82, as there were in the recession that gave “stagflation” its name, 1973-75. And in both 1973-75 and 1980-82, there was mammoth inflation, on the order of 25-30%.
The worst these periods saw in terms of “free-fall” (we always hear that the economy was in “free-fall” when this president took office in 2009) was about 2.6%. After the fifth negative quarter of the Great Recession, five months into Obama’s term, the total decline was 4.6%.
Then again, GDP fell 14% after World War II, from 1944 to 1947, a period comfortably after the Great Depression of the 1930s. And from 1956-60, there were six quarters of GDP declines along with a trough at one point of 3.7%.
What case is there that ours is the worst downturn since the Great Depression? If you look at 2008-09, the
locus classicus of the Great Recession, you see no more quarterly GDP declines than in any number of pre-Great Moderation recessions. The trough in ’09 was a little deeper than in the other cases, though not by much, but only going back to 1944-47, as opposed to the Great Depression.
Moreover, the stagflation-era recessions of the 1970s and 1980s, while slightly more moderate in terms of the growth losses, had the nasty side effect of inflation, which has been absent in our own time. Can you imagine if our 25 million under- and unemployed throughout this crisis had to deal with double-digit inflation every year? There might have been a government-cheese boom—as there was in the great recession of the early 1980s.
The case that the 2008-09 event was the worst economic crisis since the Great Depression is not strong. There is not a compelling reason to say it was worse than 1973-75 or 1980-82. Certain of its hallmarks were also present in 1956-60. And the GDP drop after World War II was far bigger than the one we recently endured. Its saving grace was that the decline was largely confined government spending, with the real sector recovering well.
And yet…there is something about the crisis of our own day that is especially bad. It has lasted so long. The five down quarters came and went quickly, in a six quarter span, 2008-2009. What then
followed was uniquely poor: three-and-a-half years of 2.0% growth. In the three-and-a-half years after both the 1973-75 and 1980-1982 runs of five negative quarters, growth was 5.1%. Growth was also as big after the deep recessions of the late 1940s and 1950s.
Considering in sum the Great Recession of 2008-09 along with the recovery that has ensued, it is correct to say that it’s been the worst downturn since the Great Depression. However, there was no reason to say this before President Obama was well into his term of office. 2008-09 was too similar to any number of experiences since the 1930s.
Only when Obama’s recovery generated such weak numbers quarter after quarter beginning in summer 2009, culminating now in a negative quarter in an apparent season of expansion, did it become tenable to call our experience inferior to any since the Great Depression. That the president made this his tag line on the stump last year, implying that he had nothing to do with causing the problem, that the whole thing was “inherited,” was quite a play. For the worst downturn since the Great Depression only became so with Obamanomics.
Originally Posted by timmystool
