Free Clue: It wasn’t George W. Bush
Obama and his knee-pad wearing, tongue wagging minions like to complain daily that they inherited the worst recession in the history of the United States of America post WW2, but an examination of unemployment data over the course of the Bush Presidency tells a different story.
While it’s true that the economy started its downturn in 2007 and continued through 2008, there are two questions we must ask looking at the chart below:
First, when did the recession start, and what events precipitated the beginning of the recession?
Second, when did the effects of the recession accelerate and become worse?
The answer is in the chart below.
George W. Bush inherited an economy in January of 2001 as the Technology Bubble in the Stock Market burst. This sent the economy into a relatively mild recession, pushing the unemployment rate up a relatively mild 2%. The recession of 2001 was worsened by the Islamic Terrorist Attacks on America in Sept. of 2001, continuing through 2003 when recovery finally began.
The economy itself outperformed the global economy beginning in late 2003 and early 2004 in large part thanks to the Bush Tax Cuts as they took hold. Economic growth continued into early 2007, at which point the American economy entered another recession.
Looking at January, 2007, what events transpired?
First, the Democrats took control of Congress (both House & Senate.) Second, attempts by the Bush Administration to more closely regulate Fannie Mae/Freddie Mac were squashed by the Democrat majority in Congress, which ultimately led to the failure of Fannie Mae/Freddie Mac in late 2007, early 2008 as the mortgage meltdown began. The results of the mortgage meltdown are well known to you, our reader by now and there’s no need to re-hash that here.
(However, you can visit our Archives and view the following articles which bolster our statements above: October, 2008: Burning Down The House, Barack Hussein Obama’s Fannie Mae/Freddie Mac Connection, October 2008: Who’s Responsible For The Fannie/Freddie Mess? )
Second, when did the effects of the recession accelerate and become worse? Again, looking at the chart the recession accelerated in early 2008 as the mortgage industry meltdown began (thanks to Democrats in Congress’ failure to provide proper oversight to Fannie Mae and Freddie Mac) and then began skyrocketing in late 2008 after the “historic” election of Barack Hussein Obama and his subsequent inauguration.
Facts are facts. The economy was fine until the Democrats took control of Congress and began covering up their mortgage mess. As we now know, senior Democrats such as Barney Franks and Chris Dodd had intimate ties to Countrywide Mortgage, Fannie Mae & Freddie Mac. (Barney Franks’ gay lover was a Senior Manager within Fannie Mae.)
Obama didn’t inherit this mess, he and his fellow Democrats created it, tried covering it up, and have now made it worse by pissing away more than 2 trillion dollars in taxpayer money via bank bailouts, automobile manufacturer bailouts and government give-aways.
Lord only knows how high the spike in the chart will be for 2009, most employment experts expect the trend to continue well past 10% unemployment into early 2010. That was before GM and Chrysler’s bankruptcies, the closing of more than 2,300 car dealerships across the country, and more than 50,000 GM and Chrysler employees lost their jobs. The peripheral damage in the Automobile suppliers and services industries will likely drive the unemployment number well into the 11% – 12% range by the time this is all over, and thats only if you count those on the actual unemployment rolls, not those who’s benefits have run out, or those who are under-employed.
So Obama voters, how’s that “hope and change” working out for ya?