And for the record, we should not engage in stimulus spending on infrastructure outside the normal course of spending.
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First of all, the idea that this recession is "the weakest since WWII" is factually wrong. You can see GDP growth here, and you can see recession dates here.
The NBER will announce the end of the recession after the November elections, and they will say that it ended in the summer of 2009. Here is GDP growth since then.
Q3 09 2.2%
Q4 09 5.6%
Q1 10 3.2%
Economic growth of the first three quarters after 2001 recession ended.
Q1 02 3.5%
Q2 02 2.1%
Q3 02 2.0%
So the rebound was weaker after the 2001 recession.
The 1990-91 recession lasted from July 90 to March 91. Here is economic growth after that recession.
Q2 91 2.7%
Q3 91 1.7%
Q4 91 1.6%
So this recovery have been stronger than the prior two. The idea that this is the weakest recovery since 1945 is completely false.
Contrary to what the Right would have you believe, most of the stimulus has NOT been spent on make-work jobs. Most of the stimulus has been tax cuts and extensions of social programs and transfers to the states used primarily to fund state social programs. Most of the stimulus money for infrastructure has yet to be spent.
Obama inherited the most serious economic decline since The Great Depression, and we would have gone into another Great Depression had the government not back-stopped the financial system that the Far Right now decries.
Having said that, the build-up in debt is extremely worrisome. We must start looking for an exit to this debt NOW. Adding on new social programs that add to the debt is egregiously bad policy. The government has to have plans to cut spending, dramatically reform social security and medicare and pay down debt. The end game is going to be very bad if we don't find a way to lower government spending. Liberals can't keep piling on spending. It is going to waste the currency.
Qoq, complete bullshit, hook line and sinker.
We can start by looking at the GDP attributable to gov't spending. Take that out and the numbers don't support what you are saying.
Hey, Rabbi was just mistaken. Its a narrative you hear in the media, so its not surprising that many people believe it. Not many people dig into the numbers.
But he's not mistaken about the build-up in debt, or what's going to happen if we don't deal with it. If we don't deal with the debt soon, it is going to have serious ramifications for the economy.
Because Reagan inherited a much worse problem than Obama did and made it better. What was the unemployment rate when he ran for re-election? What was the inflation rate compared to when he took office?
Obama inherited a somewhat problemmatic economy and proceeded to make it much worse.
LOL! Even the so-called "EXPERTS" are wrong...
And here we have so many disparaging REAGAN [Living in the PAST] and Giving their Messiah [Obama] and the Congress a PASS.
Boggles the mind.
Initial claims for unemployment benefits shot up by 25,000 to 471,000 last week, which rattled an already jittery market as economists had expected claims to drop to 440,000.
And for the record, we should not engage in stimulus spending on infrastructure outside the normal course of spending.
Tke out all the census workers hired and other new governemet jobs.. and then there's this:
Don't Rule Out a Double Dip Recession - WSJ.com
Wow.. we're blaming Reagan now?
Gotcha!
The bottom line here is that there really isn't a recovery... we have added some temporary jobs, a lot of them Census related, and that will unwind in 2 months. Do I blame Obama? No.. but his policies are surely not pro-growth in the least. i can tell you firsthand.. there is a lot of anxiety over what is coming from this administration; they are decidedly anti-business.