Obama inherited the worst Recession in U.S. history

[PoliticalChic]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

America's greatest depression fighter was Warren Gamaliel Harding. An Ohio senator when he was elected president in 1920, he followed the much praised Woodrow Wilson— who had brought America into World War I, built up huge federal bureaucracies, imprisoned dissenters, and incurred $25 billion of debt.

Harding inherited Wilson's mess— in particular, a post–World War I depression that was almost as severe, from peak to trough, as the Great Contraction from 1929 to 1933 that FDR would later inherit. The estimated gross national product plunged 24 percent from $91.5 billion in 1920 to $69.6 billion in 1921. The number of unemployed people jumped from 2.1 million to 4.9 million.



One of Harding's campaign slogans was "less government in business," and it served him well. Harding embraced the advice of Treasury Secretary Andrew Mellon and called for tax cuts in his first message to Congress on April 12, 1921. The highest taxes, on corporate revenues and "excess" profits, were to be cut. Personal income taxes were to be left as is, with a top rate of 8 percent of incomes above $4,000. Harding recognized the crucial importance of encouraging the investment that is essential for growth and jobs, something that FDR never did.

Powerful senators, however, favored giving bonuses to veterans, as 38 states had done. But such spending increases would have put upward pressure on taxes. On July 12, 1921, Harding went to the Senate and urged tax and spending cuts. He noted that a half-billion dollars in compensation and insurance claims were already being paid to 813,442 veterans, and 107,824 veterans were enrolled in government-sponsored vocational training programs.

President-Elect Obama ought to consider the model of Warren G. Harding, whose policies raised Americans’ standard of living, and lifted the nation itself out of a depression…

In 1922, the House passed a veterans' bonus bill 333-70, without saying how the bonuses would be funded. The senate passed it 35-17. Despite intense lobbying from the American Legion, Harding vetoed the bill on September 19— just six weeks before congressional elections, when presidents generally throw goodies at voters. Harding said it was unfair to add to the burdens of 110 million taxpayers.

Harding's Secretary of Commerce Herbert Hoover wanted government intervention in the economy— which as president he was to pursue when he faced the Great Depression a decade later— but Harding would have none of it. He insisted that relief measures were a local responsibility.
Not-So-Great Depression | National Review Online

 

[Londoner]

We are in the final stages of Reaganomics.

Reaganomics preached that the tax, trade and regulatory policies that stimulate middle class demand (through strong unions, high wages & benefits, retirement security, anti-trust laws, affordable health care, education and transportation) pulled too much money away from the suppliers, and stifled economic growth. For this reason, we got rid of most of the postwar economic infrastructure that created a solvent middle class. We globalized production so our corporations could ship jobs to more profitable labor markets. We stripped the middle class of wages and benefits and gave them credit cards. Starting in 1980 the American middle class went on a 30 year borrowing binge. Each year we had to create crazier ways to loan money into an economy. We have finally hit a wall. Consumers don't have enough money to keep the economy afloat, and they have reached their borrowing limits, and they know that the Republicans are going to strip the final safety nets of Social Security and Medicare - which further depresses spending.

We are not in a recession. We are living the consequences of Reagan's decision to transition from demand centered policies to supply side policies. The money and jobs never trickled down - only credit cards and debt. The game is over. America swallowed poison in 1980.

 

[PoliticalChic]

We are in the final stages of Reaganomics.

Reaganomics preached that the tax, trade and regulatory policies that stimulate middle class demand (through strong unions, high wages & benefits, retirement security, anti-trust laws, affordable health care, education and transportation) pulled too much money away from the suppliers, and stifled economic growth. For this reason, we got rid of most of the postwar economic infrastructure that created a solvent middle class. We globalized production so our corporations could ship jobs to more profitable labor markets. We stripped the middle class of wages and benefits and gave them credit cards. Starting in 1980 the American middle class went on a 30 year borrowing binge. Each year we had to create crazier ways to loan money into an economy. We have finally hit a wall. Consumers don't have enough money to keep the economy afloat, and they have reached their borrowing limits, and they know that the Republicans are going to strip the final safety nets of Social Security and Medicare - which further depresses spending.

We are not in a recession. We are living the consequences of Reagan's decision to transition from demand centered policies to supply side policies. The money and jobs never trickled down - only credit cards and debt. The game is over. America swallowed poison in 1980.

"...of the Reagan years was to launch America into what is now widely regarded as a remarkable 15-year low-inflation, high-employment bull market (the Dow was at 800 in 1982, 8,000 today)—interrupted only mildly in the middle Bush years. These 15 years of prosperity were propelled by Reaganomics: lower tax rates, a long-run decline in inflation and interest rates (which also lowers tax rates), freer international trade and a strong dollar. Even with the anti-supply-side Bush and Clinton tax hikes, the top tax rate today of 40% is far below the towering 70% tax rate that disabled the economy in the 1970s. The end of the Cold War has created an international environment of peace and stability, nudging the economy into still higher gear in recent years.
Who Balanced the Budget? | Cato Institute



Wise up.

 

[Oldstyle]

Because more and more of the jobs created are part time jobs...something that counts as the same thing as a full time job in your graph? We're about to see full time workers replaced with multiple part timers once ObamaCare gets ready to kick in. That will make Barry's unemployment numbers look better but what do you think that's going to do to the lives of the full timers who cut their hours cut back drastically?

Both full time and part time jobs have been created. Look at the data I provided. It's very simple to understand if you want to.

Obama has had a steeper full time job employment creation than Bush did in the same number of years.

Simple fact: Obama has exceeded Bush in full time job creation in his first five years.

And Obama has returned part time employment to where it should be.



The only task remaining is to keep the full time job creation on the same track it has been on since 2010.

You've used cherry picked statistics to give credence to something that hasn't happened. Part time employment is skyrocketing because American businesses are reacting to the looming presence of ObamaCare by hiring part time workers instead of full time workers.

There is ALWAYS a rebound following a deep recession. What stands out about THIS rebound is how slow it's been. This is a jobless recovery and the jobs that are being created are more and more part time jobs. That's NOT a sign of a healthy economy...that's a sign of a weak one.

 

[CrusaderFrank]

We are in the final stages of Reaganomics.

Reaganomics preached that the tax, trade and regulatory policies that stimulate middle class demand (through strong unions, high wages & benefits, retirement security, anti-trust laws, affordable health care, education and transportation) pulled too much money away from the suppliers, and stifled economic growth. For this reason, we got rid of most of the postwar economic infrastructure that created a solvent middle class. We globalized production so our corporations could ship jobs to more profitable labor markets. We stripped the middle class of wages and benefits and gave them credit cards. Starting in 1980 the American middle class went on a 30 year borrowing binge. Each year we had to create crazier ways to loan money into an economy. We have finally hit a wall. Consumers don't have enough money to keep the economy afloat, and they have reached their borrowing limits, and they know that the Republicans are going to strip the final safety nets of Social Security and Medicare - which further depresses spending.

We are not in a recession. We are living the consequences of Reagan's decision to transition from demand centered policies to supply side policies. The money and jobs never trickled down - only credit cards and debt. The game is over. America swallowed poison in 1980.

LOL

Still blaming Reagan

LOL

Priceless

 

[Yurt]

i blame george















washington

 

[Toddsterpatriot]

Your thinking that we've "recovered" is almost as amusing as your belief that Barack Obama had something to do with what little recovery we HAVE had.

All one has to do is take good hard look at the economic numbers and it's apparent that the "recovery" you've touted is anemic at best. What's frightening is that most of the good economic numbers we do see stem from massive quantitative easing by the FED. What happens to the stock market when they turn off THAT spigot? Just a hint from the head of the FED that he was considering doing just that in the near future was enough to make Wall Street go into a nosedive. What's going to happen when they actually do it?

Yup. The Fed is pumping billions into the economy. Billions of worthless dollars.

It will be interesting to see what happens when they finally turn off the greenback spigot.

We do have a bond bubble, and I am very concerned about that. The thing about bonds is they do have a price limit. There is a point where yields cannot go any lower.

However, we are starting to see yields starting to climb. The prices of bonds are beginning to drop. So far, it has been slow and manageable. But that can change in a heartbeat.

The Fed will need to start selling its assets before those assets are underwater. However, a massive selloff could actually trigger a sudden collapse. Unfortunately, the Fed now has a massive inventory.

The Fed can allow some of their inventory to just mature. But they will have to sell some inventory to keep inflation down at some point.

Easy does it.

The Fed will need to start selling its assets before those assets are underwater.

Why?

The Fed can allow some of their inventory to just mature. But they will have to sell some inventory to keep inflation down at some point.

Banks don't have a lot of extra capital to allow lending, where will the inflation come from?

 

[DiamondDave]

habitually lying troll is habitually lying

 

[deltex1]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

Food stamps, unemployment payments, disability payments and free Obabble phones do not a recovery make.

 

[Wry Catcher]

This is not the worst recession in history, and it's only the second worst recovery since FDR fucked around with our economy for over a decade.

Do you lie intentionally or are your lies a product of partisan bullshit times ignorance?

 

[boedicca]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

Food stamps, unemployment payments, disability payments and free Obabble phones do not a recovery make.

That's why we need ObamaCare....that will certainly fix the economy for good!

 

[daveman]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

Ahhh, yes, the Recoveryless Recovery.


Nearly 90 million people old enough to work are not working.
77% of new jobs are part time.
Record Number Of Millennials Moving Back Home


*sigh* Obama is ever so dreamy!

 

[boedicca]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

Ahhh, yes, the Recoveryless Recovery.


Nearly 90 million people old enough to work are not working.
77% of new jobs are part time.
Record Number Of Millennials Moving Back Home


*sigh* Obama is ever so dreamy!

 

[Wry Catcher]

We are in the final stages of Reaganomics.

Reaganomics preached that the tax, trade and regulatory policies that stimulate middle class demand (through strong unions, high wages & benefits, retirement security, anti-trust laws, affordable health care, education and transportation) pulled too much money away from the suppliers, and stifled economic growth. For this reason, we got rid of most of the postwar economic infrastructure that created a solvent middle class. We globalized production so our corporations could ship jobs to more profitable labor markets. We stripped the middle class of wages and benefits and gave them credit cards. Starting in 1980 the American middle class went on a 30 year borrowing binge. Each year we had to create crazier ways to loan money into an economy. We have finally hit a wall. Consumers don't have enough money to keep the economy afloat, and they have reached their borrowing limits, and they know that the Republicans are going to strip the final safety nets of Social Security and Medicare - which further depresses spending.

We are not in a recession. We are living the consequences of Reagan's decision to transition from demand centered policies to supply side policies. The money and jobs never trickled down - only credit cards and debt. The game is over. America swallowed poison in 1980.

"...of the Reagan years was to launch America into what is now widely regarded as a remarkable 15-year low-inflation, high-employment bull market (the Dow was at 800 in 1982, 8,000 today)—interrupted only mildly in the middle Bush years. These 15 years of prosperity were propelled by Reaganomics: lower tax rates, a long-run decline in inflation and interest rates (which also lowers tax rates), freer international trade and a strong dollar. Even with the anti-supply-side Bush and Clinton tax hikes, the top tax rate today of 40% is far below the towering 70% tax rate that disabled the economy in the 1970s. The end of the Cold War has created an international environment of peace and stability, nudging the economy into still higher gear in recent years.
Who Balanced the Budget? | Cato Institute



Wise up.

The CATO Institute? LOL, aren't you one of those who claim Climate Change isn't a product of humanity and blame evil scientists who rely on gov't grants for making that claim? And yet you post the CATO Institute as proof that Reaganomics was the panacea for all that was wrong with economic policy?

 

[daveman]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

Ahhh, yes, the Recoveryless Recovery.


Nearly 90 million people old enough to work are not working.
77% of new jobs are part time.
Record Number Of Millennials Moving Back Home


*sigh* Obama is ever so dreamy!

That makes the Obama bootlickers moist.

 

[The T]

And made it worse while still blaming his predecessor...

 

[drivebymedia]

I can't find a President who made a faster recovery against the worst Recession in U.S. history.

The one that historians have already labeled the "Great Recession"

Anyone?

Your thinking that we've "recovered" is almost as amusing as your belief that Barack Obama had something to do with what little recovery we HAVE had.

All one has to do is take good hard look at the economic numbers and it's apparent that the "recovery" you've touted is anemic at best. What's frightening is that most of the good economic numbers we do see stem from massive quantitative easing by the FED. What happens to the stock market when they turn off THAT spigot? Just a hint from the head of the FED that he was considering doing just that in the near future was enough to make Wall Street go into a nosedive. What's going to happen when they actually do it?

The U.S. is like the fighter who got knocked out of the ring, but climbed back and stood straight ... before knocking the bejusus out of his opponent in the next round

 

[drivebymedia]

LOL

Still blaming Reagan

LOL

Priceless

No, not just Reagan, but the blame is more on the Republicans and their last Chimp - Dubya.

 

[blackhawk]

The worst in history would have been the great depression which came as a result of the 29 crash and as has been pointed out many times this is one of if not the slowest recoveries we have ever seen.

 

[boedicca]

We are in the final stages of Reaganomics.

Reaganomics preached that the tax, trade and regulatory policies that stimulate middle class demand (through strong unions, high wages & benefits, retirement security, anti-trust laws, affordable health care, education and transportation) pulled too much money away from the suppliers, and stifled economic growth. For this reason, we got rid of most of the postwar economic infrastructure that created a solvent middle class. We globalized production so our corporations could ship jobs to more profitable labor markets. We stripped the middle class of wages and benefits and gave them credit cards. Starting in 1980 the American middle class went on a 30 year borrowing binge. Each year we had to create crazier ways to loan money into an economy. We have finally hit a wall. Consumers don't have enough money to keep the economy afloat, and they have reached their borrowing limits, and they know that the Republicans are going to strip the final safety nets of Social Security and Medicare - which further depresses spending.

We are not in a recession. We are living the consequences of Reagan's decision to transition from demand centered policies to supply side policies. The money and jobs never trickled down - only credit cards and debt. The game is over. America swallowed poison in 1980.

"...of the Reagan years was to launch America into what is now widely regarded as a remarkable 15-year low-inflation, high-employment bull market (the Dow was at 800 in 1982, 8,000 today)—interrupted only mildly in the middle Bush years. These 15 years of prosperity were propelled by Reaganomics: lower tax rates, a long-run decline in inflation and interest rates (which also lowers tax rates), freer international trade and a strong dollar. Even with the anti-supply-side Bush and Clinton tax hikes, the top tax rate today of 40% is far below the towering 70% tax rate that disabled the economy in the 1970s. The end of the Cold War has created an international environment of peace and stability, nudging the economy into still higher gear in recent years.
Who Balanced the Budget? | Cato Institute



Wise up.

The CATO Institute? LOL, aren't you one of those who claim Climate Change isn't a product of humanity and blame evil scientists who rely on gov't grants for making that claim? And yet you post the CATO Institute as proof that Reaganomics was the panacea for all that was wrong with economic policy?

Right on cue...^^^^^^^...Bada Bing!


You can't refute the facts, so you have to cackle way about the Cato Institute.

SRSLY, get a new cue card.