What Obama Inherited: The greatest nation the world has ever seen

[Darkwind]

You do realize Reagan tripled the debt to achieve his economic miracle?

Not to mention the attendant debt ceiling raises. Which, by the way, nobody sobbed out loud (while looking like a Cheeto) about making cuts to match.

1. $985 billion in February 1981;
2. $999.8 billion in September 1981;
3. $1.0798 trillion September 1981;
4. $1.1431 trillion in June 1982;
5. $1.2902 trillion in September 1982;
6. $1.389 trillion in May 1993;
7. $1.49 trillion in November 1983;
8. $1.52 trillion in May 1984;
9. $1.573 trillion in July 1984;
10. $1.8238 trillion in October 1984;
11. $1.9038 trillion in November 1985;
12. $2.0787 trillion in December 1985;
13. $2.111 trillion in August 1986;
14. $2.3 trillion in October 1986;
15. $2.32 trillion in July 1987;
16. $2.352 trillion in August 1987;
17. and $2.8 trillion in September 1987.

Debt Ceiling - Under Modern U.S. Presidents

The debt ceiling raises were wrong, but they did NOT threaten the economic security of the United States as they do now.

As a percentage of GDP, under Reagan (for eight years), the economy was not threatened, nor was our credit rating. Under Obama, the percentage of GDP over Debt now threatens to destroy our very country, and our credit rating has already taken a hit.

Reagan had an obstructionist Congress. Obama spent two years in the drivers' seat with full majorities in both houses.

The comparison isn't even close. Obama has failed to live up to the achievements of Ronald Reagan, but more importantly (because invoking past Presidents is really a sign of a weak mind), Obama has failed to live up to his own desires.

And that is why we are in such straights, not the recession of 08.

 

[francoHFW]

He got an economy that retracted NINE PER CENT!! You're a GD MORON!! Only stopped with a stimulus as big as a year of GDP> STUPID DUPES...change the fegging channel...

 

[The T]

He got an economy that retracted NINE PER CENT!! You're a GD MORON!! Only stopped with a stimulus as big as a year of GDP> STUPID DUPES...change the fegging channel...

Shaddup Franco...Sheeze...

 

[JimH52]

Due to the incompetence of W, obama inheritied the greatest economic melt down since the Great Depression. That is what he inherited. Never elect another recovering alcoholic.

 

[BDBoop]

Due to the incompetence of W, obama inheritied the greatest economic melt down since the Great Depression. That is what he inherited. Never elect another recovering alcoholic.

ALLEGED recovering alcoholic.

 

[francoHFW]

He got an economy that retracted NINE PER CENT!! You're a GD MORON!! Only stopped with a stimulus as big as a year of GDP> STUPID DUPES...change the fegging channel...

Shaddup Franco...Sheeze...

Ever consider learning something, moron Pubtroll? "Shut up" is all you got dittohead/tool of the greedy rich...memorize my sig, dipshytte. LOL

 

[rdean]

What Obama Inherited: The greatest nation the world has ever seen greatly reduced through Republican mismanagement, greed, and incompetence. They even let Bin Laden go. We were lucky this country found such an American to see us through disastrous times from a party that is 90% white and created 90% of the damage. al Qaeda only wishes it could do the damage to this country Republicans have done. Judging by their nominee and loony policies, clearly, they want to "finish the job" they started under Reagan and continued under Bush.. I hope that helped to understand the terrible situation we're in.

 

[BDBoop]

What Obama Inherited: The greatest nation the world has ever seen greatly reduced through Republican mismanagement, greed, and incompetence. They even let Bin Laden go. We were lucky this country found such an American to see us through disastrous times from a party that is 90% white and created 90% of the damage. al Qaeda only wishes it could do the damage to this country Republicans have done. Judging by their nominee and loony policies, clearly, they want to "finish the job" they started under Reagan and continued under Bush.. I hope that helped to understand the terrible situation we're in.

It's okay, really. We survived them before, we'll survive them again.

Correction: Most of us will survive them again. Many will die, but that's life.

 

[Unkotare]

True...in its worst Pub World Depression in 79 years, and it's stupidest, longest wars EVER! Read something. Great job, Pubbies, and most propagandized loudmouths in US History. BRILLIANT! Pfffft!

Get help, now.

Aphasia Support, School of Communication, Northwestern University

 

[garyganu]

Due to the incompetence of W, obama inheritied the greatest economic melt down since the Great Depression. That is what he inherited. Never elect another recovering alcoholic.

ALLEGED recovering alcoholic.

BDBoop, Do you understand that the Wall Street meltdown, the subsequent wall street bailout and the decline in the housing industry are a direct result of the CRA (Community Reinvestment ACT), and the trading of mortgage backed securities that originated from Fanny Mae and Freddy Mac? Do you understand that this whole mess started because liberal politicians and community organizers pressured banks to make mortgages that everyone knew would never be repaid. Do you know that Fanny and Freedy knowingly bought these bad loans and then repackaged them as MBSs (Mortgage Backed Securities)? Do you understand this was the source of all of the "toxic debt" that caused the financial crisis. Did you know that financial institutions were playing musical chairs with this toxic debt as they tried to pass it off on unsuspecting institutions.

The financial crisis was inevitable DUE to the Democratic policies of forcing banks to make loans to poor people. Fannie and Freddie are GSEs (Government Sponsored Enterprises). Fannie and Freddy bought these toxic loans, repackaged them and sold them. It was only a matter of time until this house of cards fell down.

 

[francoHFW]

Hilarious, moron Pubtroll...LOL I own you fools....

 

[Unkotare]

Hilarious, moron Pubtroll...LOL I own you fools....

Hmmm...the "retired teacher" who cannot communicate other than as some dim-witted teenager? Hmmm...seems there is more than just aphasia going on with you...

 

[8537]

An economy losing 770,000 jobs a month
The worst recession in 70 years
Two wars
AlQaida still on the prowl
Gitmo filled with suspected terrorists who can't be tried
An America with it's global reputation in tatters.......Americans torture?
Collapsing auto and financial sectors
34 million Americans without affordable healthcare


How about I go into the America that Bush and the Republicans inherited?

Reagan inherited a worse situation from Carter and he turned it around in a few years.

You've got to be fucking kidding me. You're kidding, right?

amiright?

 

[francoHFW]

Due to the incompetence of W, obama inheritied the greatest economic melt down since the Great Depression. That is what he inherited. Never elect another recovering alcoholic.

ALLEGED recovering alcoholic.

BDBoop, Do you understand that the Wall Street meltdown, the subsequent wall street bailout and the decline in the housing industry are a direct result of the CRA (Community Reinvestment ACT), and the trading of mortgage backed securities that originated from Fanny Mae and Freddy Mac? Do you understand that this whole mess started because liberal politicians and community organizers pressured banks to make mortgages that everyone knew would never be repaid. Do you know that Fanny and Freedy knowingly bought these bad loans and then repackaged them as MBSs (Mortgage Backed Securities)? Do you understand this was the source of all of the "toxic debt" that caused the financial crisis. Did you know that financial institutions were playing musical chairs with this toxic debt as they tried to pass it off on unsuspecting institutions.

The financial crisis was inevitable DUE to the Democratic policies of forcing banks to make loans to poor people. Fannie and Freddie are GSEs (Government Sponsored Enterprises). Fannie and Freddy bought these toxic loans, repackaged them and sold them. It was only a matter of time until this house of cards fell down.

Problem is, you're a total Pub dupe. Read something.LOL, Rush.

The Pub Propaganda machine- change the channel- it's a disgrace... Ya see, truth is not an organized propaganda machine where one outlet says something RW, insulting, and Bullshytte, and within 20 minutes Google has 8 pages of sources and websites blaring the same CRAPPE. Here's a BIG LIE- now well known fact for Pub dupes...:

The “Big Lie,” in a nutshell, is that the 2008 financial crisis was caused not by Wall Street’s shady lending practices or exotic (and ultimately worthless) financial instruments but by Fannie Mae and Freddie Mac, which were forced by the government’s expansive housing policy to make riskier and riskier loans. Because it conveniently lays the blame for the recession at the feet of the government, the Big Lie is a conservative favorite.

The problem is, it’s not remotely supported by facts. Morgenson finds it ironic that “Washington’s push to increase homeownership opened the door for companies to sell poisonous and tricky loans that have now imperiled many of the most vulnerable,” yet private lenders were the ones to pioneer these poisonous loans, and made more of them than Fannie or Freddie ever did.

Joe Nocera, a colleague of Morgenson’s at the Times who got his start as a business reporter, summed it up quite nicely on Dec. 23 when he stated that conservative scholar Peter Wallison “almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis.”

Almost, because Wallison had a passel of partners in crime, including the Wall Street Journal editorial page, Congressional Republicans looking for any excuse to attack Fannie and Freddie, and — though he doesn’t mention her — Gretchen Morgenson herself. The Times evidently has a policy against speaking ill of one’s co-workers, as demonstrated by Paul Krugman’s wink-wink-nod criticism of David Brooks’ economic ignorance (“as some pundits have said . . . .&#8221, but Morgenson and her bestselling book Reckless Endangerment are pretty hard to overlook.

Reckless Endangerment is the Big Lie writ large — 352 pages large — and has been parroted as gospel by the news media despite an overwhelming consensus by mainstream economists that federal housing policy had almost nothing to do with the financial crisis.

sowellread.wordpress.com/tag/fannie-mae/ - Cached

For little lies- see 90% of of the RW threads here- outrages of the day (8 pages of Google IMMEDIATELY)- at the end of the 8 pages, some little LW site categorically refutes it, lost as the machine moves on to the next faux outrage...a corrupt, bullying, Murdoch style disgrace...

Luckily, the great American mass gets it now...I know, let's cut taxes on the rich and destroy Medicare. A bankrupt ideology to the majority now, thank God.

 

[Lakhota]

What Obama Inherited: The greatest nation the world has ever seen

That may be what George W. Bush inherited from Bill Clinton, but it certainly wasn't what Obama inherited.

 

[rdean]

What Obama Inherited: The greatest nation the world has ever seen greatly reduced through Republican mismanagement, greed, and incompetence. They even let Bin Laden go. We were lucky this country found such an American to see us through disastrous times from a party that is 90% white and created 90% of the damage. al Qaeda only wishes it could do the damage to this country Republicans have done. Judging by their nominee and loony policies, clearly, they want to "finish the job" they started under Reagan and continued under Bush.. I hope that helped to understand the terrible situation we're in.

It's okay, really. We survived them before, we'll survive them again.

Correction: Most of us will survive them again. Many will die, but that's life.

It's difficult to fight those with no sense. They will do anything. Look at the suicide bombers. I could see many in the base of the Republican party doing that if their leadership talked them into it.

 

[BDBoop]

What Obama Inherited: The greatest nation the world has ever seen greatly reduced through Republican mismanagement, greed, and incompetence. They even let Bin Laden go. We were lucky this country found such an American to see us through disastrous times from a party that is 90% white and created 90% of the damage. al Qaeda only wishes it could do the damage to this country Republicans have done. Judging by their nominee and loony policies, clearly, they want to "finish the job" they started under Reagan and continued under Bush.. I hope that helped to understand the terrible situation we're in.

It's okay, really. We survived them before, we'll survive them again.

Correction: Most of us will survive them again. Many will die, but that's life.

It's difficult to fight those with no sense. They will do anything. Look at the suicide bombers. I could see many in the base of the Republican party doing that if their leadership talked them into it.

"You can have a Christian nation, but first you must [insert insane act here] and then we'll be exactly what God intended."

 

[francoHFW]

You would think people are slowly learning, the ones who care. Any neutral person would notice we absolutely chase the dupes around their silly OPs and crush them ALL THE TIME. They got nuthin' but stupid talking points and insults...lol

 

[AquaAthena]

An economy losing 770,000 jobs a month
The worst recession in 70 years
Two wars
AlQaida still on the prowl
Gitmo filled with suspected terrorists who can't be tried
An America with it's global reputation in tatters.......Americans torture?
Collapsing auto and financial sectors
34 million Americans without affordable healthcare


How about I go into the America that Bush and the Republicans inherited?

Reagan inherited a worse situation from Carter and he turned it around in a few years.

The following is from: I inherited a mess from Bush, just like Reagan from Carter [ArthurK]
In his regular NRO feature "Today’s Questions for the President" Peter Kirsanow looks at Obama's "blame Bush" and "I'm like Reagan" theme.

Here are the best parts - read the whole thing.

Reagan "inherited" a GDP rate of -3.2 percent. You inherited a GDP rate of -4.9 percent. Two and a half years after Reagan took office, however, GDP was at 5.1 percent (and exploded to 9.3 percent the next quarter). Two and a half years after you took office GDP growth is at 1.3 percent (and as likely to implode as explode next quarter).
Reagan inherited an inflation rate of 11.8 percent. You inherited an inflation rate of 0.3 percent. Two and a half years after Reagan took office inflation shrank to 2.46 percent. Two and a half years after you took office inflation has risen to 3.56 percent.

He forgot to add the Volcker factor. Reagan relied upon him as head of the Fed. Obama used Volcker's name and ignored him otherwise.

... Reagan inherited a national debt (adjusted for inflation) of $908 billion. You inherited a national debt of $10.1 trillion. Two and a half years after Reagan took office, $390 billion more had been added to the national debt. Two and a half years after you took office $4.4 trillion more has been added to the national debt.
Percentage-wise, that's about the same increase. But Reagan's additional debt was 6.4% of GDP, Obama's extra debt is 33.1% of GDP. Today's debt is a bigger problem than 1980s era debt because there's so much more of it.

(inflation adj. gdp numbers
1983 Q2 $6,072
2011 Q2 $13,270)

Reagan inherited an unemployment rate of 7.5 percent. You inherited an unemployment rate of 7.3 percent. Two and a half years after Reagan took office the unemployment rate was 9.4 percent, but fell to 7.6 percent within a few months and declined steadily thereafter to 5.3 percent. Two and a half years after you took office the unemployment rate is 9.2 percent. To fall to 7.6 percent by the end of this year, however, more than 1,000,000 jobs per month would need to be created. Only 18,000 were created in June; 25,000 in May.
Reagan slashed tax rates, encouraged American entrepreneurship, and didn’t complain incessantly about the mess he inherited. Will you ever do the same?

You do realize Reagan tripled the debt to achieve his economic miracle?

Reaganomics Vs. Obamanomics: Facts And Figures - Forbes

In February 2009 I wrote an article for The Wall Street Journal entitled “Reaganomics v Obamanomics,” which argued that the emerging outlines of

President Obama’s economic policies were following in close detail exactly the opposite of President Reagan’s economic policies. As a result, I predicted that Obamanomics would have the opposite results of Reaganomics. That prediction seems to be on track.

When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%.

At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years). The Washington establishment at the time argued that this inflation was now endemic to the American economy, and could not be stopped, at least not without a calamitous economic collapse.

All of the above was accompanied by double -igit interest rates, with the prime rate peaking at 21.5% in 1980. The poverty rate started increasing in 1978, eventually climbing by an astounding 33%, from 11.4% to 15.2%.

A fall in real median family income that began in 1978 snowballed to a decline of almost 10% by 1982.

In addition, from 1968 to 1982, the Dow Jones industrial average lost 70% of its real value, reflecting an overall collapse of stocks.

President Reagan campaigned on an explicitly articulated, four-point economic program to reverse this slow motion collapse of the American economy:

Read more for the four-point economic program from the link above:


Ronald Reagan created nearly 20 million new jobs were created during the recovery, increasing U.S. civilian employment by almost 20%. Unemployment fell to 5.3% by 1989.

 

[C_Clayton_Jones]

What Obama Inherited: The greatest nation the world has ever seen.

True.

He also inherited a radical rightwing establishment hell-bent on destroying this great Nation for perceived political gain.