Except it's a damned lie. 0bummer lost jobs EVERY month of his first year.
In 2009, the U.S. economy experienced severe job losses, shedding 4.7 million nonfarm payroll jobs, with the highest declines in the first quarter. Monthly payroll losses averaged 753,000 in early 2009, moderating to an average of 478,000 between April and June. Unemployment rose, with the rate increasing to 9.5% by June. [
1,
2]
2009 Monthly Nonfarm Payroll Job Changes [
1]
- January: -598,000
- February: -726,000 (approx. average for Jan-Mar)
- March: -800,000+ (approx. average for Jan-Mar)
- April: -516,000 (average for Apr-June)
- May: -322,000
- June: -467,000
- July: -247,000
- August: -216,000
- September: -219,000
- October: -191,000
- November: -11,000
- December: -85,000
Yep when the GOP dig a hole they dig it deep Cupcake
The 2008 recession (Dec 2007–June 2009) caused over 8.2 million job losses in the U.S., with construction, manufacturing, and financial services hit hardest. Male-dominated industries saw significant declines, along with, administrative services, retail, and hospitality.
DUBYA PUSHED HIS "HOMEOWNERSHIP SOCIETY" PONZI SCHEME ON US
Between 2004 and 2007, U.S. homeowners increasingly used home equity loans and cash-out refinancings, often referred to as
using their homes as Automated Teller Machines (ATMs), to finance consumption. This practice, often facilitated by low interest rates under Fed Chair Alan Greenspan,
resulted in home equity extraction financing nearly 3% of personal consumption expenditures at its peak, according to research by Greenspan and economist James Kennedy
Here are the key details from that period:
Home Equity as ATMs (2004–2007): By 2005
, home equity extraction was financing roughly 3.7% of consumption, with homeowners using these funds for debt repayment, consumption, and to pay down higher-interest debt.
"Less than 1% Growth" Context: While consumer spending remained strong, total factor
productivity growth slowed significantly during 2004-2007 to roughly 0.63% per year, marking a deceleration from earlier in the decade.
In this column, Federal Reserve Bank of Boston economist Daniel Cooper presents new evidence suggesting that the spending impact of equity extraction during the recent US housing boom was relatively small compared with the household balance sheet changes and residential investment. This finding...
cepr.org
Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Investment bank's capital requirements, Net Capital rule (12-1 to 35-1 + leverage)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING
But the biggest policy was regulators not enforcing lending standards.