So what will be said by the left, and Obama himself, is that the situtation was worse then he thought. Let us say that it is true and the economy was worse. What does that prove? It proves that we were right about Obama and he didn't have the experience or the intellect to be POTUS. Hell he said the same himself: Listen for yourself:
Barack Obama Makes Shocking confession!! - YouTube
Was he lying? Were his lips moving?
Team Obama said in 09 stimulus would have unemployment below 6% by 2012
Team Obama said in
Todays news that the unemployment rate moved up to 8.3 percent is as good of a time as time as any to revisit the promises the then-incoming administration made in 2009 regarding the economic stimulus bill. Back then they said the stimulus would have unemployment below 6 percent by now.
Not only that but they claimed that the unemployment would be at that 6 percent level now even if the stimulus bill was not passed. That is, that they predicted the economy would recover to that level naturally. In short, the White Houses
It was wishful thinking based on past recoveries from past recessions. When the recession first hit, I believed that we were in for at least a ten year downturn. This recession was caused by a number of things, the first being the housing collapse. But was only the trigger. What has happened beyond that has been a perfect storm of disaster. While Americans lost trillions of dollars in assets as the value of their homes went up in smoke, the baby boomers all of a sudden realized something, and that was that they no longer needed to buy all kinds of shit and instead needed to really start tightening the screws on their savings for retirement. Some in fact were already beginning to retire. Basically, the driving force of our economy, the baby boomers, stopped buying. Now normally, we would have counted on the next generation to take their place. Young people get married and start having kids, they then buy new homes and bigger cars for their bigger families. The problem is that the kids aren't being hired, and if they are, it is at a much lower pay then they would have expected. On top of that, these same young people coming out of college are buried in student loans, making it impossible for them to think about getting married and starting that family. The young people are about ten years behind the eight ball at the moment.
The bottom line is that the baby boomers are not going to start spending again; they are done. If we want to get this economy moving again, we need to get the young people working, in decent paying jobs. Having them serve tables at Red Robin isn't going to cut it.