And the real unemployment rate is 12%.
And Dear Leader goes around telling everyone how well the American economy is doing. If it's doing okay, it sure isn't his fault.
Read more @
June jobs report is great for part-time workers, not so much for full-time | Human Events
And this Record Number of Americans Not in Labor Force in June @
Prison Planet.com » Record Number of Americans Not in Labor Force in June
Can ANYONE explain to me FINALLY (after about 20 postings of this question) why the economy wasn't booming after 8 years of Dubya/GOP 'job creator' policies? Anyone?
After Dubya the economy ,lost 673,000+ PRIVATE sector jobs in 8 years (and 5+ million more in 2009), yet under Obama there has been 5.5+ million NET private sector jobs (9+ million since hitting the Bush bottom March 2010)
ANYONE?
"We crashed the economy but we don't like the way you tried to fix it." - GOP.
Bureau of Labor Statistics Data
I shall answer your question.
Bush's economy in fact was booming, and he entered during a recession and deficit spending under Clinton. Much like how Bush kept the war spending off the books Clinton raided SS as a way to falsify a budget surplus. Your question is asked in what the economy was like 8 years after Bush, not during.
So... Bush was a progressive liberal, he spent insane amounts of money, I won't post a list of Bush/Republican/Democrat spending on Government programs as I'll assume you are more than aware of much of them. Bush based his economy off bubble building by the federal reserve, making credit for housing easy fueled a massive over production of homes. Competition to sell these homes drove demand for giant sqft homes, with top notch kitchens, pools, spazzZz, big open tiled showers with heating in the floors....
All of this was done and created by the Governments push to make the economy "stronger." All this malinvestment by Government (and the Fed-R) came crashing down in late 2007.
Now, under Obama we have the same policies, across the board. Mostly Bush era policies (that you hate) have been expanded upon. Currently the Fed-R runs a .2% interest rate to lend to bank o lend to us at low rate, thus re-creating the cycle of over borrowing and overspending on things people simply can't afford. Malinvestment is filling up and inevitably the crash, much like we saw in 2007 will occur.
Some of the main differences are Obama spends vastly more than Bush and ads incredibly to the deficit. People are poorer under Obama, less people are working and less people have good jobs or full time jobs. Also Obama unlike any US president ever has the FED-R dumping around 1 trillion a year for just about ever year he has held office into the system to prop up the economy. That last part is important because doing so creates a false taxed dollar meaning hundreds of billions in taxes are only there because of the Fed-R's injections, not because of any actual productivity. Also, this is where Obama hides his raiding of SS and keeping the wars off the books like Clinton and Bush did. Obama is allowed to create fake money but not add it to the "deficit" pile while then counting the tax revenues in his favor.
Quite literally Obama runs a 2.5 trillion dollar deficit at his worst and around a 1.6 trillion dollar deficit at his best over the near 6 years in office. Like most Americans (70ish%) I too feel Obama is America's worst President in the last 70 years... with Bush as a almost distant second.
B
Got it, MORE right wing garbage
Dubya's first recession from March 2001 to November 2001
http://www.nber.org/cycles/cyclesmain.html
Don't know the difference on budget surpluses and deficits and debt huh?
A YEARLY budget has revenues going in versus spending going out. Clinton had 4 of theses, 3 after he vetoed the GOP $700+ billion tax cut
Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
A: Yes to both questions, whether you count Social Security or not
The Budget and Deficit Under Clinton
BUSH HAD THE SLOWEST ECONOMY IN DECADES, EVEN STOPPING PRE DUBYA'S GREAT RECESSION
Bush Lead During Weakest Economy in Decades
CBO: Bush Tax Cuts Responsible For Almost A Third Of Deficit In Last 10 Years (2001-2010)
Yes, Dubya did that, along with the Federal reserve BUT you leave out MANY important things (wanting to blame the federal reserve of course for ideology failure of 'markets will self regulate')
Conservative Ideas Can't Escape Blame for the Financial Crisis
The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by t
he inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.
Predictably, many conservatives sought to blame the bogeymen they always blamed
Politics Most Blatant | Center for American Progress
CONFLATING DEFICITS WITH QE'S? LOL, Ones buying up assets Bubba. Seriously? Adam Schiff right? lol That inflation is just around the corner, for 10+ years now right? lol
Keep TRYING to rewrite history
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008
DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!
The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
To understand the crisis we have to focus on how the mortgage fraud epidemic produced widespread accounting fraud.
William K. Black: The Two Documents Everyone Should Read to Better Understand the Crisis
The former Federal Reserve chairman, Alan Greenspan, has conceded that the global financial crisis has exposed a "mistake" in the free market ideology which guided his 18-year stewardship of US monetary policy.
"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan.
Greenspan - I was wrong about the economy. Sort of | Business | The Guardian
WHEN WILL CONSERVATIVES STOP BEING VICTIMS OF GOV'T POLICY?
WORLD WIDE CREDIT BUBBLE PERPETUATED BY THE BANKSTERS,
Weird Reagan ignored regulator warnings that STARTED in 1984, that would have stopped 90%+ of his S&L crisis
Elect those that don't 'believe in Gov't' and their REGULATORS and then are shocked when things collapse
LOWEST SUSTAINED TAX BURDEN ON THE 'JOB CREATORS', 40 YEAR LOW TAXES ON CORPS AND HIGHEST PROFITS EVER, THOSE 'JOBS,JOBS,JOBS' THE PRIVATE MARKETS CREATE IS RIGHT AROUND THE CORNER CORRECT? lol
