Yes...losing $17.5 Trillion in personal wealth under George Bush will do that. Can you imagine a single president allowing Americans to lose $17.5 trillion dollars and doing nothing about it? Thats $17.5 Trillion on top of the $5 Trillion Bush added to the deficit.
Obama borrowed less than a trillion dollars for the stimulus with the result being an increase of $9 trillion in wealth and 3 million new jobs.
Bush borrowed $5 Trillion with the result being a loss of $17.5 Trillion
And some idiots actually want to give Republicans control again???
If I was you I would not be bragging about that 1.7 percent crap anymore
I notice one thing from the link that right winger and doctor spin keep praising. The 1.7 GDP growth.
Actually that not a good thing becasue the growth should be more than that and from your link
The U.S. economy grew at a 1.7 percent annual rate in the second quarter, marking the start of a
slowdown in growth that has concerned the Federal Reserve.
Do you have any concept of what $17.5 trillion in lost wealth under Bush means? Thats more than the entire deficit, more than our annual GDP....vanished under GOP policies
I do.
Total household assets are now about $52 trillion. (
source_
So the RE collapse and stock market crash cost the aggregate household assets of the USA about 18% of its total assets.
That $17.5 trillion was peoples homes, life savings, retirement that dried up under Bush. Thankfully, under Obama's policies we have regained $10 trillion of that
Yup.
Of course the argument might be made that the real estate prices were inflated, but that still means that PEOPLE lost ground.
Throw in the trillions that the working classes lost in their 401ks and so forth, and the DEFLATIONARY depression we're having is very easy to understand.
People FEEL poorer, ergo they don't spend money.