Why do Democrats keep talking about this "Great Recession" that was not as bad as Carter's and was over 5 months after Obama took office?
I know the Carter/Clinton Housing bubble was severe but for those of us alive during the Carter recession years we has double digit interest rates and double digit unemployment and a tanked stock market meaning no investment.
- 3 years agoFavorite Answer
Most importantly, it was GLOBAL with some pressures from within the US. Namely, the subprime lending crash.
I'm just glad the recessions are NOT caused by presidents' actions. We'd all be nervous, negative nellies all day, every day.
- 3 years ago
The 2004-2009 collapse of the GOP-deregulated housing and credit markets that cost millions of Americans their homes and ended up causing blight (lowering of property values) for other home owners in cities across the nation led to the Republican-caused and nearly fatal FINANCIAL SYSTEM MELTDOWN in 2007 and 2008 which long-time Treasury Secretary Alan Greenspan (Republican) admitted under oath was caused by the Congressional Republicans' deregulation (removal of all oversight, all checks and balances, and all consumer protection, a.k.a., regulations): "We were wrong to believe that they [banks, Wall Street, credit markets, Fannie Mae and Freddie Mac] could or even would self-regulate." Thanks to a hasty taxpayer-funded 2007-2008 $800B unpaid-for (deficit-exploding) banking system BAILOUT, the U.S. averted sliding into another GOP-caused Great Depression (1929-1938), but our European trading partners (with the exception of Angela Merkel run Germany) were bankrupted, thus slowing our own possibility of recovery. When the 111th Democrat-led Congress convened and our newly chosen President Obama took the helm, the Republican-caused DEFICIT was at an appalling and unsustainable 10.6% of our Gross Domestic Product (GDP), the 2001 and 2003 unpaid for GOP tax cuts for billionaires and wealthy corporations had vastly eliminated needed revenues for our nation's bill-paying, many of our [GOP-governed] states were running huge deficits that required reduced services and massive lay-offs, by 2008 our nation was HEMORRHAGING JOBS---as many as 800,000 per month!---and our nation's crucial infrastructure was crumbling due to a loss of revenues, thanks to those GOP-passed (and unpaid for) tax cuts in 2001 and 2003. And...oh yes...there were also TWO WARS, also UNPAID FOR by the GOP-controlled Congresses between 2001 and 2008, that had been kept OFF THE BUDGET BOOKS by the Bush/Cheney administration with the help of GOP party leaders...adding a hidden $5.2 TRILLION to our deficit when added into the budget by the Obama economic team. Of course, the propaganda-reliant Republicans were only too too happy to falsely "blame" President Obama for this added-in accurate accounting of the $5.2 TRILLION they'd kept hidden to paint their horrid economy better than was ever true.
When President Obama was sworn in on November 20, 2009, these nation-destroying, big-spending, deficit-exploding, fiscally insane Republican lawmakers (Senators and Representatives) decided rather than work with the hugely popular new Democratic President, a man of color, they would meet in secret on Capital Hill (Draper, 2012) to COMMIT TREASON DURING WAR TIME and also DURING FINANCIAL CRISIS by PLOTTING AGAINST Barack Obama. Each GOP attendee at this Inauguration Night meeting took an oath to BLOCK EVERYTHING---all legislation proposed, all nominees---no matter how much merit! In spite of this viciously and criminally partisan sabotage, Barack Obama and the 111th Congress's Democrats (headed by Nancy Pelosi and Harry Reid) were able to put through the nation-saving $787 billion Recovery and Reinvestment Act, a.k.a., Stimulus, that was wisely used by President Obama to pull us back from the cliffs of depression and get our nation onto a sound fiscal path towards recovery (see recovery.gov for specific details). The economists on Bloomberg News praised the brilliance and fiscal sanity of President Obama in March and April 2009, and then declared the Great Recession had been halted by mid-June 2009.
Using the Democrats' preferred "demand-side" (Keynesian) economic principle that builds the strength of any economy from the middle on upward and outward, on April 1, 2009, President Obama generated consumer spending (demand) by giving 95% of America's workers making less than $250,000 per year a tax cut that put extra dollars in their pockets each payday. In addition, President Obama chose to rescue the flailing U.S. auto industry, thus saving (then creating) hundreds of thousands of good-paying U.S. jobs, and followed through on this rescue by requiring that GOP-funded outsourced auto plants relocate to U.S. soil. Not stopping there, however, the Obama team (with the backing of Congressional Democrats) funded a new focus for U.S. manufacturing on renewable energy products (see recovery.gov), which gave the U.S. a chance to become the WORLD LEADER in the making and selling of green energy earth-friendly products around the world, thus opening new markets for U.S.-made goods. Of course, the block-everything-Obama Congressional Republicans foolishly sought to filibuster and delay this effort---perhaps funded by the oil baron Koch brothers and their fellow greed-driven oligarchs ("DARK MONEY: The Hidden History of the Billionaires Behind the Rise of the Radical Right" by Jane Mayer, 2017).
We, the people, know beyond the shadow of any doubt, that it was the "most productive Congress in more than 60 years" (the 111th Democrat-controlled Congress) and our own twice-elected highly intelligent Leo President Barack Obama who reversed all of the horrific damages done by the Bush/Cheney/GOP totalitarian years from 2001-2008, and put us back onto a sound fiscal path.
"A Consequential Prfesident: The Legacy of Barack Obama" by Michasel D'Antonio (2018); "The New New Deal: The Hidden Story of Change in the Obama Era" by Michael Grunwald (2012).
Robert Draper (2012): "Do Not Ask What Good We Do: Inside the U.S. House of Representatives."
C-SPAN News and LA Times rated the Democrats-controlled 111th Congress in place from 2009 through to January 2011 as "the most productive Congress since Eisenhower, more than 60 years". Subsequent GOP-controlled Congresses have been rated as "the least productive."