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the government has been misrepresenting economic indicators for decades to mislead the public. During the Clinton years, we made hedonic adjustments to measures such as CPI and Unemployment which also affect the reporting of GDP. By underreporting inflation, the government can claim that GDP is growing when the reality is, it's shrinking. In 2008, GDP was shrinking because the government claimed slight growth with a rate of inflation around 2%. The real rate was closer to 12% which would indicate a major economic contraction rather than slight growth. They do the same thing for employment numbers. If you calculated employment the same way they did in the 80s, we already have double digit unemployment. This isn't new and isn't done on the order from the president. The president is merely the beneficiary of such policies. Both Bush and Clinton benefitted from these adjustments. They were claiming we didn't have negative GDP all the way up to the point when they announced we were entering a new Great Depression unless we passed a bailout. This was all complete nonsense. Anyone who couldn't see we were in a severe recession last year was blind. The housing market was in depression. Christmas sales a year ago were a disaster. The Automotive industry was in depression. The financials were in depression. How many industries had to post record losses for the country as a whole to admit we were not contracting?
One thing we are not addressing...and yes, I tend to be a Democrat, and yes, Clinton did nothing to help this either.. is OFFSHORING of jobs. How many jobs have left the US and they are not coming back. The problem with the unemployment rate (which is such an important factor) is that there is no new "internet" industry to whip up new jobs, there is no saving grace. I am VERY worried about the future of our country.... I honestly hope our children won't have to leave the US to find good employment one day...who would have thought?
Sure, i'll take that on. Even if "they" (the Bush administration) had done something in late 2007, we'd still be here today. Powerful market forces were already taking over, the housing bubble was popping, Wall Street had already spent years creating funny debt instruments. By late 2007, the damage was already done.
I agree. It took a long time getting to this point and will take longer to finish dropping before there is any chance of a recovery.
This is an economy, it doesn't turn on a dime. It's like expecting a cruise ship to behave like a speedboat.
The brakes should have been put on the bubbly economy in 2004/5 and banks should have been regulated, but that would have required guts, foresight, imagination and the willingness to do the right thing, not what looks good.
For those out there that are screaming the new President is destroying this country and the economy.
Why did the former administration fight until the collapse of the banks to admit we were in a recession? Would anyone out there brave enough admit that we wouldn't be here today if only they stepped up in November or December 2007?
Well.....its matter of terminology.....Georgie boy called it a "slow down" while everyone else with half a brain knew it was a recession but what president is going to admit he created a recession ? Geeze.....even McCain was giving campain speeches in late October saying "My Friends" - The foundation of the economy is strong !!! Thank God we have Obama if McCain thinks the foundation of the economy is strong !!!!
For those out there that are screaming the new President is destroying this country and the economy.
Why did the former administration fight until the collapse of the banks to admit we were in a recession? Would anyone out there brave enough admit that we wouldn't be here today if only they stepped up in November or December 2007?
The reason it took a long time, is that the official numbers used to judge that we are in a recession are lagging, not leading indicators. So by the time we know that we are officially in a recession, we are in the middle of one.
Well.....its matter of terminology.....Georgie boy called it a "slow down" while everyone else with half a brain knew it was a recession but what president is going to admit he created a recession ? Geeze.....even McCain was giving campain speeches in late October saying "My Friends" - The foundation of the economy is strong !!! Thank God we have Obama if McCain thinks the foundation of the economy is strong !!!!
For those out there that are screaming the new President is destroying this country and the economy.
Why did the former administration fight until the collapse of the banks to admit we were in a recession? Would anyone out there brave enough admit that we wouldn't be here today if only they stepped up in November or December 2007?
Huh? A recession is two consecutive quarters of negative GDP growth. We were not officially in a recession until quite a while after it was readily apparent that the economy was heading into one.
No President will admit they are in a recession until it becomes official. 95% or all CFP's, Financial advisors, CPA's agreed by summer of 2008 that we were already in a recession.
This guy Obama has been in power for literally 1 1/2 months. About 85% of the funding for his stimulus plan won't realistically hit the economy until spring of next year. People who are already blaming him for this economy are the 25% of americans who would rather see him fail even if it brings the country to its knees.
When this people call an " Overweight, College Drop-out, three time divorced" Rush Limbaugh as their messiah- that says it all.
This is a lesson for parents out there. Make sure your children get a college education. Without one, you are more susceptible to these people.
Its not a coincidence that a whopping 79% of Rush Limbaugh & Sean Hannity followers only have a high school diploma. Rush & Sean both only have a high school diploma. Its like the blind leading the blind.
No President will admit they are in a recession until it becomes official. 95% or all CFP's, Financial advisors, CPA's agreed by summer of 2008 that we were already in a recession.
This guy Obama has been in power for literally 1 1/2 months. About 85% of the funding for his stimulus plan won't realistically hit the economy until spring of next year. People who are already blaming him for this economy are the 25% of americans who would rather see him fail even if it brings the country to its knees.
When this people call an " Overweight, College Drop-out, three time divorced" Rush Limbaugh as their messiah- that says it all.
This is a lesson for parents out there. Make sure your children get a college education. Without one, you are more susceptible to these people.
Its not a coincidence that a whopping 79% of Rush Limbaugh & Sean Hannity followers only have a high school diploma. Rush & Sean both only have a high school diploma. Its like the blind leading the blind.
No President will admit they are in a recession until it becomes official. 95% or all CFP's, Financial advisors, CPA's agreed by summer of 2008 that we were already in a recession.
This guy Obama has been in power for literally 1 1/2 months. About 85% of the funding for his stimulus plan won't realistically hit the economy until spring of next year. People who are already blaming him for this economy are the 25% of americans who would rather see him fail even if it brings the country to its knees.
When this people call an " Overweight, College Drop-out, three time divorced" Rush Limbaugh as their messiah- that says it all.
This is a lesson for parents out there. Make sure your children get a college education. Without one, you are more susceptible to these people.
Its not a coincidence that a whopping 79% of Rush Limbaugh & Sean Hannity followers only have a high school diploma. Rush & Sean both only have a high school diploma. Its like the blind leading the blind.
Hmm talk about elitism. Just curious what is wrong with someone who "only" has a high school diploma? What a pompous, elitist post.
I don't listen to Rush or Hannity, I have a Masters degree and I am NO BETTER than someone with "only" a high school diploma. The fact that you think those with "only" a high school diploma are stupid, cannot think for themselves, etc. is disgusting.
BTW-I know people with "only" a high school diploma who are far better people and more intelligent than those with Masters degrees.
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