Bush Mentions Recession In 2000, Gets Ripped A New One. Obama Dogs Economy For Months, Gets Free Pass As We Go Belly Up

1-30-09

Just eight short years ago the newly elected 43rd president of the United States, George W. Bush, had made some references to the fact that our economy may be headed for a slight recession and his administration was preparing to do what they could to try and nip this scenario in the bud.

Then all hell broke loose.

Why? Well it seems the Democrats were thinking Bush was deliberately talking down the economy so he could convince Congress via the American people to back his plan of across the board tax cuts, something the Democrats were in no mood to allow. Imagine that, the economy starts to slow so you leave more of the money people have earned with their hard work in their wallets so they can go out and spend it. When people spend money the economy is stimulated resulting in increased revenue paid to the government through the various taxes on the sale of goods and services. Simple and it works every single time.

Now back when Bush had brought up some chatter about a possible recession, allegedly so he could push his disgusting tax cut scheme through Congress, the Democrats were going bananas over this dastardly trick being perpetrated by the new president.

Sponsors... article continues below...

Then House Minority Leader Dick Gephardt, D-Mo., claimed Bush was guilty of “a talking down of the economy.” GUILTY says Dick!

Robert Reich, the former labor secretary under Bill Clinton espoused, “the economy is partly directed by mass psychology, the bully pulpit is a powerful factor in America. A president should not be telling the American public that the economy is sputtering, or tanking, or heading into a recession without good reason.”

The world renowned economist (sarcasm intended) Sen. Charles Schumer, D-(N.Y), warned Bush to “stop talking down the economy.” Chucky warns the president? Or what Chuck??

Gene Sperling, former national economic advisor to Clinton opined, “the president risks creating a negative self-fulfilling prophecy.”

Democratic New York Rep. Nita Lowey cried, “we had a healthy economy. People were working. We have never seen such a robust economy. Suddenly, Dick Cheney and this president have been causing things to go down in a tailspin.”

Democratic Senate Leader Tom Daschle D-(S.D.) at the time piped up, “obviously the result of the rhetoric is an economic slowdown. That will only improve if the president and those of us don’t talk down the economy but try to encourage people to be confident again.”

Some guy named Jeff Madrick, who wrote a book, “The End of Affluence,” jumped into the fray saying, “for a president to be talking about us entering a recession is dangerous, highly insensitive,” adding that “economies are built on psychology.”

In late 2000 Bush had voiced concerns about the direction of the U.S. economy, a few months before he took office, and President Clinton immediately “scolded him” for it. Unfortunately for Slick Willy in February 2001 the Commerce Department released figures that showed Bush was right on the money. The economy had grown at an anemic 1.1 percent during the last quarter of 2000 significantly below the 5.6 percent growth rate achieved in the second quarter of that year.

In your face Clinton.

As reported by salon.com at the time,

Practically, Bush’s dire talk has given many Americans an opportunity to curtail their boom-time spending. Politically, Bush’s bad-news bonanza serves two purposes: making sure that Americans remember that the economic trouble started on Bill Clinton’s watch, and selling his tax cut plan to a reluctant Congress. Frankly, Bush’s statements seem to have had the desired effect on the Hill. Since Bush began bearing bad economic tidings, his tax plan has gone from being considered dead on arrival by Republicans and Democrats alike to being seen as a viable starting point for the nation’s future fiscal policy.

And this is where the economists take their positions. On the left, Christian Weller, a macroeconomist with the Economic Policy Institute, a progressive think tank, finds it annoying that Bush is positioning his tax plan to help America climb out of the economic ditch when a more middle-class tax cut would be a better strategy. “We need to send the money to people who will spend it.” Bill Niskanen, chairman of the libertarian Cato Institute, sneers at that argument. “It assumes that people who save put their money under their mattress,” he says. “Whether people invest that money or put it in a bank, it’s still going back into the economy.”

It’s been proven time and again few people in this country have memories lasting beyond a day and a half, unless of course it involves vintage American Idol episodes, so naturally the hysterical rhetoric of 2001 when Bush stepped into office to begin his first term as president has long since been forgotten. Let’s square what the Democrats, loopy liberals and compliant media were screaming back in 2000-01 to what has been going on with Mr. Barack Obama as he strolled along the path in his journey to become our president.

September 2008 Senator Obama warns of long term economic fallout while campaigning for president.

…the Democratic nominee offered this assessment of the current situation: “I wish I could say that we are out of the woods but we’re going to have some more work to do in the weeks and months to come to set this economy right.”

Obama stayed on the attack against John McCain, criticizing him for embracing an economic philosophy that he argued had precipitated the week’s Wall Street turbulence. He warned that years of loading up on debt was beginning to roost as fear gripped U.S. financial markets, criticizing the lack of energy or fiscal policy that “loads up on debt from China, and sends it to Saudi Arabia because we can’t break our addiction to foreign oil.”

“When the smoke clears on Wall Street, what you’re going to find is that some U.S. companies that we always though were standard bearers for what the United States was, are going to suddenly be owned by a bunch of sovereign wealth funds,” the Illinois senator said. After discussing the other threats facing the country, Obama added, “The biggest threat we face is not just terrorism, it’s that our economy is falling behind.”

October 2008,

Our country faces its most serious economic crisis since the great depression. We have lost 760,000 jobs this year and some leading forecasters project that the unemployment rate will exceed 8 percent by the end of 2009. Working families, who saw their incomes decline by $2,000 in the economic “expansion” from 2000 to 2007 now face even deeper income losses. Retirement savings accounts have lost $2 trillion. Markets have fallen 40% in less than a year.
Millions of homeowners who played by the rules can’t meet their mortgage payments and face foreclosure as the value of their homes have plummeted. With credit markets nearly frozen, businesses large and small cannot access the credit they need to meet payroll and create jobs.

November 2008,

President-elect Barack Obama on Monday unveiled his economic team and warned that “the economy is likely to get worse before it gets better.” Obama said that recent news “has made it even more clear that we are facing an economic crisis of historic proportions.” Offering a grim prediction, he added, that “most experts now believe that we could lose millions of jobs next year.”

Merry Christmas ’08,

President-elect Barack Obama warned Americans not to expect a quick economic turnaround. “This is a big problem, and it’s going to get worse,” Obama said during the pre-taped interview.

To climb out of the recession, Obama called for the most ambitious stimulus program since the government built the interstate highway system in the 1950s.

Happy New Year ’09,

President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of “trillion-dollar deficits for years to come,” a stark assessment of the budgetary outlook that he said would force his administration to impose tighter fiscal discipline on the government. Mr. Obama sought to distinguish between the need to run what is likely to be record-setting deficits for several years and the necessity to begin bringing them down markedly in subsequent years.

So for months we have been subjected to nothing but doom and gloom from the Obama camp of behind the scenes handlers and where the heck are the folks that laid into Bush for merely suggesting things were slowing down a bit in 2000? Where are the media hounds crying foul about Obama hurting the economy with his constant barrage of negativity?

All I’m hearing are crickets….Robert Reich, where are ya man??

We have a stock market that has gone from over 14,000 in 2007 to around 8200 today. In late ’08 as Obama began to surge in the polls the market took just the opposite direction bottoming out below 8000 for the first time in years. In fact the market took the biggest dump ever on a presidential inauguration day as Obama was clumsily sworn in.

What do we have to look forward to? How about continuing layoffs, bank and business closings, 9% unemployment and a further eroding of the economy throughout the year.

Unemployment will reach 9%, from 6.5% currently, by the end of 2009 and the economy will shrink in each quarter until mid-2009, said economists at Goldman Sachs on Friday. The firm’s forecasts are lower than previous predictions due to “continuing signs of falling domestic and foreign demand, labor market deterioration, renewed tightening in financial conditions, and an apparent impasse in fiscal policy pending the transfer of power to the Obama administration in late January,” analysts wrote in a note. If unemployment reaches that level, it would be “unequivocally the worst single downturn on record since World War II.” Gross domestic product will shrink 5% this quarter, and 3% and 1% in the subsequent quarters, they said. The forecast leads to a 25% decline in after-tax corporate profits, which would be the worst since the Great Depression.

All of this well planned and orchestrated financial collapse just so this one Barack Hussein Obama could become the next president of this once fine country. Make no mistake the dismantling of the American way of life started long ago it just so happens we get to see the most dramatic steps to date take place right before our very eyes.

When a nearly TRILLION DOLLAR taxpayer funded payback to campaign contributers, past and future, is called a legislative win for a president without the support of a single member of the opposition party you know we are ALL screwed.

WASHINGTON (Reuters) – President Barack Obama scored his first major legislative victory on Wednesday with passage of an $825 billion economic stimulus package by a sharply divided U.S. House of Representatives on a 244-188 vote.

Obama, who took office eight days ago, was denied, at least for now, his goal of bipartisanship. Every Republican who voted opposed the landmark bill, complaining it contained too much new spending and not enough tax cuts.

–keep your powder dry and stock up accordingly folks….

This entry was posted in Economy, U.S..

Leave a Reply