"Does that mean that Obama has ALSO created the conditions where 1 in 3 Americans are receiving gov't assistance?"
Did he cause this? (A very prescient article from one month after the recession started).
Bush tanked the U.S. economy
BONNIE ERB, Seattle Post-Intelligencer
By BONNIE ERBE, GUEST COLUMNIST Published 10:00 pm, Saturday, January 12, 2008
Wall Street giant and billion-dollar bank Merrill Lynch announced last week that the United States had entered a recession for the first time in 16 years. It was a controversial call denied by a chorus of economists who do not think we're there yet. But the announcement comes from the bank's chief American economist, David Rosenberg -- widely respected on Wall Street.
The largest factor driving this country's economy into recession has been the Bush administration's profligate spending. Please read the following quote from the conservative/libertarian think tank Cato Institute's Web site:
"George Bush is mired in a fiscal policy crisis worse than anyone could have envisioned when he entered the Oval Office ... This crisis is the resurgence of record federal deficits ... The deterioration of America's fiscal health cannot be blamed on ... pro-spending coalitions in the Democrat-controlled Congress -- although certainly some of the blame lies there. It is almost exclusively the creation of the Bush administration itself."
Sound familiar? The article, which I edited heavily (taking out references that would have dated it immediately, such as the use of the term "Reaganomics"), is about George H.W. Bush, not George W. But it might as well have been about the son.
seattlepi.com
Tuesday, Mar 18, 2008 04:45 AM PDT
The crash in Republican economics Not even George W. Bush or Alan Greenspan can sugarcoat America's financial meltdown. Will the next president seize the chance to rethink how we run our economy?
Consider the following extraordinary commentary: Alan Greenspan saying, “The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the second world war.” Former Reagan economic advisor Martin Feldstein saying, “Could this become the worst recession we have seen in the postwar period? I think the answer is yes.” Paul Krugman writing that the current situation “looks increasingly like one of history’s great financial crises.”
salon.com |
