Son, you are eat up with the dumb.
Yes, for the last time it was the ideal time for a new President coming in, you can spin however you like but you know it.
All of those things you listed as detriments get blamed on Bush, every single one, rightly so.
Obama gets credit for pulling us out of the recession, even though his policies had little affect.
Had little effect?
He raised the deficit more than every other President combined, does that sound like a smoothly running economy, a recovery.
Politically speaking it was the absolute best time for an incoming President to enter office, no blame all gain. Even though as you e already admitted the first 18-24 months is the prior Presidents policies at work, so Bush got us out of the recession.
What lie? I’m trying to figure that out? 43 million people were on food stamps when Obama left office, 32 million were when he took office. So after 8 years 10 million more people were on food stamps, people receive food stamps when they don’t make enough money to support their family. Another sign of how poor the economy was for working people.
Not according to any statistical evidence. But for the 100th time, please, let's see your supporting evidence of this.
Again, this is another assertion of yours that just simply isnt true, or only paint half a story.
Republicans use a sound bite that the federal debt doubled under Obama. In looking at the numbers that is close to being numerically correct but falls short of being 100%.
However when you take into account the Great Recession, making W. Bush’s temporary tax cuts permanent, increased Social Security and Medicare spending as more Baby Boomers retire and become 65 years old and the Afghanistan and Iraq wars he inherited.
There are multiple databases that have dollar amounts of the Federal debt. While they have different numbers they are overall close to each other and essentially show the same dollar changes over the years. I am using information from the Federal Reserve of St. Louis
According to the U.S National Bureau of Economic Research, the Great Recession started in December 2007 and ended in June 2009. President Barack Obama was sworn in on January 20, 2009, so it had already started before he entered office.
The first thing you notice when looking at the federal deficits from fiscal 2007 (the U.S. government fiscal year ends in September) is that it increased by almost $1 trillion from fiscal 2008 (two months before Obama was elected and four months before he was sworn in) to fiscal 2009. It remained over $1 trillion per year for four years and got below Bush’s last years deficit in fiscal 2015. It continued to decrease until Obama’s last year and has increased in Trump’s first year in office.
Fiscal 2007: $161 billion (next to last year of Bush’s second term)
Fiscal 2008: $459 billion (beginning impact from the Great Recession)
Fiscal 2009: $1.4 trillion (Obama’s first year and in the teeth of the Recession)
Fiscal 2010: $1.3 trillion
Fiscal 2011: $1.3 trillion
Fiscal 2012: $1.1 trillion
Fiscal 2013: $680 billion
Fiscal 2014: $485 billion
Fiscal 2015: $438 billion
Fiscal 2016: $587 billion
Fiscal 2017: $666 billion (Trump’s first year of his Presidency)
It is clear that the almost $1 trillion jump between fiscal 2008 and 2009 was due to the Great Recession. Tax receipts fell, expenditures rose and Obama and Congress passed the American Economy and Reinvestment Act to combat the recession.
Using percentages is a better way of analyzing data in a lot of cases as it compensates when the data set numbers are larger or smaller from each other. Federal debt falls into this category as it increases over time. The compounding impact of growth can make using absolute numbers meaningless.
Again using data from the St. Louis Federal Reserve, these are starting and ending federal debt numbers since President Reagan. I’ve computed the total percentage increase and the compounded yearly rate.
What the numbers show is that the total debt increased the most at 184% over 8 years and at the fastest rate under President Reagan at almost 14% per year. In fact, the three Republican presidents had the fastest growing debt on a yearly basis.
Reagan
Started Presidency: $965 billion
Ended Presidency: $2.74 trillion
Increased 184% or 13.9% per year
H.W. Bush
Started Presidency: $2.74 trillion
Ended Presidency: $4.23 trillion
Increased 54% or 11.5% per year (only in office for four years)
Clinton
Started Presidency: $4.23 trillion
Ended Presidency: $5.77 trillion
Increased 36% or 4.0% per year
W. Bush
Started Presidency: $5.77 trillion
Ended Presidency: $11.1 trillion
Increased 93% or 8.5% per year
Obama
Started Presidency: $11.1 trillion
Ended Presidency: $19.85 trillion
Increased 78% or 7.5% per year
President Obama’s debt actually grew at a slower annual rate than any of the Republican presidents even though there were events that negatively impacted the deficit that started before he became President.
The Great Recession is probably the biggest of them as can be seen in the yearly deficit numbers. While all politicians use data to support their positions, the sound bite that the debt doubled under Obama is very misleading.
While the recession officially lasted from December 2007 to June 2009, it took several years for the economy to recover to pre-crisis levels of employment and output.
This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[1] along with restrained government spending following initial stimulus efforts.[2] It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.
The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."[3]
This is why the housing ownership levels have not been restored and likely won't be anytime soon. Sub prime mortgages just aren't an option anymore. getting back to those levels will very likely cause another recession.
While the recession officially lasted from December 2007 to June 2009, it took several years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[1] along with restrained government spending following initial stimulus efforts.[2] It followed the bursting of the housing bubble, the housing market correction and subprime mortgage crisis.
The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."[3]
How did Bush get us out of the recession if it took several years to improve. Well after the 18- - 24 month time fram you now seem to now be in agreement with?
The number grew as the 2007-2009 recession threw millions out of work, as benefit levels were boosted for several years by the stimulus legislation Obama signed in 2009. The average benefit per person went up from around $113 per person in January 2009 to around $134 in July.
At the peak of food stamp enrollment in December 2012, a total of 47.8 million were receiving aid, an increase of nearly 16 million or 49 percent.
But then millions melted from the rolls as employment and incomes improved, and as Congress cut benefit levels, which dropped to a monthly average of around $124 per person in Obama’s final month.
Measured from his first month to his last, benefit levels and enrollment both grew less under Obama than under his predecessor.
Under George W. Bush, the number of people getting food stamps grew by 14.7 million, or 85 percent (compared with the 10.7 million, 33 percent gain under Obama). The average monthly benefit per person grew from $73.89 in the month Bush took office to $113.60 the month he left. That’s a 54 percent increase, compared with the 9 percent gain at the end of Obama’s time in office.
Sure they grew, but then they decreased. The economy was in the crapper. Of course it was going to rise. Where is it at now? Please share. And do you think the economy is in the shitter now? Even thought it's about the same.