The Bush Recession

by Jonathan Singer, Mon Nov 17, 2008 at 06:18:58 PM EST

Let the record reflect that George W. Bush is handing off a recession to Barack Obama:

The U.S. economy fell into a recession last spring and will contract sharply this quarter as more than 200,000 workers per month are added to the rolls of the unemployed, a survey said on Monday.
The Philadelphia Federal Reserve's latest Survey of Professional Forecasters removed some of the glow from an earlier report showing industrial output rebounded in October after hurricane disruptions produced a stunning fall in September.
[...]
The Philadelphia Fed's survey predicted gross domestic product would shrink by 2.9 percent in the fourth quarter, a sharp downgrade from the previous prediction of 0.7 percent growth.
It said the U.S. economy entered a recession in April and that it will last 14 months, which would make it one of the longest recessions since the Great Depression of the 1930s.

While there may be efforts by some on the right to cast blame for the state of the economy early next year on the Obama, it's clear that any downturn began earlier during the watch of the Bush administration. In light of these data showing that a contraction in the economy began seven months ago, it is even more clear that the foot-dragging of both the White House and Congressional Republicans at a time when Democrats were calling for more robust stimulus measures -- and, I might add, an end to the War in Iraq, which comes at a great cost to this country -- was monumentally misguided. The only question, now, is whether Republicans will continue on the path of obstruction or, if instead, they will allow the Congress to move forward with the types of changes so required to begin to heal the ills in the economy

Tags: Economy, George W. Bush, Recession (all tags)

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Re: The Bush Recession

You know Rush Limbaugh is already blaming it on Obama. He's calling it "the Obama Recession."

On that note, someone at The Confluence uncritically reproduced a chain email they had gotten along the lines of "Hi, I'm a small business owner who can't afford Obama's taxes so I'm going to have to lay off my workers..."

Outside of those enclaves I think the record is going to pretty solidly put it on Bush's shoulders.

by Jess81 2008-11-17 06:36PM | 0 recs

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Re: The Bush Recession

It's going to be hard to pass that buck... after all, the financial crisis hit on their watch... and they are deliberately allowing GM and the big three to die... Next year, when we lose those 3 million auto related jobs, people will be screaming, "Why didn't the government DO something?" Well, we had our chance, and Republicans blew all the money for fancy parties for their insurance friends...

The GOP is all excited thinking that by hurting the unions, they will make gains... what they don't realize is that they've lost Michigan forever (even if they have a change of heart), and Ohio, Indiana, Wisconsin, and Missouri will probably be blue for while.... We might even make a play for Kentucky!

I hope the manufacturing sector manages to survive... we need them more than most people know or understand...

by LordMike 2008-11-17 07:45PM | 0 recs

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The big three

I think that the Republicans are salivating over a big three bankruptcy because of their deep and unreasoning hate of Unions.

It seems like the first talking point of the Wingers is to point out that a Bankruptcy judge can modify and Nullify the Labor contract (and subsequently judicially break the union). I can't think of where this has not been their first point. This looks more & more like a Republican 'fuck you' to the Unions who supported Obama, disguised as fiscal conservatism.

Republicans don't care how deep the pain goes, as long as they can get their way. Just like 1929 thru 1932.

by NvDem 2008-11-17 09:15PM | 0 recs

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Re: The big three

Oh, yes! There is no question that is what is driving their complete obstinance on the issue... Their mistake is, of course, not seeing the forest for the trees... For example, even if they turned around and changed their minds, they've lost Michigan for a generation. They will be lucky to get any republicans elected in that state, even at the local and statehouse level.

And, they must not be aware that bankruptcy doesn't actually eliminate the UAW, they just have to negotiate a new contract...

by LordMike 2008-11-18 01:47AM | 0 recs

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is the answer a question?

Rather than point out what an auto bankruptcy would do, let us ask of the wingers: How would the bankruptcy of the big three help employment and the economy?

Force the wingers to answer why they want to destroy the industrial base.

by NvDem 2008-11-18 03:50AM | 0 recs

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Re: The Bush Recession

We need to label it for what it is:

The Bush Crash and Depression.

by NvDem 2008-11-17 09:04PM | 0 recs

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Re: The Bush Recession

Thank you. I found out recently that a major player in an industry close to mine recently laid off SIXTY PERCENT OF ITS WORKFORCE and is down to less than 10 percent of its normal production. The remaining employees, are scheduled to be cut in half.

Citigroup laid off 52,000 people, circuit city went bankrupt, all of the investment banking infrastructure in America is practically laid waste. The stock value of the largest Automaker in America is less than 1.00 away from automatic delisting from the New York Stock Exchange.

The thing about a depression is that they occur quite a good bit of time from the point at which markets crash. This whole idea of this being just a recession ( the pullback from a market standpoint is only 33 percent right now, and despite unemployment jumping the most it has ever jumped in 40 years, its still single digits) ignores an obvious trend that hasn't stopped since Bush has taken power.

Q: What is the politically correct term for a dead person?

A: "Metabolically Challenged"

by Trey Rentz 2008-11-18 03:07AM | 0 recs

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again.

a george bush is leaving the country an economic recession, again...

by bored now 2008-11-18 02:34AM | 0 recs

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Re: The Bush Recession

This is so much worse than I think even I realize.

My grandfather taught my father, who taught me, that big companies never go out of business. They just don't, unless it's something like Eastern Airlines where the stockholders decide that they're going to loot the company and they do it in a controlled way. Other than that I can think of anything like this happening in the past 100 years.

by Jess81 2008-11-18 03:31AM | 0 recs

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Re: The Bush Recession

No; it's not just the "Bush" Recession. That term leaves the many Republicans who championed no regulation or deregulation completely off the hook. We need to label this recession "The Republican Recession" so that in 2010 and beyond voters will hold accountable, and vote against, any and every Republican who continues to champion the dangerous and destructive ideals and principles of supply side economics that amount to nothing more than economic anarchy.

by Georgeo57 2008-11-18 05:12AM | 0 recs