Tag: recession

Perspective

There’s a chart of job losses in the current economic downturn that has been making its way around the internet. While the data the chart shows is pretty scary, like most statistics it represents only a small slice of how we arrived where we are. I’ve been hearing of conservatives who are up-in-arms over Obama’s spending and how the economy is tanking because of his so-called “socialistic programs”, so I decided to add a bit of data to the chart to help gain some useful perspective. Adding the lens of history to the chart, we see (click to enlarge):

The country has been shedding jobs at a historic rate for over a year but during all that time, what did Bush do to stop the bleeding? He cut taxes for the wealthiest 2% of Americans. And when that didn’t stem the tide, he didn’t change course, he instead sought to make those tax cuts permanent. Now those very same tax cut & borrow Republicans have the indignant gaul to berate a President who has been in office less than a single financial quarter? I didn’t hear conservatives throwing “tea-parties” when the Congress was asked to appropriate billions of dollars over and over again for a war of choice in a foreign land. Those funds went down a massive black hole that will never be seen again and yet when Obama asks conservative Americans to do their part and pitch in for the good of ALL of Americans here at home, suddenly they have a problem.

Nate Silver worked out that even with the current state of the stock market and declining retirement accounts, the majority of Americans are willing to give the President 12-18 months before they consider the economy “his”. That means Obama has several months to turn things around, not six weeks as some would like us to believe. A little perspective, every now and then, is a good thing. Try and remember that.

UPDATE: More perspective courtesy of Crooks & Liars who link to a graph of the Dow from all of last year. They note that the stock market lost more than HALF of its value from May of 2008 to November, all under George W. Bush. All this and yet conservatives are convinced that Obama’s newly implemented policies are what’s scaring the pants off investors. I suppose once Obama turns the economy around, that’ll be Bush’s doing too.

Cavuto & Stein Are Fools

Found this stinging video via Andrew Sullivan and just had to share. GOP and FOX News pundants like to promote the myth that no one could have predicted the current disastrous state of the economy. Well, evidently economist Peter Schiff did, a full 2 years ago. Check out this assortment of clips from his various appearances on FOX News and how the organization treated him and his realistic assessment of the bleak future of our economy. It’s a bit long, so if you want the best bit, start at the 4:00 mark to see Ben Stein & Neil Cavuto totally underestimate the scope and depth of the problem. It’s damning:

FOX, like George W. Bush has a habit of surrounding itself with lackeys and “yes men” and stuff like this is the result. Hopefully the new President-Elect knows there is value in taking off the rose colored glasses and telling the American people how it is. We’re in it deep now and with hard work and sacrifice we’ll find a way out sooner rather than later. Unfortunately, people like Cavuto, Stein & others were part of the problem, not the preventative solution we needed.