Sunday, March 02, 2014

The next time that your conservative relatives start talking about how President Obama destroyed the economy, show them this.

Courtesy of the LA Times:  

Amazingly, there are still some holdouts in the political and economic community who insist that the Obama stimulus failed--that is, failed to arrest a steep fall in economic output and launch a period of growth in gross domestic product, jobs, stock market valuations, and other metrics that continues to this day. 

Menzie Chinn of the University of Wisconsin and Jeffrey Frankel of Harvard (and a former Clinton administration economics advisor) have just ganged up on the stimulus deniers. Their analyses are timely, since the stimulus has just passed its fifth birthday: The American Recovery and Reinvestment Act was signed into law on Feb. 17, 2009. 

Chinn observes (and shows his work via a series of telling slides) that the launch of ARRA coincides almost exactly with the bottoming out of the stock market, the reversal of a trend of increasing negative GDP growth and an almost unbroken record of positive growth since the end of the first quarter of 2009. 

"The burden of proof," he writes, "lies on those who assert the beginning of the recovery is due to anything, anything (Fed balance sheet expansion, TARP — both implemented six months earlier –, sunspots, or the return of Ancient Aliens) but the policies implemented by the Obama Administration." 

I have heard a number of so-called "economists" on Fox News and CNN claiming that the stimulus did nothing, but all evidence proves their contention incorrect.

History will prove that what President Obama did to save the economy was just this side of miraculous, until then it falls to good liberals to right the good fight of facts against purposeful misinformation.

28 comments:

  1. Anonymous6:56 AM

    Giving any credit to this President is very difficult for some.........unless it is a negative credit.......then they pile on like a bunch of middle school bullies.......arrested development at it's finest.......

    ReplyDelete
  2. Randall7:01 AM

    I often wonder WHY Democrats running for office don't list the facts?

    "Here's what the economy did under Reagan and Bush I - and here's what the economy did under Clinton."

    "Here's what the economy did under Bush/Cheney - and HERE'S what the economy did under President Obama."

    Republicans run on emotional issues but the facts show that Democrats and their progressive ideas work much better.

    Just list the facts... that's all a Democrat running for office has to do: simply list the facts.

    ReplyDelete
  3. Anonymous7:02 AM

    Why the Republican party is imploding and Congress has chosen to do nothing this year. ANYTHING to make him seem like a failure, Well, my President is a master at 3-D chess. Suck on it, GOP/TPers.

    ReplyDelete
  4. Anonymous7:14 AM

    Gryph, I'll admit I'm not the brightest, but if that graph were true in showing such an increase in private sector jobs, shouldn't our current unemployment rate be lower than what it was in 2008? Am I not seeing something?

    ReplyDelete
    Replies
    1. Anonymous7:44 AM

      Not at all. More people enter the the workforce every year. The number of people working/looking for work is not a stagnant number. Example 5% of a hundred is 5, that means 5 people not working , 95 people working.
      5% of 200 is 10, 10 people not working, but 190 are working. Thus the number of people working increased by 100%,, though the percentage of unemployed is the same percentage.


      Little Rabbit

      Delete
  5. Anonymous7:29 AM

    The LA Times is one of the most conservative papers too!

    ReplyDelete
  6. Paul Samuelson7:45 AM

    Paging Bristol Palin, stat: you've recently alleged that our President tanked the economy.
    All economic indicators prove otherwise. Look at this chart. Look at the record stock-market highs. Just two overwhelming examples.
    A suggestion: when you're through learning skin care, go take an evening course in macroeconomics. Follow it up with a chaser in microeconomics.
    Although, to be fair, the micro course might convince you that going long in real estate investments and a pontoon boat isn't the best long-term investment strategy for you and your son.

    And, these investments might convince a judge that Levi Johnston has less money than you do, and, thus, should not be required to pay the punitive child support that you roped him into as the woman scorned.

    ReplyDelete
    Replies
    1. Anonymous8:08 AM

      Bristol can barely do simple math. Nancy French at her finest.

      Delete
    2. Anonymous8:17 AM

      In all fairness to Brisket, the Palin families income IS tanking. SarahPac donations are sliding quarterly and in just a few years has dropped to a trickle of what it was.

      Delete
    3. Anonymous8:37 AM

      Yep, 8:17 AM, and a collective eyeball roll anytime she opens her mouth. To the Sportsman channel she goes, and hasn't been on Faux since NYE. Quite the slide, and almost pathetic to watch her. Queen Esther she wasn't.

      Delete
    4. Anonymous9:10 AM

      Within the next 2 yrs we will see the Palin's selling off property and Sarah working the state fair route. Poor Brisket better get ready to actually get a job and move back in with her Dad. But someone like Brisket, who probably has an IQ of 65-75, can't see beyond her own families finances.They will all be living off of Tawdrys pimp money in 6 yrs and Tawdry himself will be trying to get hired on the North Slope again.

      Delete
    5. Anonymous10:56 AM

      The Palin girls has a Ged there too stupid to know basic math.

      Delete
  7. I have heard people who in all seriousness, claim that this recovery is because of Bush and it just took that long to see the results. They also claim that the disastrous economy of the Bush administration is the fault of the Clinton administration. There is absolutely no getting through to people like that.

    ReplyDelete
    Replies
    1. Anonymous9:13 AM

      You do set them straight, I hope, don't you?

      Show them this graph.

      Delete
  8. Anonymous8:14 AM

    If President Obama wasn't blaaa..hhhh... he would be touted as the new FDR.

    ReplyDelete
    Replies
    1. Anonymous9:12 AM

      I so agree.

      Delete
    2. Anonymous10:12 AM

      So what's your problem? That he doesn't crow about his accomplishments? A strong, secure person doesn't have to. Actions, not words.

      Delete
    3. Anonymous11:21 AM

      @ANON at 10:12AM
      Do you have a reading comprehension problem??

      Delete
  9. The Job growth would be even better if President Obama had been given the Jobs Bill which he had asked for and was denied. All other Presidents got their jobs bill but not President Obama.

    ReplyDelete
    Replies
    1. Anonymous8:45 AM

      Exactly, and everything Dubya did is now projected onto him. What a pile of crap and he has handled it with grace and eloquence.

      Delete
  10. Anonymous8:37 AM

    The LAMEstream media is starting to pick up on Sarah's look-at-me! I was right! bs.

    ReplyDelete
  11. Anonymous9:09 AM

    OK people, let's make it go viral.

    ReplyDelete
  12. Anonymous12:52 PM

    Surprise: Obamascare story victim owns property with Republican County Chair

    Julie Boonstra, the latest “victim” of Obamacare, recently spoke out about the imminent threat that the health care law poses in her life. According to Boonstra, the month to month costs have risen to a level that is absolutely unaffordable.

    Boonstra says that somehow, after being diagnosed with cancer, she was able to find a “great” plan–which the evil dictator Obama took away from her. Her previous plan was $1,100 per month, and her new one is $571 per month–but, according to Boonstra, it’s still more expensive because of the out-of-pocket costs. Boonstra, apparently unable to perform mathematical calculations, fails to mention in the liefest that is “her” ‘Obamacare destroyed my life” ad, that since out-of-pocket costs are limited to $6,350 per year, her new plan is $2 more than her old one–maximum.

    Boonstra may not know “all the numbers” as she claims, but we’re learning quite a bit about her since she thrust herself into the public light to demonize the Affordable Care Act.

    For instance, Julie Boonstra owns a property with the former chair of the Washtenaw County Republican Party–who also shares her last name! The property in question is next door to Mark Boonstra’s home in Dexter, Michigan. Mark Boonstra, a member of a right-leaning group known as the Federalist Society, was appointed by Governor Rick Snyder to serve on the Michigan Court of Appeals.

    http://freakoutnation.com/2014/03/02/surprise-obamascare-story-victim-owns-property-with-republican-county-chair/

    http://www.politicususa.com/2014/03/01/koch-brothers-obamacare-victim-owns-property-county-gop-party-chair.html

    ReplyDelete
  13. Anonymous12:55 PM

    Fox News host calls out Darrell Issa for ‘highest level of falsehood’ on Benghazi

    http://freakoutnation.com/2014/03/02/fox-news-host-calls-out-darrell-issa-for-highest-level-of-falsehood-on-benghazi/

    Watch the slimy bastard squirm, deflect and lie, lie, lie.

    ReplyDelete
  14. Anonymous1:21 PM

    Next time you come face to face with someone who doesn’t understand the difference between climate and weather, reference this video.

    http://aattp.org/watch-this-global-warming-video-obliterates-the-deniers-once-and-for-all/

    ReplyDelete
  15. Anita Winecooler6:02 PM

    Bristol's smart. She invests in "Junker Bonds" cuz she likes the name!

    ReplyDelete
  16. Anita Winecooler6:18 PM

    President Obama Built That!!!

    ReplyDelete
  17. Anonymous10:21 PM

    Here is an internet classic link for the comparison between Putin and Obama (enjoy):

    http://www.tomatobubble.com/putin_obama.html

    ReplyDelete

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