Tuesday, September 4, 2012

The Second Great Depression?


I'm intrigued by the claim Obama and his acolytes make that his bold actions saved us from another Great Depression. It's a curious claim.

This graph is from "The Job Impact of the American Recovery and Reinvestment Plan." I won't comment on the actual unemployment rate since the ARRA was passed, other than to mention it is much higher than expected with stimulus and, oddly enough, higher than it was predicted to be without stimulus as well.  I know I know, it's George Bush's fault the Obama economics team was so poor at forecasting.

Obama's claim to a second term (if he is actually making one) is he saved us from a Second Great Depression.  But tell me. Where was the Great Depression we avoided? His team certainly expected a recovery, even if they didn't spend close to $1 trillion, and certainly nothing even close to a Great Depression. Since his claim, by his own admission, is false, what is the case for Obama II?


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