Posted on 08/02/2009 6:34:12 PM PDT by Steelfish
Sunday, August 02, 2009
Obama Economy Worst Since Great Depression
The Obama economy is now officially the worst since the Great Depression.
Thanks Barack.
Bloomberg reported, via Drudge:
The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said yesterday in Washington. Gross domestic product has shrunk 3.9 percent in the past year, the report said, indicating the worst slump since the Great Depression.
(Excerpt) Read more at gatewaypundit.blogspot.com ...
No, no, worst since George Bush. Since before George Bush, after George Bush, during George Bush. Worst since the Pleistocene Age, what with all the cave foreclosures. Only George Bush had a worse economy than 0bama, so no matter how bad it is, it’s still better than under George Bush.
LOL!!!!
It is too obvious Ødumba’s plan was going to make things worse. He is hard headed and won’t consider his way is wrong, as Congress feeds him tax payer funds,
‘just going back to the levels Clinton #1 had’, like that didn’t leave a recession. Bush didn’t cut taxes enough.
Not to worry. Its all about sex. Move on. Ooops, that was the other Democrat president. Sorry.
Weird headline since Obama wasn't President then. Are we trying to look like idiots? There's enough to work with, in just what he's done or is planning to do in the 6 months he's been in office without making easily refuted claims about the "Obama economy" that extend before he took office.
Your brain needs oxygen. Breath...breath..breath.
The Recession/Depression started in the fourth QTR of 2008. A recession is referred to as 2 straight quarters of negative growth. This never occurred until the fourth qtr of 2008 when the economy contracted by around 3%. after the election of Obummer. It has continued to decline unabated for over 10 months. Real GDP in America actualy GREW in 2008 by 1.3% on an annual basis because of growth in the second QTR. This year the economy has contracted by 6% in the first QTR and unadjusted negative growth of 1% in the second QTR Both are annualized figures. The second number most certainly will be revised DOWNWARDS in the next several weeks Probably by another 3-5%. None the less, the economy has lost almost 12% of it's value since Obummer was elected an Astonishing $1.7 TRILLION in less than a year.
And over $1.4 Trillion since he was sworn in.
Obama is an EPIC FAILURE, and it is only getting WORSE!
Wait until the extended UE benefits run out.
Democrats will probably vote to make them pernament. They're already at 20 months.
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