No, the economy did not grow at 2.8%. Take away the $150 Billion “taxpayer bailout” called the “Stimulus package” and GDP growth was anemic.
The unprecedented amount of spending should give you a clue to the scale of the economic downturn we are talking about. Do you really think they would spend trillions to avert a normal recession? The answer is no. In normal times, the 2% Fed funds rate would be sufficient to stimulate the ecnomy.
We are not talking a run of the mill recession. We are talking about a depression. Nobody in power is willing to use that word, because they don’t want to hurt market confidence any more than hit has been. Instead of depression, they are saying a “long deep recession”. The trillions being bandied about should be all the clue you need that is true.
most people like to wait until the problem is in front of them before looking for a solution. that’s what makes for interesting history.
As we speak the Democrats are loading the "rescue bill" with so much pork it should be embarrassing to all citizens.