If you didn’t hear the news, the U.S. has officially been out of a recession – that incidentally began, they claim, in December 2007 – since June 2009.
Convenient, huh? That means that it’s all Bush’ fault and that Obama led us out of what the National Bureau of Economic Research, which produced and published the good news, calls our longest recession since World War II.
Now back to reality…
A Few Dodgy Figures and a Disturbing Array of Stark Economic Facts
Christmas sales definitely did decline both in 2007 and 2008. I remember the reports and the worries.
So I’m not saying that it isn’t possible that the recession started way back when under the evil mastermind and idiotic dictator (Oh, the many reported sides of our last president!) known as George W. Bush (though admittedly, I am still skeptical of such supposed facts). What I don’t see any proof of, however, is that our beloved, benevolent and beatific messiah, also known as President Obama, has really led us out of said recession.
Well, my personal spending may have gone up since Barack Hussein Obama (mmm, mmm, mmm) ascended to the throne, but that isn’t really any thanks to him. I blame my newly acquired spendthrift (the bad definition) ways on my discovery of Ross. Suddenly, I don’t care if I don’t need it or if I wouldn’t spend so much on clothing elsewhere. It’s at Ross and therefore I must have it!
The place is addictive. But moving on…
Most of my fellow Americans can’t make such claims (clearly, because they haven’t discovered Ross yet). Just check out the stats below:
- Tuesday, May 25, 2010 – According to the Standard & Poor’s/Case-Schiller 20-city index, housing slumped 0.5% from February 2010 to March.
- Friday, September 3, 2010 – The U.S. government announced that unemployment ticked up 9.6% in August, though it hailed this as good news since more people are evidently looking for a job again. Good luck trying to find one.
- Wednesday, September 8, 2010 – According to the Federal Reserve and as reported by the AP, consumer borrowing fell in July “as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound.” Incidentally, that doesn’t take us back to December of 2007, though it does easily encompass Obama’s entire presidency… plus three to four months of Bush’s when he was enacting those ridiculous bailout plans.
- Wednesday, September 8, 2010 – For a third consecutive month, economists in a Reuters poll “scaled back expectations for gross domestic product in the second half.”
- Sunday, September 19, 2010 – Even the New York Times has to admit that “Wall Street’s Profit Engines [Are Slowing] Down.”
More Economic Woes
Need I go on? Because I certainly can…
How about the chairman of the Business Roundtable – an association of top corporate executives that used to be part of the Obama groupie scene – accusing the administration of making an “increasingly hostile environment for investment and job creation.”
That doesn’t sound like something people say during a recovery.
Neither, for that matter, does the CNBC poll that just showed 90% of Americans as “very” or “somewhat” worried about the economy.
And if we want to go back to October 2009, when the recession had supposedly been over for a full quarter, why did the New York Times run an article reporting (if I can use that word in the same sentence as the New York Times):
“In the retail business, it is never too early to think about Christmas. So a lot of people are thinking about it, and taking surveys to test the mood of the American consumer, and deciding that this Christmas will be as bad as last – which is to say, one of the worst on record.
“Retailers are relieved to hear that prediction. Flat sales this holiday season would at least mean that things had stopped getting worse.”
The Washington Times went on to report a few months later that:
“Retail sales fell in December  as demand for autos, clothing and appliances all slipped, a disappointing finish to a year in which sales had the largest drop on record.
“The weakness in consumer demand highlighted the formidable hurdles facing the economy as it struggles to recover from the deepest recession in seven decades.
“The Commerce Department said Thursday that retail sales declined 0.3 percent in December compared with November, much weaker than the 0.5 percent rise that economists expected. Excluding autos, sales dropped by 0.2 percent, also weaker than the 0.3 percent rise analysts forecast.
“For the year, sales fell 6.2%, the biggest decline on records that go back to 1992.”
Maybe that’s Obama’s definition of a recovery – or even a movement in the “right direction” – but it certainly isn’t mine.