Saturday, July 16, 2011
Carter is off the hook, Obama recession worst since great depression, comments, liberal spin?
Worst. President. Ever. A new report shows that real GDP has risen 0.8% over the 13 quarters since the recession began, compared to an average increase of 9.9% in past recoveries. Team Obama promised that US GDP growth would be 4.0% in 2011. The Fed announced last week that they see GDP at 2.7% to 2.9% this year. (Snip) The standard response from Obama apologists is that recession of 2008 and 2009 was different because, as former Clinton administration economist Robert Shapiro puts it, "this was a financial crisis, and these take longer to recover from."
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