Our Last Recession Started in 2001- Not In 2000, as Bush Repeats
You may or may not have heard President George W. Bush, when talking about our current economy and what our nation has gone through over the past 7 years, claiming that during his first term in office, the country survived a recession that `began' during the previous administration. He continues to repeat this comment using the qualifier `began' when referring to the previous recession.
You may also remember that during the 2000 Election campaign, Dick Cheney declared that he and George W. Bush were `concerned' that we were "currently in" a recession. He said this in October of 2000.
Well, in case you didn't know it (because like me, you assumed Bush was speaking the truth about `when' that recession happened), our last recession actually `began' in March and ended in November of 2001; During George W. Bush's administration.
The definition (rule of thumb) of a recession is, two consecutive (6 months) quarters that our economy shrinks. If you'd rather use the National Bureau of Economic Research, they too declared that our last recession began in March and ended in November of 2001.
CNNMoney, November 26, 2001
NEW YORK (CNN/Money) - The world's largest economy sank into a recession in March, ending 10 years of growth that was the longest expansion on record in the United States, a group of economists that dates U.S. business cycles said Monday.
The National Bureau of Economic Research (NBER)...... ruled that the long expansion ended in March and the nation's tenth recession since the end of World War II began at the same time. The declaration means the longest expansion lasted exactly 10 years.
About the current discussion of whether or not we're in a recession now. Please note that the current administration has yet to confirm an actual recession. Please also note that the Bush administration wants Congress to make permanent, his tax cuts he put in place earlier in his term. What better way is there to do that, but to claim we `might' be in a recession, therefore, any tax increases (even though the current tax cuts don't end till 2010), would only serve to hurt our economy more.
Holding off in declaring an actual recession, might also allow Bush and the GOP to claim it didn't `start' (if there truly is one) till after Bush left office. That way, they've made it appear that Bush's economy during his two terms in office were good ones.
Just thought you'd be interested in knowing this truth.
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