Let the record reflect that George W. Bush is handing off a recession to Barack Obama:
The U.S. economy fell into a recession last spring and will contract sharply this quarter as more than 200,000 workers per month are added to the rolls of the unemployed, a survey said on Monday.The Philadelphia Federal Reserve's latest Survey of Professional Forecasters removed some of the glow from an earlier report showing industrial output rebounded in October after hurricane disruptions produced a stunning fall in September.
[...]
The Philadelphia Fed's survey predicted gross domestic product would shrink by 2.9 percent in the fourth quarter, a sharp downgrade from the previous prediction of 0.7 percent growth.
It said the U.S. economy entered a recession in April and that it will last 14 months, which would make it one of the longest recessions since the Great Depression of the 1930s.
While there may be efforts by some on the right to cast blame for the state of the economy early next year on the Obama, it's clear that any downturn began earlier during the watch of the Bush administration. In light of these data showing that a contraction in the economy began seven months ago, it is even more clear that the foot-dragging of both the White House and Congressional Republicans at a time when Democrats were calling for more robust stimulus measures -- and, I might add, an end to the War in Iraq, which comes at a great cost to this country -- was monumentally misguided. The only question, now, is whether Republicans will continue on the path of obstruction or, if instead, they will allow the Congress to move forward with the types of changes so required to begin to heal the ills in the economy
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