Monday, July 11, 2011
Newt declares: This is the Obama Depression
Newt Gingrich labeled the economic situation in the U.S. as the “Obama depression,” just days after a dismal jobs report and signs negotiations on the debt deal are faltering.
“At 9.2 percent now for month after month after month, this is the Obama depression,” Gingrich said on Fox and Friends Sunday morning. “Housing prices have dropped deeper than in the great depression and it’s very clear that under Obama’s job killing policies, we’re not going to get out of this deep unemployment.”
Wow, where do I start with this one?
First of all Newt, the Great Recession - as most economist agree - began in 2007.
Second, the Great Collapse - stock market plunge, housing market meltdown, credit freeze and soaring unemployment rate - happened in the fall of 2008 after the fall of Lehman Brothers.
The late-2000s recession, more often called the Great Recession, is a severe ongoing global economic problem that began in December 2007 and took a particularly sharp downward turn in September 2008. The Great Recession has affected the entire world economy, with higher detriment in some countries than others. It is a global recession characterized by various systemic imbalances and was sparked by the outbreak of the late-2000s financial crisis.
These events transpired on the watch of George W Bush.
Third, upon the inauguration of President Obama the sentiment of the GOP - as expressed by Mount Rush Limbaugh - was for failure of the new president and our country's economy.
Instead of being constructive partners in a time of crisis, the GOP opted to be obstructionist. Thus, they sat on their fannies and just said No - even to legislation and ideas they supported before President Obama endorsed them.
But despite having no GOP partner, President Obama and the Democratic congress have somewhat righted the ship - even though high unemployment remains (something the GOP seems strangely aglow about).
By the economic-science definition of the word "recession", the Great Recession ended in the U.S. in June or July 2009. However, economic hardship remains in the U.S. and many other countries, prompting others to declare that the recession continues
Just think where we could be if the cynical GOP decided to roll up their sleeves and pitch in.
So Newt, please exit the stage and sit your a$$ down - even your fellow GOP voters stated you were an embarrassment.
You are the same Newt that lambasted Clinton for having an affair with an intern while you were having an affair with an intern.
BTW, on you way out pay your Tiffany bill.