Hilarious Fox and Varney ludicrously lauds Bush economic record, slams Obama's
On Fox & Friends, Fox Business' Stuart Varney argued that it is "inaccurate" to attribute the recession to President Bush and claimed that "President Obama's policies have not fixed that ongoing recession." In reality, Obama's policies have created growth in the GDP and the Dow Jones Industrial Average, while turning around the increases in joblessness that began under Bush.
Varney: "President Bush fixed the financial panic," while the "economy fell off a cliff on President Obama's watch"
From the July 30 edition of Fox & Friends:
DOOCY: We're all wondering why hasn't the president created more jobs? Well, you know the White House says it's President Bush's fault. Joe Biden said that just yesterday. Listen.
BIDEN [video clip]: There's never enough until we restore the eight million jobs lost in the Bush recession. Until that happens, it doesn't matter. I mean, it matters, but it's not enough.
DOOCY: Did he say the Bush recession? Stuart Varney is laughing off camera and he is now on camera to tell us what's going on here. OK, so now, forget about just blaming Bush. Now Mr. Bush has got a recession named after him.
VARNEY: Let me get my line in here. The president is on a summer recovery tour. The vice president seems to be on a summer comic relief tour. He says it's Bush's recession, harking back two years ago. I think that's inaccurate. President Bush fixed the financial panic. The economy fell off a cliff on President Obama's watch, and President Obama's policies have not fixed that ongoing recession.
NBER: Recession began in December 2007, more than a year before Obama's presidency began
NBER: Economic activity began to decline in December 2007. The National Bureau of Economic Research announced on December 1, 2008, that based on "economy-wide measures of economic activity," including domestic production and employment, the recession began in December 2007.
Economic indicators show the economy has dramatically improved under the Obama administration
Real GDP has greatly increased during Obama's presidency. As the graph (taken from Bureau of Economic Analysis data) below indicates, real Gross Domestic Product (GDP) tumbled in the last two quarters of Bush's presidency and the first two quarters of Obama's. It has increased steadily through the last four quarters:
After steadily increasing in 2008, new jobless numbers have dropped significantly in the time since Obama took office. As data from the Bureau of Labor Statistics (BLS) show, new jobless numbers increased in seven of the last eight months of Bush's term, from just under 200,000 jobs lost June of 2008 to around 800,000 lost in January 2009. The data show that in the time since President Obama took office, new jobless claims have significantly decreased, and, beginning in November 2009, there has been a net increase in employment. From a BLS news release on the June 2010 jobs report:
After falling "off a cliff" in October 2008, the stock market rebounded following the passage of Obama's stimulus plan. In the fall of 2008, the Dow Jones Industrial Average (DJI) nosedived, dropping 2937.25 points in just two weeks (September 26 to October 10). The Dow continued its downward trend through March 6, 2009, when it bottomed out at 6626.94 points, two weeks after President Obama signed the stimulus bill into law. Since then, the DJI has steadily increased, gaining 26.6 percent in the time since Obama took office, and 33.5 percent since the stimulus was enacted (as of 11:21 am ET on July 30).
What kind of assclown is so blinded by partisan loyalty they will spew such obvious falsehoods. Why do conservatives hate America.
Right-Wing Pundit Phyllis Schlafly is still an unhinged wacko after all these years.
