The Bush legacy: A failed economy


bushiv1Having built his Administration on lies beginning with 911 and the sordid attempt to justify the invasion of Iraq because of what happened in NYC, it’s completely characteristic of Bush to obfuscate and deny the inevitable: The U.S. economy has been in a recession since December 2007

By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.

*snip*

The White House commented on the news that a second downturn has officially begun on President George W. Bush’s watch without ever actually using the word “recession,” a term the president and his aides have repeatedly avoided….

*snip*

Many economists believe the current downturn will be the most severe since the 1981-82 recession. The country is being battered by the most severe financial crisis since the 1930s as banks struggle to deal with billions of dollars in loan losses.

Loss revenue and jobs are the mark of this recession.

In a worrisome sign of further weakening in the U.S. labor market, November saw the highest number of layoffs in the private sector in more than 32 years.

*snip*

Since the start of the recession in December 2007, as recently announced by the National Bureau of Economic Research (see “Congratulations, It’s A Recession”), the number of unemployed persons increased by 2.7 million, and the unemployment rate rose by 1.7 percentage points with two-thirds of these losses sustained in the last 3 months.

What started out as a $700 billion bailout has now ballooned into over $8.5 trillion dollars of US taxpayer money which can be given away in any way the chairman of the Federal Reserve sees fit, with or without the consent of ANYONE, including Congress.

“Most of the money, about $5.5 trillion, comes from the Federal Reserve, which as an independent entity does not need congressional approval to lend money to banks or, in “unusual and exigent circumstances,” to other financial institutions.

Now Bush is even faced with rebellion within his own party as the bailout for the automobile industry he was in favor of has been defeated in the Senate with the help of members of the Republican party.

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