and we’ll just ignore this think called the GFC?
and we’ll just ignore this think called the GFC?
Tim Neal
1

You could mean 2 things with this.

1) That the Reagan policies should have prevented the GFC

2) That Obama’s recovery was weak because of something special about the GFC relative to other recessions

I believe you mean #2. I have heard it before. I just don’t believe that you can say that.

It is a fact that the loosening that the fed did save our economy from a disaster but for 8 years we have had the worst recovery. In all previous recoveries the economy bounces back pretty fast.

When the Great Depression happened every economist agrees that the government’s response dramatically worsened the impact. I absolutely believe we will be looking at the response of the economists to the GFC and realize the response was wrong at least in some measures.

We have to be careful not to assume that this recession is different than previous ones. Maybe it is, but we have to understand why if it is so.

What is clear is that Obama did not spend much effort to boost American business. He raised taxes. He imposed massive additional costs on business. We lost trillions in profits that were diverted to other countries because of high tax rates.

In spite of our high tax rates we have not benefitted from them and still managed to add $10 trillion of debt. We haven’t gotten massive public works projects or provided socialized medical insurance.

Most important we’ve had low growth in jobs and income to the middle class which is hollowing the country out and our poor are not getting jobs and losing hope, rioting. Tensions are building throughout the country due to this underperformance. People are less receptive to immigrants. Nearly all our problems can be traced to this underperformance.

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