Professor Mankiw is a professor of economics at Harvard University. He has a good blog: Greg Mankiw's Blog: Random Observations for Students of Economics!
As we go from "blaming Bush" to "holding BO accountable" for his decisions, we see that Pres BO is once again playing the victim role.
Yes, BO wants you to think that he "inherited" something bad. In fact, it was so bad that it will take a lot more than "hope and change" to fix it.
As you can see from Prof Mankiw's chart, this recession is not The Great Depression Chapter 2.
In fact, this recession is comparable to others!
We posted several times last year that all of the Dems' "doom and gloom" was based on politics not economics.
We also told you several times that this 2008-09 recession has a regional flavor. California stinks. Texas does not! Michigan is in terrible shape but much of the "right to work" southern states are doing better.
Donald Marron has a good post called Not the Great Depression 2.0:
"Our economy has indeed been in terrible shape lately, with millions of families struggling with falling incomes, job losses, home foreclosures, and plummeting wealth.
The current recession is severe by any reasonable metric.
But it still pales in comparison to the Great Depression."
We tell you today: BO inherited a recession just like Bush inherited a recession in 2001. In fact, it's quite common for presidents to inherit recessions, i.e. Reagan 1980, Clinton 1992!
Unlike Bush, who looked to the private sector to bounce back, BO has unleashed the greatest expansion of government in years.
What's the situation today? The US economy is getting worse because of the spending and debts created by Pres BO! Again, get ready for a federal deficit relative to GDP of over 10% this fall! (It was always in the 2-4% range under Pres Bush!)
Yes, we may soon be calling it The Great Depression! It will have a twist of "hope and change" and lots of "yes we can" screamers!
