Ah, the good old days when “talking down the economy” was a bad thing. Remember? Republicans squealed that it was downright un-American to even say the R word. Recession? What recession? George W. Bush and his tax cuts were GOOD to the economy! There will be no talk of recession.
Hell, if you listen to one wingnut blogger in Ohio in particular you may have indeed thought the economy was gonna make a full on recovery in December of 2008.
Yeah. Not so much. Remind me not to take Blumer to Scioto Downs.
Now it seems talking the economy down is in style and finding media outlets who will rain down doom and gloom is fashionable as well. (You’ll note in the post linked that while Blumer was touting that we may well be pulling out of this in December of 2008, he now says unequivocally that we were in a recession from late 2008 through early 2009.) Goalposts successfully moved. Tom was, of course, wrong. Anyone who listens to this guy when it comes to the economy should have their heads examined. He tried in vain to make the case that we were pulling out of it in December of 2008 as an argument against the stimulus, which did in fact pull us out of it. The stimulus worked. This reality simply cannot exist in Tom’s world so cognitive dissonance drives his economic drivel. We’ll leave his particularly dishonest “POR economy” claptrap to another post.
So what of the latest GDP news and what does it mean in terms of whether or not we are indeed in the midst of recovery? A little perspective is nice.
The bottom line to the graphic above:
So a rational perspective would be that we are recovering better than in the previous two recessions, which were much less dire than the Bush-Obama recession, but well short of the energy that propelled the Reagan recovery.
Don’t expect any rational perspective from the lunatic right. They are pissed as hell that stimulus spending – even deficit spending – has been shown to work in the worst of times over and over again. We’re in the midst of recovery but unfortunately the “patriots” have gone turncoat when it comes to talking about the economy.
Sidebar: Check out those early 80s. Reagan era. Know when things started to turn around? When he instituted a massive tax INCREASE. Yup. Thought you’d like that.