A treatment for economic amnesia
Steve Benen uses the charts above (the last of which tracks the Dow Jones Industrial Average) to REFUTE some nonsense peddled by Republican partisans Carly Fiorina and Sen. Ron Johnson:
I understand the tactic Johnson and Fiorina are using. If the public forgets just how awful conditions were when Obama took office, voters will also forget how much the economy has improved on the president’s watch. It’s in the interests of assorted hacks, cranks, and amnesiacs to argue that Obama wasn’t really dealt that bad a hand, so there’s no reason to give him credit for getting the nation on a stronger, more stable track. It’s why Fiorina, with a degree of shamelessness that’s slightly unnerving, claims the recession was “over” by the time Obama was inaugurated.
But for those who care at all about reality, the facts should matter. The crisis that began in late 2008 was the worst since the Great Depression. Nothing else comes close. The global economy stood on the brink of catastrophic collapse; then Obama took office; then his policies took effect; and the economy started to improve. Technically, the recession ended six months after Obama became president, which wasn’t a coincidence.