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.



  1. Hah… caught you red-handed with your pants down, Pat.

    Whenever you see a graph from a liberal, you must look at the scale of each axis and then at how much data is shown. Sure enough, your “Domestic GDP” graph ends in Q4 of 2009, almost three years ago. That’s because the most recent three years would show data that refutes your claim.

    Look at all the whole data, not just a weird subset that appears to prove some liberal conjecture:


    Obama’s stimulus sent billions of dollars to liberal-friendly constituencies who probably appreciated the payoff. But all this money simply caused a sugar high in the economy with no lasting structural improvements. All we got in the long term was almost $1 trillion in new debt… for which we get to pay interest for decades.

    Same with the other two charts. Extends the time lines from 2000 to 2012 and you will see a different picture.

    Well, no matter. Voters are waking up to Obama’s foolishness and may very well fire him from his job in 18 days, and you’ll have a lot of other things to write about.

  2. Pat is great at that Dan.

    We need more stimulus!!

    “So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy. The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.”
    The complete list of faltering or bankrupt green-energy companies:
    Evergreen Solar ($24 million)*
    SpectraWatt ($500,000)*
    Solyndra ($535 million)*
    Beacon Power ($69 million)*
    AES’s subsidiary Eastern Energy ($17.1 million)
    Nevada Geothermal ($98.5 million)
    SunPower ($1.5 billion)
    First Solar ($1.46 billion)
    Babcock and Brown ($178 million)
    EnerDel’s subsidiary Ener1 ($118.5 million)*
    Amonix ($5.9 million)
    National Renewable Energy Lab ($200 million)
    Fisker Automotive ($528 million)
    Abound Solar ($374 million)*
    A123 Systems ($279 million)*
    Willard and Kelsey Solar Group ($6 million)
    Johnson Controls ($299 million)
    Schneider Electric ($86 million)
    Brightsource ($1.6 billion)
    ECOtality ($126.2 million)
    Raser Technologies ($33 million)*
    Energy Conversion Devices ($13.3 million)*
    Mountain Plaza, Inc. ($2 million)*
    Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
    Range Fuels ($80 million)*
    Thompson River Power ($6.4 million)*
    Stirling Energy Systems ($7 million)*
    LSP Energy ($2.1 billion)*
    UniSolar ($100 million)*
    Azure Dynamics ($120 million)*
    GreenVolts ($500,000)
    Vestas ($50 million)
    LG Chem’s subsidiary Compact Power ($150 million)
    Nordic Windpower ($16 million)*
    Navistar ($10 million)
    Satcon ($3 million)*
    *Denotes companies that have filed for bankruptcy.

    Attack Heritage, not the facts

  3. > …the most recent three years would show data that refutes your claim….all this money simply caused a sugar high in the economy with no lasting structural improvements…

    Actually if you click on the link you provided you’d see the chart therein refutes *your* claim. There’s still plenty of growth after the chart in the above article cuts off. But this is where Obama started being filibustered by a Republican congress. Nobel laureates such as Dr. Paul Krugman predicted this would happen and predicted how much it would slow (though not stop) growth, and he was precisely right. He then said people like you would use that as ammunition that the stimulus was not working, and he was right again.

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