A worldwide credit bubble that only affected people who owned homes and businesses but not the entire consumer driven economy. Again, leadership and economic policies are being ignored as you simply look at results. Obama prolonged the recession whereas Reagan policies got us out of it. I own a home, I didn't sell my home, I lost nothing just like millions and millions of others.Originally Posted by JasperL
The misery index is ONE number. No serious person looks at one number to compare things like recessions. And the "misery index" hit a peak of 20, then immediately recovered as inflation was brought under control because of tight Federal Reserve policies. Reagan did nothing to bring that part of the "misery index" under control. Furthermore, his approach was classic Keynesian stimulus - increase spending, cut taxes. We did a lot of that in response to the debt bubble bursting.
And what could Bush or Obama have done to bring employment immediately back? The debt bubble was real and simply could not be solved except to let that debt slowly recover to manageable levels. Look around the world. Which countries with a similar debt bubble bursting had quicker recoveries?
Say what? "Only" affected home owners and businesses? LMAO. If you didn't buy a house during the late 70s, early 80s interest rate spike, it didn't affect you either. Not many people had credit cards back then or high debt levels, so it only affected those who had to incur or roll over debt during that window. My parents bought their house in 1971. During that spike, they still had their 1971 level mortgage interest rate and didn't suffer a bit. I know they had no credit card debt to speak of...
Yes, I made a mistake the misery index did not exceed 20% but came close and was well over 19 compared to the 12 plus Obama inherited. My mistake and my apology. See how easy that was to admit you are wrong? Keep ignoring the point of leadership and economic policy, what was the misery index after Reagan's economic policies were fully implemented? When the banks wouldn't lend money what did Reagan do? Cut taxes that allowed people to keep more of what they earned and that had the same affect. People spent their money which created the save affect as lending money
Liberals always have a problem with people keeping more of what they earn and therein lies the difference in "leaders" Keep buying the rhetoric of this Administration along with the poor economic policies and incompetence.
while your points have merit, please don't fall victim to Conservative's inane BS. The misery index was never 20 under St. Reagan.
19.33 is "well over 19" but 12.97 is "12 plus"
intellectual dishonesty at its finest, folks.
Really? so people don't compare the affects of a recession to their own economic conditions? Therein is another difference between conservatives and liberals. conservatives understand leadership and the U.S. economy whereas liberals understand one thing, spending in the name of compassion.
When you get a tax cut what does that do to your paycheck and what do you do with the money? As I stated millions and millions of Americans weren't affected by this recession and you have yet to refute that. You don't get it and never will. This country's economy isn't built on govt. spending whereas most of the world's economy is. That is where austerity and the debt bubble hurt the most.
So how did this recession affect your parents? Thanks for confirming that this recession didn't affect them much either whereas interest rates affected everything including costs of good thus the value of their dollar then compared to now.
The 2008 Was so bad it is called the Great Recession.
From the following article.
- See more at: The Great Recession | State of Working America
The Great Recession—which officially lasted from December 2007 to June 2009—began with the bursting of an 8 trillion dollar housing bubble. The resulting loss of wealth led to sharp cutbacks in consumer spending. This loss of consumption, combined with the financial market chaos triggered by the bursting of the bubble, also led to a collapse in business investment. As consumer spending and business investment dried up, massive job loss followed. In 2008 and 2009, the U.S. labor market lost 8.4 million jobs, or 6.1% of all payroll employment. This was the most dramatic employment contraction (by far) of any recession since the Great Depression. By comparison, in the deep recession that began in 1981, job loss was 3.1%, or only about half as severe.
ok, your point? Was there foreclosures during the 81-82? What did Obama do to solve the credit problem? ACA? Keep buying the liberal rhetoric and ignoring the liberal results
Why are you ignoring leadership and economic policies and focusing simply on the numbers? It is the recovery that is the problem and that stems from the lack of Obama and thus incompetence. when it was learned that the stimulus failed what did Obama do? ACA!!!!!! Make sense to you?
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