"Worst Economy since the Great Depression"
Over the weekend, I heard National Public Radio's Daniel Shore talking about the "worst economy since the Great Depression".
Democratic politicians have been using similar terminology for the last year, as well. (Of course, they conveniently leave out the solo support of Fannie Mae and Freddie Mac, which led to much of our current travails). Senator Chuck Schumer (who's prior prouncements caused the run on, and eventual collapse of Indy Mac Bank) has also been bloviating on this "great depression like economy".
While the economy is tough right now, I don't see the 14 years of strife in our future. The Great Depression (lasted 14 years) was overseen by a Democratic President and Congress, and was prolonged due to their mismanagement.
So, if we are to accept Mr. Shore and Sen. Schumer's observation, then let's set the current economic statistics as the low water mark.
Unemployment Rate 6.5%
Prime Interest Rate 4.0%
Inflation Rate <3%
GDP growth 2008 1.5% (estimate)
With these numbers in place, we can now measure the future Obama economy against this "horror".
Democratic politicians have been using similar terminology for the last year, as well. (Of course, they conveniently leave out the solo support of Fannie Mae and Freddie Mac, which led to much of our current travails). Senator Chuck Schumer (who's prior prouncements caused the run on, and eventual collapse of Indy Mac Bank) has also been bloviating on this "great depression like economy".
While the economy is tough right now, I don't see the 14 years of strife in our future. The Great Depression (lasted 14 years) was overseen by a Democratic President and Congress, and was prolonged due to their mismanagement.
So, if we are to accept Mr. Shore and Sen. Schumer's observation, then let's set the current economic statistics as the low water mark.
Unemployment Rate 6.5%
Prime Interest Rate 4.0%
Inflation Rate <3%
GDP growth 2008 1.5% (estimate)
With these numbers in place, we can now measure the future Obama economy against this "horror".
Bob, what did you mean by: "leave out the solo support of Fannie Mae and Freddie Mac,"?
I think we can all agree that another great depression is a terrible thing and we'd all like to avoid it. I think the point they are making by the comparison is that there is ongoing and massive turmoil in many sectors of the financial markets and people are scared to leave their money in the banks.
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You listen to NPR, too? So you're the other one… Is it me or do they whisper all day long? I think they don't want to wake anybody up, like they are broadcasting golf on TV.
I listen for the bluegrass on weekend nights.
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The most important thing in communication is to hear what isn't being said.
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