What was the unemployment rate under Bush?
Despite the recession he inherited, 9-11, stock market scandals, Hurricane Katrina and two wars in Iraq and Afghanistan, the unemployment rate during the Bush years averaged out to 5.27%. (Misery Index)
How about so far under Obama?
The US economy lost 598,000 jobs in January.
The US economy lost 706,000 jobs in February.
The US economy lost 742,000 jobs in March.
The US economy lost 545,000 jobs in April.
And, in May the US economy lost 345,000 jobs.
Here’s a graph that may help you to understand how bad Obama really is, compared to Bush:
Clinton’s rate is good because Newt Gingrich was in charge of the House in 1994 onward, and the House is where all spending bills originate
Hot Air reports (with a graph) that the unemployment rate is worse than the White House predicted it would be if they hadn’t passed the stimulus:
We are heading towards double-digit unemployment and doing that while we incur the massive debt of the unstimulating stimulus package. We could just as easily have kept the money and ridden out the unemployment, much as we’re forced to do now, only being a lot poorer while doing it.
Why is this important? It demonstrates that the President and his economic advisers have gotten pretty much everything about this economic collapse wrong. Instead of contracting government spending and shoring up the credibility of the currency, they’re setting records in dissipating it instead. Instead of focusing on fixing the problem that government explicitly created — mortgage-backed securities — they’ve literally left that for last while they waste money chasing every Democratic constituency but ignoring the actual cancer in the financial system.
Bush was cutting into the deficit until the Democrats Community Reinvestment Act caught up with him in 2008. But Obama has ruined Bush’s effort to balance the budget, with his massive redistributions of wealth.
And the Heritage Foundation shows that the national debt is getting much worse under Obama’s tax and spend policies:
The Heritage Foundation writes:
The national debt is skyrocketing. In 2009 publicly held debt is projected to jump to 54.8 percent of GDP, up from 40.8 percent in 2008. A year to year increase of this size hasn’t occurred since World War II. While the main causes of this massive increase – $787 trillion economic “stimulus” and the $700 billion Troubled Asset Relief Program (TARP) – are sure to be debated for some time, the truly freighting revelation should be not what has already taken place, but what our elected officials have planned.
President Obama’s budget, if passed, would send debt to levels 26.3 percent of GDP over current law. Although President Obama has publicly stated his desire to both bring down deficits and reform entitlements under his watch, his actions don’t match his words.
Who caused the recession? The democrats caused the recession, Bush tried to stop them in 2003. And Obama’s spending spree is only making things worse. We have a worse economy than Canada now, in every measure that counts. Obama’s planned tax hike is causing companies like Microsoft to ship jobs overseas, and his cap and trade plan will cost us even more jobs.
High tax rates cause the most productive people to stop working, costing us jobs. Obama is to blame. His total ignorance of economics means that he will be playing whack-a-mole with the US economy – always inventing new interventions into the market to fix the problems his last intervention caused.