What is known in the media and Obama campaign speak as The Worst Recession Since The Great Depression, or The Great Recession, is Obama’s excuse for everything.
It’s Bush’s fault, Obama inherited all our problems, etc.
The Bush Great Recession is Obama’s pass to pass the buck.
So keep in mind, and repeat endlessly through November 6, the recession which started under George Bush ended in June 2009 just five months after Obama took office:
The National Bureau of Economic Research, the arbiter of the start and end dates of a recession, determined that the recession that began in December 2007 ended in June 2009.
The business-cycle dating committee met by phone on Sunday and came to the determination. “In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather, the committee determined only that the recession ended and a recovery began in that month,” the committee said in a statement. The 2007-2009 recession is the longest in the post-WWII period.
The risk of a double-dip recession led the NBER to warn of weakness, but that a second dip would not be part of the prior recession:
The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007. The basis for this decision was the length and strength of the recovery to date.
This means two things.
First, Obama’s economic policies had nothing to do with the end of the Bush recession, since the recession ended 5 months after Obama took office and before any of his policies, including the February 2009 Stimulus Bil, had come into effect. So Obama gets zero credit for the end of the Bush Great Recession.
Second, Obama owns the failed recovery from the recession. It took place entirely on his watch, and during a time period when Obama’s policies and threatened policies were a factor.
Obama’s failed policies have created the impression in a majority of people that the recession continues, but what we need to get people to understand is that they are experiencing Obama’s Great Failed Recovery, not Bush’s Great Recession.
So repeat this endlessly. The Bush Great Recession ended June 2009.
The Obama Great Failed Recovery is the problem.