Obama’s Great Depression - Fear Mongering As An Art Form
We recently wrote about Barack Hussein Obama and his rhetoric about The Great Depression and other misrepresentations about the US economy.
The man won’t stop with his continuous blare of doom and gloom and only he can fix the economy while his cheerleaders in the press praise his “great works.”
Obama has now turned fear mongering into an art form and much of the public is buying into it, even some bank CEOs are licking Congressional boots because they need federal money to save their jobs.
As Obama tells it, today’s economy is the worst since the Great Depression and without his newly passed Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover. 
Let’s compare The Great Depression to former and current recessions using statistics instead of Obama rhetoric and lies.
Job Losses:
In 2008 the US lost 3.4 million jobs, which represents 2.2% of the labor force.
From November 1981 to October 1982, 2.4 million jobs were lost representing 2.2% of the labor force at that time.
In 1930, the economy shed 4.8% of the labor force. In 1931, 6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or triple the rate of 2008-09 or 1981-82.
Unemployment:
The latest survey shows U.S. unemployment at 7.6%.
The 1982 peak unemployment was 10.8%.
In 1932 the unemployment rates was a towering 25.2%.
Real Gross Domestic Product (GDP):
The 2008 GDP rose although the fourth-quarter dropped. The Congressional Budget Office projects a GDP decline of 2% in 2009.
In 1982 GDP contracted by 1.9%.
In 1930 GDP fell by 9%, in 1931 GDP contracted by another 8%, and in 1932 GDP fell another 13%.
Auto Production:
Auto production declined in 2008 by roughly 25%.
From 1979 to 1981 auto production declined 23%.
In 1932 auto production dropped by 90%.
Bank Closures:
Around 2-dozen banks shuttered their doors or were merged in 2008.
3,000-plus bank (Savings & Loan) failures occurred during the period of 1987-88.
In 1933 there were over 10,000 bank failures.
Ronald Reagan inherited an economic and foreign policy mess from Jimmy Carter but his seriousness and positive attitude gave Americans a “can do” attitude to solving problems as a country and as individuals.
Obama’s constant negative drum beat will drive American’s to think that only government can fix the mess the created with bad housing policy and forcing banks to make bad loans.
Obama didn’t need Republican votes to pass his failed policy of massive spending but acted desperate to receive a “bi-partisan” vote to cover him when the bottom does fall out. All but three GOP members in Congress were smart enough to realize that fear mongering and threats weren’t reality and voting for historical record amounts of good money chasing bad is fiscally irresponsible and further erosion of Democracy and Capitalism as we know it in the United States.
The Obama “New, New Deal” is no deal. Indeed!
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