I heard someone on “Hannity and Colmes” say to Sean Hannity, “you’re not still blaming the recession on Clinton are you?” He did not respond only because he knew that it would open a can of worms and take the focus off of the issue that they were speaking of. Today we will deal with the economy and something some of you may have a tough time dealing with the facts.
A close look at GDP figures from the Bush administration’s years in office will show that the only three quarters of negative economic growth experienced by the American economy were the first three under that administration. However, with all of the talk by the democratic presidential candidates, one might think that we are still experiencing extensive negative growth. This is due to a fundamental misconception of the way that our economy works.
No economy is entirely efficient and policies of past administrations can haunt or help the nation for extended periods of time. The misconception of this economy has been used by the liberals to lie to the public about the state of the economy, and who is actually responsible for the recession.
As soon as George W. Bush came into office, the economy started to decline. What you have to understand is that this has nothing to do with Bush. The current condition of economy is a combination of two essential factors.
First, the Clinton era’s policies helped one of the largest periods of economic growth (see A Random Walk Down Wall Street, Burton Malkiel, for a great history) to over-inflate and pop right as he left his hum dinger of an experience in the oval office. An inflated market will always readjust and shift back, or close to, its actual value. All three quarters of negative growth under Bush can be seen as the valuation of the Clinton economy coming to terms.
The next factor in the current economy was the 9/11 terrorist attacks. One of bin Laden’s main goals was to shatter our confidence in the American economy and ensure financial and political chaos.
The confusion and fear caused by the terrorists’ attacks caused spending to freeze, and people’s faith in the economy and the safety of investments to plummet. This was an incredible one-two punch to our economy. America proved to be much more resilient than bin Laden would have ever expected.
Moving on, the unemployment numbers have been taking a hit in your wonderfully liberal news media, so here is what is going on with this. Unemployment is a lagging economic factor. With interest rates where they are and consumer confidence rising, investments will be made and people will be hired. There will always be a percentage of the population (normally 5-6%) of any country left unemployed due to the nature of the system. It is part of a normally functioning economy.
Many of the democratic presidential candidates play off of these facts, lie to the general public and present the Bush administration as being financially incompetent. If these morons have anyone to blame, look to your favorite governor Gray Davis. He lets illegal Mexicans pour into his state, get drivers licenses and take Americans jobs by the thousands. I will not even get in to the security issue.
The persistence of these lies was a bit funny at first, but it is time for the liberal brainwashing to come to an end. For a closer look on the facts used in this article, please refer to www.bea.doe.gov/bca/newrel/gdp203p.xls for specific figures on the national GDP during the months in question.
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