...Why is recovery from a financial crisis slow? (click here) Financial crises are preceded by credit bubbles; when those bubbles burst, many families and/or companies are left with high levels of debt, which force them to slash their spending. This slashed spending, in turn, depresses the economy as a whole....
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Personally, I do not believe the economic recovery has been slow. When one sincerely looks at where the global economy was in 2008 and where the USA is today, it has chugged right along. And it is no surprise it was a V - shaped depression and not an L-Shaped or W-shaped, but as soon as President Obama and the Democratic majority of the House and Senate took office in January 2009 the USA economy IMMEDIATELY started a turn around.
That was no accident and would not have happened at all if they hadn't taken such bold steps. I am proud of them.
It was unfortunate the Republicans were so successful in scaring the country to death in 2010. President Obama's programs work. It doesn't matter the program, they work and they work well. The country should have showed more confidence in him and the Democrats. The depression could have been far worse and unrestrained if it were for them.
President Obama has put the USA on a sustainable path of economic recovery with manufacturing returning and consumer confidence increasing with the holidays approaching. Most Americans will have a far better holiday this year than they did in 2008.
President Obama has kept his promises to us. He has saved this country from economic devastation and in doing so supported the global recovery, because when the USA does well the rest of the world does, too.
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That was no accident and would not have happened at all if they hadn't taken such bold steps. I am proud of them.
It was unfortunate the Republicans were so successful in scaring the country to death in 2010. President Obama's programs work. It doesn't matter the program, they work and they work well. The country should have showed more confidence in him and the Democrats. The depression could have been far worse and unrestrained if it were for them.
...Over the past few months advisers to the Romney campaign have mounted a furious assault on the notion that financial-crisis recessions are different. For example, in July former Senator Phil Gramm and Columbia’s R. Glenn Hubbard published an op-ed article claiming that we should be having a recovery comparable to the bounce back from the 1981-2 recession, while a white paper from Romney advisers argues that the only thing preventing a rip-roaring boom is the uncertainty created by President Obama.
Obviously, Republicans like claiming that it’s all Mr. Obama’s fault, and that electing Mr. Romney would magically make everything better. But nobody should believe them.
For one thing, these people have a track record: back in 2008, when serious students of history were already predicting a prolonged slump, Mr. Gramm was dismissing America as a “nation of whiners” experiencing a mere “mental recession.” For another, if Mr. Obama is the problem, why is the United States actually doing better than most other advanced countries?...
The facts are obvious. The Great Recession of 2008 was actually headed into a far deeper depression than anyone had measured at the time. The action President Obama and the Democrats took stopped the decline and the turn around was remarkable.President Obama has put the USA on a sustainable path of economic recovery with manufacturing returning and consumer confidence increasing with the holidays approaching. Most Americans will have a far better holiday this year than they did in 2008.
President Obama has kept his promises to us. He has saved this country from economic devastation and in doing so supported the global recovery, because when the USA does well the rest of the world does, too.
