Bradley Schiller has stated in a Wall Street Journal opinion article today that Obama has turned his fearmongering into an art form. He has continually compared the current econonmic situation to the Great Depression. He has repeatedly said that action must be taken immediately or the economy may be unable to recover (yet he mysteriously is letting the bill sit on his desk until Tuesday… go figure). Honestly, he is invoking fear just as well as Bush did with Iraq.
While the economic situation is not rosy, it is far from The Great Depression but more like the Carter-era recession. Schiller points out that last year we shed 2.2% of the work force. 1981-1982 job force losses were also 2.2%. The Great Depression saw us lose 4.8% in 1930, 6.5% in 1931, and 7.1% in 1932. Our current job losses aren’t even in the ballpark. Current unemployment is 7.6%. The peak in the Carter-era depression was 10.8%. The peak during The Great Depression was 25.2%.
If you stick some evidence alongside the fearmongering, Obama seems to be stretching the evidence far futher than Bush ever did. Is this a trend Obama will continue? It certainly will have a negative effect on the economy as consumers aren’t likely to have their confidence boosted by these heavyhanded fear tactics from our President.
Posted under Economy