When the Republicans took power in 2001 they inherited a surplus and a healthy economy. Look what they did with it.
The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth.
It was, according to a wide range of data, a lost decade for American workers. The decade began in a moment of triumphalism -- there was a current of thought among economists in 1999 that recessions were a thing of the past. By the end, there were two, bookends to a debt-driven expansion that was neither robust nor sustainable.
There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well.
Middle-income households made less in 2008, when adjusted for inflation, than they did in 1999 -- and the number is sure to have declined further during a difficult 2009. The Aughts were the first decade of falling median incomes since figures were first compiled in the 1960s.
And the net worth of American households -- the value of their houses, retirement funds and other assets minus debts -- has also declined when adjusted for inflation, compared with sharp gains in every previous decade since data were initially collected in the 1950s… [emphasis added]
Inserted from <Common Dreams>
Clinton had positive job and economic growth in 2000, and Bush did in 2001, before the policies of the Bush/GOP regime took effect and trashed the economy. Likewise, the last year, the first of the Obama administration shed jobs, because his policies are only beginning to take effect.
My criticism of Obama has been the strongest on economic matters, as you regular readers know. Still, many of you think I am not hard enough on him. Please ask yourselves this. Would you really prefer the policies of McConJob and Mooseolini, and with them a continuation of the last ten years’ economy?