The liberal media ALWAYS has an excuse for bad times to try an make it NOT the Democrats fault. This time, they are trying the push the blame on President George W. Bush for not 1, but 2 recessions during his 8 years as president (neither of which actually happened).
Adding to the gloom, the National Bureau of Economic Research, a group of academic economists, concluded Monday that the country has been suffering through a recession since December 2007. With NBER’s decision, the United States has fallen into two recessions during Bush’s eight years in office. The first one started in March 2001 and ended in November of that year.
First of all, the National Bureau of Economic Research (NBER) is a private organization in academia, NOT a federal government agency; nor do they have the authority to make a decision as to whether the United States is in a recession! The sad truth is that our country has NOT been in a recession since the first Gulf War in 1990-91. That’s right; let’s look at the actual business and economic definition of a recession:
A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s GDP.
Well guess what; the United States has not had two consecutive quarters of negative economic growth (measured by GDP) in 18 years! Let’s take a look at the actual data from the United States Department of Commerce’s Bureau of Economic Analysis for the last 30 years:
The areas marked in red are negative GDP Growth, and the areas with a bold block indicate 2 or more consecutive quarters of negative GDP growth (a recession). What happened in 2001 came close to recession, but it was not. It is quite similar to what happened in 2000 just a year earlier.
So if these ignorant liberal media puppets like to spin news and try to make it look like there was a recession in 2001 during the term of President George W. Bush, they also MUST declare that there was a recession in 2000 during the term of President William Jefferson Clinton!
It very well may be that we are currently in a recession. HOWEVER, that still remains unknown until we have the GDP for the fourth quarter of 2008. We still have a month left in the quarter. What lunacy in the liberal media!
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