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It’s Official! Obama’s Bad Luck and No Results are BUSH’s FAULT

September 4, 2011

The White House has released the finding that the reason Obama’s results show no improvement in the economy, actually a deterioration, are GEORGE BUSH’s FAULT! Obama’s incredibly good jobs machine actually prevented us from losing another 11 million plus jobs (that’s more than those unemployed now, amazingly)

President Obama’s economic adviser Gene Sperling blamed the economy the  president inherited for today’s unemployment report with a jobless rate at 9.1%.  Keep in mind that the president promised an unemployment figure of 8%.

Sperling claimed that 11 million jobs had been “saved” due to the president’s  spending policies. Here are his full comments:

The president inherited an economy that we now know was falling at almost 9  percent per year — 8.9 percent — of the fourth quarter of 2008. Independent  analysts found that the Recovery Act that the president put forward meant a  difference of about 8 million jobs in 2010 and up to 3 million jobs in the  second quarter of this year. What the president was fighting for, working his  heart out everyday this summer was to get a long-term plan that would give  long-term fiscal certainty.

This is nonsense. During the  Reagan administration, the American economy went from a GDP growth of -0.3% in  1980 to 4.1% in 1988, which reduced the unemployment rate by 1.6%, from 7.1% in  1980 to 5.5% in 1988. This was near full employment

Read more: Obama Economics Advisor Blames Bush on Lousy Jobs Numbers | Godfather Politics

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