Friday, July 30, 2010

Bloomberg: Recession in U.S. Was Even Worse Than Estimated, Revisions Show

The next time somebody blathers to me about "Obama's economy" I swear I'm going to print out multiple copies of this article and shove it down their throat.

The worst U.S. recession since the 1930s was even deeper than previously estimated, reflecting bigger slumps in consumer spending and housing, according to revised figures.

The world’s largest economy shrank 4.1 percent from the fourth quarter of 2007 to the second quarter of 2009, compared with the 3.7 percent drop previously on the books, the Commerce Department said today in Washington. Household spending fell 1.2 percent in 2009, twice as much as previously projected and the biggest decline since 1942.

Statistics do not lie. This horrendous economic downturn began under the Bush administration, accelerated through 2008 and peaked a few months after Obama took office.

I wish my conservative friends would just stop deceiving themselves and for once just accept the truth and facts as they are. However, since it's become painfully clear that the conservative movement lives in and operates in an entirely phantasmagorical alternate universe, I will not be holding my breath for that miracle to occur.


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