With the news that the Great Recession wiped out 40% of Americans' wealth between 2007-2010, right-wingers are openly questioning the effectiveness of Republican economic policies.
Ha, just kidding. They're blaming everything on Obama.
Glenn "Dude, Where's My Recession?" Reynolds:
HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA?
In the Age of Obama, the American family is getting hosed...
AMERICANS' WEALTH DROPS 40% UNDER OBAMA
Fed: Americans’ wealth plunges 40 PERCENT in last 3 years. Obama regime is an enemy force intentionally destroying US.
And, naturally, Steve Doocy of Fox News (see above clip).
It was a jaw-dropping statistic that was flashed across the country yesterday, the Federal Reserve has figured out that over the last three years the net worth of the average American family has fallen 40% over three years, wiped out two decades worth of America’s wealth, mainly because house values have dropped.
The rank dishonesty and revisionist history here is just staggering, even for wingnuts.
In case anyone forgot, George W. Bush was in the White House in 2007, 2008 and 2009. The 2009 budget is his. President Obama's rescue policies didn't kick in until mid-2009. The GOP controlled the White House from 2001-2009, the Senate from 2001-2007, and the House from 2001-2007. $14T economies don't turn on a dime.
This is another reason why the Obama administration officials should've been using the phrase, "Bush Recession" over and over, right from the get-go in January 2009. Reagan's people were bemoaning the "Carter Recession" as late as 1983. Sure, it wouldn't have stopped propagandists like Glenn Reynolds from rewriting history, but it would've made it harder for them to get away with it.
