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Tuesday, June 21, 2011

Data Shows Obama Did Not Prevent Second Great Depression Despite Claims To The Contrary

Investors Business Daily reports that "the White House and its supporters seem to be engaging in a bit of historical revisionism."

White House economists forecast in January 2009 that, even without a stimulus, unemployment would top out at just 8.8% — well below the 10.8% peak during the 1981-82 recession, and nowhere near Depression-era unemployment levels.

The same month, the Congressional Budget Office predicted that, absent any stimulus, the recession would end in "the second half of 2009." The recession officially ended in June 2009, suggesting that the stimulus did not have anything to do with it.

They call it historical revisionism, I call it just another one of Obama's lies.

Another Obama meme bites the dust....