In the FOX News and talk radio world of Sean Hannity, it is conventional wisdom that President Obama is a fiscally irresponsible Socialist who undermines Israel and is out to destroy America. When Hannity isn’t pushing his own books or Gold Line investments on his radio show, he does a very thorough job of pushing an anti-Obama far right agenda to millions of Americans who he refers to as “Hannitized” (likely the same brainwashed “dittoheads” that listen to Rush Limbaugh). As we head into November’s election, Hannity’s focus is pushing the myth that under President Obama the economy has gotten worse and not better. So, a look at the facts is called for and you Hannitized out there should pay particular attention.
When President Obama took office the economy was shrinking faster than it had in 50 years . In George Bush’s last 3 months alone, the economy had lost 2 million jobs. By contrast, under President Obama the economy is now growing and has added 1.9 million private sector jobs last year. Moreover, the improving trend continues as per the latest jobs report out yesterday from the Bureau of Labor Statistics. The report shows that 243,000 jobs were created in January and the unemployment rate declined from 8.5 to 8.3%. January was the 23rd consecutive month of job growth. What’s most encouraging was that manufacturing jobs are an upward trend including the auto industry. There were “50,000” jobs added in manufacturing – the highest monthly gain in manufacturing since August of 1998. The economy created about 2 million private-sector jobs in 2011 and since job growth resumed, the economy has added about 3 million jobs in total. [CNN.com, 1/25/12]. The jobs report reflects an economy that is growing stronger and a recovery that is speeding up . Even the stock market responded strongly to the news. Yesterday, the Dow Jones average closed at its highest level since May of 2008 at 12,862.23.
Looking at the Gross Domestic Product measure, the Bureau of Economic Analysis estimated that GDP declined by 8.9% during the fourth quarter of 2008 (the final quarter before President Obama took office). In contrast, in its initial estimate of economic growth during the fourth quarter of 2011, the GDP increased by 2.8% percent. [Bureau of Economic Analysis, 1/27/12].
The facts are the facts and while radical right wing talking heads like Hannity choose to ignore them, the GOP at least acknowledges the improvement albeit says the numbers “aren't good enough”. They argue the improving trend is too slow and harken back to the days of Ronald Reagan to make a comparison. However as the old adage goes, you can't compare apples to oranges. The notion that you can compare the economy that Ronald Reagan inherited to the economic disaster that President Obama inherited is ludicrous.
Most economists agree that the economy that President Obama inherited is a far greater challenge. Jimmy Carter didn’t leave the mess that George Bush left. In the last three months of the Carter administration, 550,000 jobs were added compared to the 2,019,000 jobs that were lost during Bush's last three months. The year prior to Reagan taking office the unemployment rate went from 6.3% to 7.5%, a 1.2% increase. The year prior to President Obama taking office the unemployment rate went from 5.0% to 7.7%, a 2.7% increase. Moreover, President Obama faced much bigger problems than Reagan – a housing crisis that resulted in a total collapse of the financial system and some of the nation’s largest employers (i.e. General Motors) teetering on bankruptcy; and banks refusing to make loans to businesses. There was a freefall in the stock prices cause by major economic mistakes George W. Bush made like: his everyone deserves a home philosophy, the Americana return to deficit spending, Iraq, tax cuts for the rich, and a muddled first bailout. Most Americans with common sense - the non-Hannitized - realize that together with the economic downturn, the Bush tax cuts and the wars in Afghanistan and Iraq explain virtually the entire deficit over the next ten years.
So President Obama is not only managing to deal with joblessness but is also dealing with the huge deficit left by George W. Bush. The good news is that the stimulus has put the job picture on a steady improving trend. The President has been creating jobs and Republicans are in denial. Right-wingers like Hannity pretend the numbers don’t exist; the GOP is running out of excuses except “we could do a lot better”; and radical Tea Partier Rep. Allen West even went as far as questioning the authenticity of the numbers, “There is something suspicious about the job numbers released today and it has me very concerned” said West. Yes America, in the face of great economic news for our country, we still have those on the right who aren’t only in denial but now have stooped to conspiracy theories.
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