Faux Business' Stuart Varney ludicrously lauds Bush economic record, slams Obama's

[mEDITate-OR:

remember not to tell me what is really true...

only what we think, or want to think, is true.

So..., my Republican friends (or are you now ex-friends) take a REAL hard look at The Truth.

Said a faux commentator Varney:

"President Bush fixed the financial panic,"

while the "economy fell off a cliff on President Obama's watch"

Varney, you now stand corrected.

Independently.

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NBER: Recession began in December 2007, more than a year before Obama's presidency began

NBER: Economic activity began to decline in December 2007. The National Bureau of Economic Research announced on December 1, 2008, that based on "economy-wide measures of economic activity," including domestic production and employment, the recession began in December 2007.

Economic indicators show the economy has dramatically improved under the Obama administration 

Real GDP has greatly increased during Obama's presidency. As the graph (taken from Bureau of Economic Analysis data) below indicates, real Gross Domestic Product (GDP) tumbled in the last two quarters of Bush's presidency and the first two quarters of Obama's. It has increased steadily through the last four quarters:

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After steadily increasing in 2008, new jobless numbers have dropped significantly in the time since Obama took office. As data from the Bureau of Labor Statistics (BLS) show, new jobless numbers increased in seven of the last eight months of Bush's term, from just under 200,000 jobs lost June of 2008 to around 800,000 lost in January 2009. The data show that in the time since President Obama took office, new jobless claims have significantly decreased, and, beginning in November 2009, there has been a net increase in employment.

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After falling "off a cliff" in October 2008, the stock market rebounded following the passage of Obama's stimulus plan. In the fall of 2008, the Dow Jones Industrial Average (DJI) nosedived, dropping 2937.25 points in just two weeks (September 26 to October 10). The Dow continued its downward trend through March 6, 2009, when it bottomed out at 6626.94 points, two weeks after President Obama signed the stimulus bill into law. Since then, the DJI has steadily increased, gaining 26.6 percent in the time since Obama took office, and 33.5 percent since the stimulus was enacted (as of 11:21 am ET on July 30).

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Varney ludicrously lauds Bush economic record, slams Obama's
http://mediamatters.org/research/201007300027
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