Paul Krugman posted this chart today that really says it all.
Greg Sargent is rightly outraged by Romney’s claim that Obama is a job destroyer ... Does this look to you like a president who “lost jobs”, or like a president who inherited an economy in free fall? You can accuse Obama of not doing enough to promote recovery — and I have (although the biggest villain here was Romney’s own party). But to claim that Obama caused the job loss is indefensible.
(There's so much to say in this election year, I think you're going to be hearing rather more from me.)
4 comments:
> There's so much to say in this election year, I think you're going to be hearing rather more from me.
Could it be in a separate blog or category?
I'm interested in housing, but there's enough political chatter on the Internet already.
I'll keep it to economics, which has been pretty inseparable from the housing bubble.
The claim "X is a job destroyer" is simply red meat thrown out to keep the nonthinking partisans happy and to villify the other guy.
When dealing with a cyclical economy, the sad fact is you get blamed for the downturn, and praised for the upturn, when in fact the president has little control over an economy that is by definition "cyclical"
Its like when the repubs blame Dodd & Frank for the housing bubble, and the dems blame GWB ownership society. OH REALLY? So was Dodd/Frank and or GWB responsible for the simultaneous bubbles appearing in Spain, Ireland, England, etc? THink people.
As much as people always want to blame something on the other "team" just understand how little either side is really able to do to push the behemeoth of the USA & Worlds economies which are largely outside of their control.
Democrats and Republicans... two wings of the same bird of prey. You're drinking the Kool-Aide and it sickens me to see anyone fawning over "their" party.
Back to the blog.... What you should focus on in this exploding housing bubble is the masterfully orchestrated transfer of bad private mortgage debt on to the public's back. This hideous transfer was so incredibly unpalatable that it’s become political. Tax payers lose, politicians win and the bankers are once again, the smartest guys in the room.
Of those three players, where do you belong?
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