Friday, May 11, 2012

Republicans launch another attack on President Obama for talking about economic collapse under Bush

The Republican National Committee feigns outrage that President Obama would suggest that sometimes people'himself included'forget about the magnitude of the economic crisis that Republicans caused at the end of the Bush administration:

The video begins with President Obama talking yesterday in Seattle about the economic devastation of the Bush recession, using the bolded portion of the following passage:
We'd seen a record surplus that was squandered on tax cuts for people who didn't need them and weren't even asking for them.  Two wars were being waged on a credit card.  Wall Street speculators reaped huge profits by making bets with other people's money.  Manufacturing was leaving our shores.  A shrinking number of Americans did fantastically well, but a lot more people struggled with falling incomes and rising costs and the slowest job growth in a century.

So it was a house of cards, and it collapsed in the most destructive, worst crisis that we've seen since the Great Depression.  And sometimes people forget the magnitude of it, you know?  And you saw some of that I think in the video that was shown.  Sometimes I forget.  In the last six months of 2008, while we were campaigning, nearly 3 million of our neighbors lost their jobs; 800,000 lost their jobs in the month that I took office.  And it was tough.  But the American people proved they were tougher.  So we didn't quit.  We kept going.  Together we fought back.

The video then recites a litany of cherry-picked and questionable statistics to make the case that President Obama has failed to turn the economy around. But by starting the video with the president reminding people of the magnitude of the 2008 crisis, they are actually helping make the case for him.

As Obama said, the economy was falling off a cliff when he took office. It took several months to stop the bleeding, but since unemployment peaked in October, 2009, things have been getting better: the auto industry is back, more than 4 million private sector jobs have been created, the Iraq war has ended, and Osama bin Laden has been brought to justice.

Everybody knows that there's still much more to be done, but the point is that we're moving forward. America is in stronger shape now than it was four years ago. There's no reason to turn back now.


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