From Media Matters for America -- June 12, 2011:
Meet The Press: "Obama's Economic Record" Is Higher Unemployment, Debt, Gas Prices ...
David Gregory Suggested "Democratic Governance" To Blame For Increases In Unemployment, Debt, And Gas Prices.
On the June 12 edition of NBC's Meet The Press, David Gregory stated:
GREGORY: This is the president's standing in terms of handling the economy in the public's eye, and it's pretty negative right now -- 60 percent almost. Fifty-nine percent disapprove of the president's handling of the economy. And there are facts that back that up that are difficult for this administration and for the Democrats: Unemployment's up 25 percent since Inauguration Day for President Obama; the debt's up 35 percent, over $14 trillion; a gallon of gas up over 100 percent, with gas 3.75, higher than that in certain parts of the country.
Why should Americans trust Democratic governance right now on the economy, and, particularly, the president's?
But Obama's Economic Policy Raised Employment
Independent And Private Analysts: Stimulus Significantly Raised Employment. Analysts have confirmed that the stimulus significantly raised employment. The nonpartisan Congressional Budget Office (CBO) estimated that the stimulus increased the number of people employed, as of the second quarter of FY2010, by "between 1.4 million and 3.3 million." Moody's Economy.com estimated that the stimulus would create 1.9 million jobs by 2010.
Economists: "The Effects Of The Fiscal Stimulus" On Economy "Appear Very Substantial." Economists have also agreed that the stimulus was effective. A March 2010 study in The Wall Street Journal found that 70 percent of economists surveyed said the stimulus "boosted growth and mitigated job losses." ABC News reported on February 18, 2010, that most of the economists on its panel thought the economy "would be worse today without the big aid package." And a February 2010 survey of 203 members of the National Association for Business Economics (NABE) found that "[e]ighty-three percent believe that GDP is currently higher than it would have been without the 2009 stimulus package (ARRA)."
Analyses Show Debt Is Largely Due To Bush-Era Policies, Economic Downturn
Wash. Post Graphic Points To Bush Tax Cuts, Iraq And Afghanistan Wars As Main Reasons For Deficit. From a June 4 post on The Washington Post blog PostPolitics:
In the debate over the nation's rising debt, rhetoric trumps reality. In January 2001, the U.S. budget was balanced for the first time in decades and the Congressional Budget Office was forecasting surpluses totaling $5.6 trillion by 2011. A decade later, the national debt is larger, as a percentage of the economy, than at any time in U.S. history except for the period shortly after World War II.
In fact, 75 percent of the members currently serving in Congress voted for at least one -- and in most cases more than one -- of three policies that contributed to fully one-third of the $12.7 trillion swing from projected surpluses to real debt: President George W. Bush's 2001 and 2003 tax cuts, funding for the wars in Afghanistan and Iraq and President Obama's 2009 stimulus bill.
The post included the following graphic to illustrate CBO's estimates on how much former President Bush's tax cuts, the wars in Iraq and Afghanistan, and the 2009 stimulus contributed to the current debt:
CBPP: "[V]irtually The Entire Deficit Over The Next Ten Years" Due To Bush Policies, Economic Downturn. The Center on Budget and Policy Priorities (CBPP) published an analysis of federal deficits in December 2009, which was updated on May 10, 2011, titled, "Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits." The report noted:
Some lawmakers, pundits, and others continue to say that President George W. Bush's policies did not drive the projected federal deficits of the coming decade -- that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the economic downturn, President Bush's tax cuts and the wars in Afghanistan and Iraq explain virtually the entire deficit over the next ten years.