Bullshit, deficit busting tax cuts, paying for the wars off the books and the usual GOP lax financial regulations were the root causes.
Think that's inaccurate or that it was an aberration?
Read and weep.
https://www.usatoday.com/story/money/markets/.../93976832/
Trump's turn? Republican presidents rule recessions
Matt Krantz, USA TODAYPublished 1:03 p.m. ET Nov. 20, 2016 | Updated 5:30 p.m. ET Nov. 20, 2016
History could portend a bad omen for President-elect Donald Trump: recessions are more common under Republican presidents.
Every Republican president since Teddy Roosevelt in the early 1900's endured a recession in their first term, according to an analysis from Sam Stovall, chief investment strategist at stock research firm CFRA. Four Republican presidents suffered through two recessions while in office and Republican President Dwight Eisenhower presided over three. Meanwhile, Democrats have largely skated past the recession quicksand. Four in five Democratic presidents saw no recessions during their terms since 1945, Stovall says.
While history isn't gospel, the track record makes the odds that a recession might appear during President Trump's term all the more likely, Stovall says. "From a probability perspective, a recession is very likely in President Trump’s first term in office," he says.
Interestingly, recessions aren't the only indicator of economic slowdown that appear during times of Republican presidents.
A variety of other economic indicators, such as per capital GDP, stock market returns, real wages and the change in the unemployment rate, are also more robust with a Democratic president, the economists found. Unemployment fell by 0.8 percentage points with a Democratic president on average, while it rose 1.1% with a Republican.
"The U.S. economy has performed better when the President of the United States is a Democrat rather than a Republican, almost regardless of how one measures performance," according to the report titled "Presidents and the Economy: A Forensic Investigation."
https://www.thebalance.com/republican-preside...ct-4129133
Bush deregulated with the 2005 Bankruptcy Prevention Act. It protected businesses by making it harder for people to default. As a result, homeowners had to take equity out of their homes to pay off debts. That sent mortgage defaults up 14 percent. It forced 200,000 families out of their homes each year after the bill was passed. Most of the debt was incurred by the cost of healthcare, the No.1 cause of bankruptcy. That aggravated the subprime mortgage crisis. In 2008, Bush sent out tax rebate checks.
Bush's response to the 2008 global financial crisis was business-friendly. The federal government took over mortgage agencies Fannie Mae and Freddie Mac. It brokered a deal to bail out Bear Sterns. It tried and failed to keep Lehman Brothers from collapse. Bush approved a $700 billion bailout package for banks to prevent the U.S. banking system from collapsing. The Republicans in Congress disagreed at first but eventually went along with that massive government intervention.
Instead of reducing the debt, Bush more than doubled it. He added $5.849 trillion, the second-greatest amount of any president. That's more than the $5.8 trillion debt at the end of FY 2001, President Clinton's last budget.
Think that's inaccurate or that it was an aberration?
Read and weep.
https://www.usatoday.com/story/money/markets/.../93976832/
Trump's turn? Republican presidents rule recessions
Matt Krantz, USA TODAYPublished 1:03 p.m. ET Nov. 20, 2016 | Updated 5:30 p.m. ET Nov. 20, 2016
History could portend a bad omen for President-elect Donald Trump: recessions are more common under Republican presidents.
Every Republican president since Teddy Roosevelt in the early 1900's endured a recession in their first term, according to an analysis from Sam Stovall, chief investment strategist at stock research firm CFRA. Four Republican presidents suffered through two recessions while in office and Republican President Dwight Eisenhower presided over three. Meanwhile, Democrats have largely skated past the recession quicksand. Four in five Democratic presidents saw no recessions during their terms since 1945, Stovall says.
While history isn't gospel, the track record makes the odds that a recession might appear during President Trump's term all the more likely, Stovall says. "From a probability perspective, a recession is very likely in President Trump’s first term in office," he says.
Interestingly, recessions aren't the only indicator of economic slowdown that appear during times of Republican presidents.
A variety of other economic indicators, such as per capital GDP, stock market returns, real wages and the change in the unemployment rate, are also more robust with a Democratic president, the economists found. Unemployment fell by 0.8 percentage points with a Democratic president on average, while it rose 1.1% with a Republican.
"The U.S. economy has performed better when the President of the United States is a Democrat rather than a Republican, almost regardless of how one measures performance," according to the report titled "Presidents and the Economy: A Forensic Investigation."
https://www.thebalance.com/republican-preside...ct-4129133
Bush deregulated with the 2005 Bankruptcy Prevention Act. It protected businesses by making it harder for people to default. As a result, homeowners had to take equity out of their homes to pay off debts. That sent mortgage defaults up 14 percent. It forced 200,000 families out of their homes each year after the bill was passed. Most of the debt was incurred by the cost of healthcare, the No.1 cause of bankruptcy. That aggravated the subprime mortgage crisis. In 2008, Bush sent out tax rebate checks.
Bush's response to the 2008 global financial crisis was business-friendly. The federal government took over mortgage agencies Fannie Mae and Freddie Mac. It brokered a deal to bail out Bear Sterns. It tried and failed to keep Lehman Brothers from collapse. Bush approved a $700 billion bailout package for banks to prevent the U.S. banking system from collapsing. The Republicans in Congress disagreed at first but eventually went along with that massive government intervention.
Instead of reducing the debt, Bush more than doubled it. He added $5.849 trillion, the second-greatest amount of any president. That's more than the $5.8 trillion debt at the end of FY 2001, President Clinton's last budget.
