Economy Then and Now
- Darren Phillips
- Sep 10, 2012
- 2 min read
Updated: 21 hours ago
In the year leading up to August 2008, the U.S. experienced a net loss of 865,000 jobs. In the year leading up to August 2012, the U.S. experienced a net gain of 1.8 million jobs.
In the year leading up to August 2008, the unemployment rate in the U.S. rose 1.5%. In the year leading up to August 2012, the unemployment rate in the U.S. fell 1%.
Since 2009, the economy, in terms of real GDP growth, has grown for 10 straight quarters.
Corporate profits are up 76% since Q1 2009.
Auto industry employment has steadily increased since 2009, adding 207,600 new jobs after near total collapse in Q1 2009.
Since 2010, private sector employment has grown 23 consecutive months.
Foreclosure rates have remained in steady decline since Q2 2010.
The projected overall lifetime cost of TARP has fallen by 80%.
In 2009, projected long-term Medicare spending showed an increase from roughly 3% to 12% (as a percent of GDP) through the year 2080. Since the passage of the Affordable Care Act in 2011, spending projections show an increase of approximately 4% to 6% of GDP through the year 2080.
I could go on and on. There is still lots of work to do, but anyone who thinks we're worse off today economically than we were at the close of George W. Bush's presidency has a very short memory or has been completely duped by the partisan disinformation machine.
All of the facts and figures above came from the CBO and the U.S. Treasury Department. Check the facts for yourself and then ask yourself whether the nation would be better off today under a McCain-Palin administration. Don't forget McCain's chief economic adviser and campaign chair was Phil Gramm, one of the primary architects of the now infamous repeal of Glass-Steagall. It was this very type of reckless deregulation under GOP-controlled legislatures that got us into this mess in the first place. ☕︎
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