The year began with Michele Bachmann still claiming that the economy was so great that it had been all but recession proofed by George W. Bush. Good call, Michele!
Originally Posted January 4, 2008:
In November, Michele Bachmann spoke to a group of loyalists on the economy and how we are currently living in a "recession proof" economy due to the tax cuts graciously bestowed upon the wealthy in 2003.
She made this claim:
“That’s what happens when you stimulate the economy from the private sector,” she said. Such stimulation makes an economy “recession proof,” she said, marked by “competition and prosperity.”
It is evident that Bachmann takes her economic cues from George W. Bush by living by the theory that if you say something long enough it becomes truth but here in the world of reality the economic forecast paints a far different picture. Previously, I gave significant evidence that this economy is far from great and certainly not "recession proof" as Representative Bachmann claims (see here, here, here, and here). Touting conservative economic stimulus ideas is one thing but Bachmann represents a vision so divorced from reality that it is inconceivable that she could possess the leadership needed to get us out of the current economic situation.
From the Washington Post:
Jobless Rate Hits 5 Percent, 2-Year High
Washington Post Staff Writers
Friday, January 4, 2008; 4:27 PM
The jobless rate rose to 5 percent last month, up from 4.7 percent in November, the Labor Department said today. That marks the highest jobless rate in two years and the largest single-month rise in joblessness since the 2001 recession. There are 1.1 million more people looking for a job but unable to find one than there were a year ago.
Bachmann can claim that the economy is growing all she wants, but the reality is that evidence over the last six months shows that while this economy has been prosperous for the wealthiest amongst us, the poor and even the middle class continue to lose ground. The people of the 6th District need to be reminded over and over again that Republican economic principles benefit the few over the masses and that despite their rhetoric that someday you may be one of those few it becomes increasingly difficult for anyone without a hefty trust fund to survive under this type of system.
"We are on the verge of recession now," said Robert Dye, senior economist at PNC Financial Services Group. "We are teetering on the edge of the precipice, and it will not take much to push us over."
Economists have been counting on a strong job market to fuel Americans' incomes, helping make up for the loss of wealth due to dropping home values. Thus, the weak report was a deep disappointment. The stock market fell on the news, with the Dow Jones industrial average closing down 257, nearly 2 percent, at 12,800. The Standard & Poor's 500 index lost nearly 2.5 percent, dropping 36 points to 1,412. The Nasdaq composite gave up 98 points, about 3.8 percent, to end the day at 2,505.
We may not be in a recession as of yet, but to make a claim as bold as "recession proof" is utter nonsense and whomever wins the nomination to run against Bachmann had better highlight this complete disconnect from the realities of every day life for people in the district, across the state, and across the country because avoiding it would be absolute foolishness. If we are unable to pull out of this economic tailspin, Bachmann is going to be in real trouble using phrases such as "recession proof".
