Monday, November 17, 2008

Will Obama Be Blamed for This Recession?

This question may seem like a bit of a farce, but I'm serious. The economy's in rough shape and millions are out of work. House sales and construction is down, and it appears that it will only get worse.

Our 44th President, Barack Obama, will take office on January 20, 2009. The current economic downturn has been going on for months. However, when Obama takes office and the economy doesn't automatically right itself, will he be blamed? Will the millions out of jobs call it the "Obama economy" and will realtors blame Obama's real estate policy?

Sounds crazy, no? Well, it happened for our current President, George W. Bush. Memory a little hazy? Our last recession's underpinnings began in 2000. Yes, there weren't two consecutive quarters of negative growth that year, but so far it hasn't happened in 2008. So technically, we're not in a recession. So Bush must be doing a great job, right? So when Obama takes office and the news of two negative quarters comes in, he'll be blamed, right?

It happed for 43. This will be our test to see if it happens again.

3 comments:

EnquiringMind said...

Will Obama be blamed for this recession? He already is being blamed, not just for this recession but for a hundred other things as well.

CKAinRedStateUSA said...

If he as a senator contributed to things that are bringing about these economic hard times -- and it's not officially been declared a recession, has it? -- he should shoulder that blame.

As president, he'll have, what, about a year, if that, to have positive impact?

If he's stupid and ignorant enough to raise taxes on anyone and to do anything else that will cause further decline, then he should receive blame for causing even worse problems, which he may well do.

Anonymous said...

EnquiringMind said...
"He already is being blamed, not just for this recession but for a hundred other things as well."

...and that's just in this one blog!