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.