There are many more instances of Obama's fearmongering in recent weeks, but there is a larger point here as well. All of these comparisons of the country's present financial crisis to the Depression are specious; we are a long ways from the depths to which the American economy sank during the 30s, and even on into the 40s, and it is dishonest of the President to prey on the fears of the public by drawing these comparisons.
In a well-written and -researched essay published yesterday in The Wall Street Journal, Bradley Schiller, a Professor of Economics at the University of Nevada at Reno notes, "President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression."
Schiller goes on to point out a number of areas in which the conditions the country experienced during the Depression were much more severe than those we are currently experiencing. He further notes that a better, more accurate comparison would be with the recession of 1980-'81, from which the economy rebounded into a period of strong growth. Schiller notes:
"Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost — fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now."Job losses in the Great Depression were of an entirely different magnitude. In 1930, the economy shed 4.8% of the labor force. In 1931, 6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or triple the rate of 2008-09 or 1981-82."
By exaggerating the effects of the current recession, and by linking it to the Depression, playing on the fears of the public, President Obama is almost guaranteeing that his doom-and-gloom predictions and pronouncements will be a self-fulfilling prophecy. Ours is a consumer-driven economy; the more consumers are afraid – of the potential of losing their jobs, their savings and even their homes — the more likely they are to withdraw, cutting back their spending, and thus exacerbating the recession.
Obama is not only fearmongering, he's actually plunging us further into recession with his rhetoric.
And he's doing so dishonestly.
Article comments
— go to most recent comments1 - Dave Nalle
Great article, Clavos. I can't imagine Obama making a speech like that a GMU. It's a libertarian stronghold. I wonder if there were protests.
Dave
2 - Arch Conservative
Two things immediately come to mind that highlight the hypocrisy of the moonbat Barry drones.
The first is that they were quite fond of claiming that Bush was a dictator who no one was allowed to speak out against yet I don't recall anyone being prevented from critisizing Bush during the last eight years. Now they're supporting a guy who thinks it's the presidents job to lecture people on whether or not they should listen to talk radio. Oh and they're also calling for the government visa vie the Fascist Doctrine to silence those with the means to speak out in public against Barry or the leftist agenda.
The second is that Nazi Pelosi herself ranted and raved about the Republican culture of corruption yet Barry nominates a tax cheat to head up the treasury and none of his followers bat an eye.
Oh and I just thought of a third thing. The libtards were always claiming that Bush used fear mongering tactics but Barry keeps telling us the 2nd great depression will arrive by Saturday if we don't pass the bill on Wednesday. We're considering a trillion dollar spending package and mr so called pragmatic does not want to give anyone five seconds to examine it. Talk about fear mongering.
3 - Right and Right
All of BHO's tactics amount to comparing apples to oranges. We can't even approach this situation like our fathers (or grandfathers) approached the Depression. The work force back then was made up more of farmers and businessmen. Now, we have so many different sectors it's impossible to think we could learn anything useful by looking back on the 30's.
But, hey, that's what "we" get for choosing "hope over fear," right?
4 - Roger Nowosielski
Perfect point, R&R. The old categories no longer apply. And to think otherwise implies an ossification of the brain - a kind of arteriosclerosis as regards thinking.
5 - Jet
Hussein? Hussein? DEAR GOD our president's middle name is Hussein? Panic in the streets! How could the stupid American Electorate vote for someone with Hussein in his name!
FOR CHRIST'S SAKE is there anyone who DOESN'T know Barrack's middle name.
It's ridiculous that the right keeps bringing it up repeatedly, like the whole nation will turn against him with a name like that!
We get it already, for God's sake give it a rest!
Did Jefferson make Clinton more patriotic or presidential?
6 - Clavos
Nobody but you has mentioned Obama's middle name on this thread (or in the article), Jet...
7 - Jet
And the reason for the BHO at the title. Is it to honor him like JFK or LBJ-I'm not that stupid.
BHO was to emphasize his middle name and you know it, otherwise why did you use it?
8 - zingzing
is obama the only one saying that our economy is in trouble?
9 - Clavos
Um, Jet:
Ever hear of FDR? You know, the guy who presided over the Great Depression?
What's the article about, Jet?
FDR -- BHO. Get it?
Sheesh.
10 - Baronius
Besides, "BO" just seems insulting.
11 - Clavos
LOL, Bar!
12 - Baronius
Thanks, but I'm kind of serious. Obviously, "B. Hussein Obama" is just rude. But "BHO"? It didn't even occur to me that the H was a slight. We just need to get all of this out of the way if we're going to talk for the next four years.
13 - Jet
Odd, I don't seem to remember you ever referring to Clinton as WJC?
14 - Clavos
It didn't even occur to me that the H was a slight.
Of course not. It wasn't.
15 - Clavos
Odd, I don't seem to remember you ever referring to Clinton as WJC?
You're right, I prefer Slick Willie for him.
However, I Have referred to the following: RMN, HST, the infamous LBJ, GWB, and HRC, to name but a few.
16 - Matthew T. Sussman
C'mon Clavos! Nobody called Bush by his middle n.... oh.
17 - Ruvy
Hussein? Hussein? DEAR GOD our president's middle name is Hussein? Panic in the streets! How could the stupid American Electorate vote for someone with Hussein in his name!
Jet, are you sure that the triple by-pass was not for cranial arteries? Who mentioned the asshole's middle name other than you?
Just for your information, Jet, there will be a depression in America - whether your government mints $769 billion in funny money or not. Fiscal mismanagement for the last six decades or more guarantees that. The business reports I edit all indicate this. Nobody has confidence in your economy.
18 - Clavos
The business reports I edit all indicate this. Nobody has confidence in your economy.
The fact is Ruvy, that with all the world in economic turmoil, bad as the US economy presently is, it's still a safer place to park money than most other economies, so it keeps coming, even accelerating, as the quote above indicates.And yet, as noted by Dave elsewhere in these threads anb as also noted by many others in the MSM, foreign investment money continues to flow into our coffers, seeking a "safe haven." According to Bloomberg,
19 - Jet
Excellent point Clavos, and probably the reason a lot of other countries seem to prefer the U.S. Dollar as their chosen currency.
20 - Clavos
You're right, Jet. The USD is still one of the world's most stable currencies.
21 - Dave Nalle
Yay, we suck but everyone else sucks more!
Dave
22 - Ruvy
Yay, we suck but everyone else sucks more!
Close - you suck, but everybody is scared more of the folks who are not Americans. You still have a scintilla of good will left. Minting another $800 billion in phoney dollars will kill off that good will, as folks figure out what funny money gets them.
23 - Dave Nalle
Not sure about that, Ruvy. The phony money does push the value of the dollar down, benefitting those who are shopping for US assets right now.
Dave
24 - Irene Wagner
Baronius is right. BO stands for Body Odor. It's just not presidential.
Jet in #7, that's true. Clinton's middle name won't go down in history with him. Sec'y of State HRC's might though.
25 - Roger Nowosielski
At the rate the dollar is going, Ruvy, soon enough there won't be much of U.S. assets left. Welcome to the NWO. Read all about it in my upcoming piece.