@LaramieRam - My friends, and I, understand all too well. I understood when Ronald Regan first postulated the "trickle-down" theory. That was in the 1980s. The trickle doesn't work. It didn't work in any of the successive Republican administrations since Regan. Our economy was at it's strongest during the Clinton years.
Can we get a white board of the Deficit? I'd like to see where it was at 10 years ago and where it is today. I have a feeling it might look similar. :)
This video from the white House is absolute bullshit, giviing Obama total credit for his idiot special interest 2009 'Stimulus' bill. It leaves out tons of facts causing the economy to into recession... I also get a kick out of how this guy gives Obama 100% total credit for improvement the very first day he comes into office in January 2009; I mean what a crock of shit, total Democrat propaganda !!! The stimulus bill was mostly special interest pork, not infrastructure = Fact !!!!
I cannot believe that im reading these high rated comments above this one, from youtube trolls complaining about the American ecomony. Guys, please ignore the shit theyre spilling out, Obama has done so much for your country already and I hope your not stupid enough to elect Republicans in the next election because your greedy.
I hope everyone here notices that these are trends in the economy, and that this chart is made to make Obama look good. Notice those are jobs lost, not total unemployment. In the same amount of time under Obama there were just a many job losses during the Bush ( terrible president) administration. Both of the parties are playing politics and are both doing terrible jobs.
Over the last months I have been deeply perplexed as to how little Americans understood what was actually going on with their economy and blindly trusted the media's easy and misleading answers to those complex and important questions.
I hope they will understand how conservative republicanism is not (at least for the time being) the right way to go, especially when your country needs to reinvent itself, to PROGRESS, or else face utter economic downfall.
The administration averted disaster but the sellout to get the godamn bipartisan support they never needed and never got in order to avoid the changes we really needed which they never wanted will be even more disastrous later. The corporate elite used Obama, now they've discarded the idiot and fund Republicans. Republicans will say the policies are a failure but later claim credit when the economy TEMPORARILY eases up. Being stupid, Americans will vote for them again. What a shell game.
You can continue to believe that if you want. If it were true, the economic gap would not continue to widen with the rich getting richer. This type of economics did not benefit the middle class with Reagan, nor did it work during Dumbya's 8 years. You can use Buffet and Gates as examples if you want, but they are billionaire's that are an exception to the rule. Most wealthy families in America the money in their pockets and do not spend it. Most keep it in the family.
Or, if that's not good enough for you, Bill Gates also has a charitable foundation, called the Bill & Melinda Gates Foundation, which has given tens of billions, yes, billions, to charity. And I don't think he even has a poodle.
Now, take Bill Gates as an example. He is one of the richest people in the world. He has a business, called Microsoft. Microsoft has 89,000 employees as of 2010. Lets say each of those employees is only paid minimum wage (less than what most of them get). So, $7.25x$89,000 is $645,250 dollars paid PER HOUR of work for each employee. Multiply that by 40 for a full time work week and again by 52 for weeks in a year, and you get $1,342,120,000 dollars paid every year just by this one company.
His last comment about Bush policies not being a good idea ARE BEING REPEATED with the tax cuts for everybody.
No one likes tax but it is necessary unless you want a country like Somalia (even they have extortion tax). Tax cuts during a recession don't help anyone but rich people who still wont invest IN AMERICA. They reinvest it in learning a little chinese.
I do not agree with your comment lleon220. The American people are not used to getting what we want, when we want it. Now, I would say your comment would be properly applied to the wealthy people in our country.
Our economy tanked because of Bush policies. Obama inherited mess from Bush and I say Obama is awesome. None of my friends want to see the wealthy get tax relief while the working poor or middle class suffer. However, I believe Obama did the right thing.
I do not agree with your comment lleon220. The American people are not used to getting what we want, when we want it. Now, I would say your comment would be properly applied to the wealthy people in our country.
Our economy tanked because of Bush policies. Obama inherited mess from Bush and I say Obama is awesome. None of my friends want to see the wealthy get tax relief while the working poor or middle class suffer. However, I believe Obama did the right thing.
@YARLEAHCIM I don't think your friends understand the Bush tax cuts extension. NOBODY is getting tax relief. Nobody is getting their tax rate reduced from what it is now. The extension means that taxes won't be raised for anybody. Yes, that includes those mean rich people. However, it is a well known fact that raising taxes on ANYBODY slows down the economy. Lots of people also forget that rich people have businesses, and those businesses supply money to the middle and lower taxes.
@LaramieRam Perhaps they haven't forgotten, they have simply been convinced otherwise. Trickle down economics is a failed strategy. Rich folks do not spend their money in the community, they spend it on themselves and their poodles.
@YARLEAHCIM Trickle down economics didn't work in the 1800s when it was called the horse and sparrow theory; it didn't work with Reagan, and it didn't work with Dubyah either.
@YARLEAHCIM First of all, rich people spending money on ANYTHING is good. Their money gets put into the circular flow, and the money does make its way into middle and lower class households. If they save it, money is still put into the circular flow by way of banks that use their money to invest.
Thank you for the propaganda Mr. Goolsbee! I never heard you say a word about the job losses in January 2010, and it seems to me that those blue lines hardly offset the red ones.
@LaramieRam How did they not offset the red lines? It looks like it shifted up afterwards vs going the same direction of down. What do you mean by that?
@HoGraz Remember, this chart that he wrote is not the same as the unemployment rate. It shows the amount of job losses, meaning that people were still losing jobs even after Obama was elected. When Obama went into office in January 2009, unemployment was at 7.7%. One year later, the unemployment rate was up to 9.7%, meaning people were still losing jobs, even with Obama's legislation that Goolsbee holds so high. The newest rate is 9.6%, .1% higher than July. These stats are from the BLS website.
Please bring HR 5566 to vote for the prohibition of crush kitten/puppy videos. Keeping these crush video recordings legal is basically saying to other countries, "We are a great civil nation - but please excuse our torture fetishes." Did you know President Obama is trying to establish diplomacy in Islam countries?--the Koran strictly forbids torturing animals-so these the legalization of such videos is HARMFUL for International relationships.
I would like to know where this guy gets his information. From what I've learned through-out middle-high school is to show your sources. I go to their official web-site and there are links to the said claims about the jobs loss/gains.
@Frink14 Those numbers are from the U.S. Bureau of Labor Statistics. You can find them at the United States Department of Labor website. Those aren't "said claims" but actual facts based on empirical evidence. You can continue living in denial or accept the facts. Your choice
@mawirag Dumbass lib, I said that they don't give any links to the data collected or anything like that. How can I take your word on where they got that info?
@Frink14 I never asked you to take my word on anything. The origin of that graph is from a Washington Monthly Reporter named Steve Benen. His source for where he got the numbers to create that graph are from the Dept. of Labor. If you don't trust him or me you are free to double check the info yourself. As I said before, you can choose to accept the facts for what they are. Or live in fantasy land, only deciding to trust information that fits your narrative of whats happening. Your choice.
@mawirag Well I looked on the Dep of Labors site and the unemployment rate is going up. Maybe you should check your facts or just trust whatever Obama says without looking at the info. w ww.bls.gov/opub/ils/pdf/opbils87.pdf
@Frink14@Frink14 Yes the unemployment rate is stubbornly sticking at 9%. The graph shown in this video is for number of private sector jobs created or lost. If you go to h**p://data.bls.gov/cgi-bin/surveymost?ce check the box "Total private employment" you will see that the numbers do correlate to what the graph shows. Also there is a small checkbox that say "include graph" checking that box shows a graph that shows the same trend as the graph in this video, just not as dramatically.
unemployment did go up while the rate of job losses decreased... but still there are job losses... just not as significant. the graph he showed doesn't mention unemployment rate. until the country starts adding more jobs, we will remain with 9% unemployment... but if the job trend continues since Obama took office, expect to see unemployment start to fall over the next 2 years
unemployment did go up while the rate of job losses decreased... but still there are job losses... just not as significant. the graph he showed doesn't mention unemployment rate. until the country starts adding more jobs, we will remain with 9% unemployment... but if the job trend continues since Obama took office, expect to see unemployment start to fall over the next 2 years
You know the sad part about this?!? You could show these wrong-wingers all the facts in the world and they STILL will find a reason to say you are wrong.
White House lies. They only count people collecting checks from them as unemployed. They don't include homeless, people moving back in with family and others.
Temporary construction work doesn't create jobs either. It creates temporary work. The best way to create work is to stop over taxing businesses. Less tax means more money to expand.
The Federal Reserve and their policies are what got us here in the first place.
@st4ticblu3 The White House didn't lie. The only reason why they counted people who are taking unemployment benefits is because thats the only way to really know. Either way even if you somehow managed to include people who aren't with benefits, you would still see the same general trend of the graph.
@st4ticblu3 Temp construction work doesn't create jobs? Tell that to the guys who get those jobs. Those construction projects generally go on for years, keeping people employed while the economy improved. Investing in infrastructure has worked in the past when we built roads and railway lines. Its working in other countries now where they build high speed trains and skyscrapers. It works Taxes have already been cut. Cut anymore and the govt won't have any income to run. Time to try something new
We live in an era of instant gratification.the American people are used to getting what they want, when they want it, the process of Governing takes time, especially in the climate of a recession and a climate that has prohibited the President from accomplishing policy without the means of reconciliation.It's a shame that people cannot work together, we count on our elected leaders to set the example...instead they choose to stop policy at the exp of the people.... all for the love of Money...
yet all those who voted in the republican congress are so out of touch with how long it takes to undo the mistakes of the Bush administration. Now we have to fight to keep the policies that Obama has created to stay in place. WHAT FOOLS ARE OUT THERE????
@Frink14 They hate hearing that. Another good one is...
Show me a ghetto and I will show you a democrat representative. The black community continues to vote for the party that threaten to murder them for voting republican less than a century ago "Vote or Die. They don't even know why they vote democrat. It's because Dems constantly lie to them and manipulate them.
@Tydomes Why do so many of you righties just yell stuff? Without offering something substantive for us to consider? This video aptly describes the jobs situation in this country. He was actually kind to the Republicans. He could've thrown in the 5% drop in middle-class wages, Bush's unfunded wars, programs, tax cuts for millionaires...the list goes on. Those "policies" destroyed the economy. It's just what it is. VOTE DEMOCRAT!
@demmmmm1 im no republican. im not a democrat either. and im defiantly not a tea party member. 1st of all we are still having job loses. this video only shows "private sector" not the whole picture. we are still at 9.6% unemployment where back in 2008 we were at 7%.
@EmpathyWorks i know this. but in September 64,000 people in the private sector got jobs. but in the Public sector 94,000 lost their jobs due to government layoffs. This video doesnt show the whole picture.
people that work in the public sector are still the middle class. and this video is just a playing the blame game. its complete bs.
@EmpathyWorks There is no mostly in the Public sector. :P One way or another all the money they generate is from us. Even when they print it they are stealing money from our pockets in the terms of value rather than the physical money.
@demmmmm1 in 2007 the democrats had control of the house which is perfect timing for the whole economic collapse. im not saying bush is to blame because he partly is. but the only way to change is to vote these politicians out that have been in there for 10-20 years. Obama isn't any good and yes i know he is tryng and doing his best but his policies are way to expensive. hes already spent more than bush did in 8 years. how about we dont vote for a party but we vote for the person..
@Tydomes Oh, yes, I forgot that economies can instantly collapse the day after an election. Give me a break. Economies don't stop and start on dimes. Repubs had control for years leading UP to the collapse. It's almost as if you're suggesting the housing bubble was created in a week or something. Get real.
@demmmmm1 is that all you took out of my comment. lets stop playing the blame game.ok. BUSH DID SUCK AND HE DID SCREW UP! so did the DEMOCRATS!! how bout we stop with the party crap and start voting of real actual politicians and what they stand for. not what party there in.
No mention of the Fed pushing low interest rates, distorting the housing market causing malinvestment. No mention as to how the government knows the "investments" were necessary without a profit/loss mechanism to gauge consumer preferences. Just propaganda of the crudest and most obvious kind!
I dont know about everyone else in America, but I am scared to death at what damage that repubs will do if they take control of government!!!! President Obama and other leaders in office have said that the reason we are in the mess we are in, is because of republicans!!!! Democrats have passed legislation that us on the right track to recovery!! Now, the republicans are promising to repeal these great bills that were passed!!!! I find this very scary!!!! Please, please, VOTE DEMOCRAT!!!!!!
How about someone NOT hired by the White House to give this talk. Anyone can manipulate numbers. I need to hear this from someone who is down-the-middle American and not Republican or Democratic; neither of whom we can trust to give us unadulterated truth. Give me numbers – from an unbiased source please.
@helltrackrider A libertarian think-tank is hardly unbiased. The only thing you can trust them to do is ignore facts and spin falsehoods in support of encouraging us all into the minarchist suicide pact.
So...what "Facts" does the Mises Institute ignore? Please do tell.
I do believe that every economic collapse they have predicted and provided solutions too, obviously these solutions havent been taken as the solutions limit Government access and control over the money supply.
Read some of their literature prior to making assumptions; as for the Keynesian and Fractional Reserve system...we see how this has worked, quite wonderfully i must say --- look where we are today!!!
@helltrackrider I am quite familiar with Mises (I used to be a Libertarian). It's funny how you mention the current financial difficulties when it was exactly a lack of regulation that enabled this fall.
The Federal government by-and-large limited the scope and frequency of market cycles through control of monetary cycles - it's generally worked ever since the Great Depression. Austrian economics is just fresh paint over regular libertarian screed.
This financial crisis, as all others have been in this century (and one can make the case for the majority throughout history)...was caused by an imbalance of Savings and Credit --- brought about by our wonderful Federal Reserve supressing interest rates and creating money out of thin air to lend to member banks...oh yeah, the Federal Government also demanding that banks make riskier home loans or lose backing by the FDIC
@helltrackrider You really should study economics before making claims as to the causes of financial crises. I'm sure it's convenient to make things up in order to support your libertarian ideas, but anyone who has actually looked into these things will know better. Just like your sloppy analysis of history below, your economics and economic history are way off.
Claims...too bad these "Claims" predicted the Great Depression, the Dotcom boom/bust and the housing boom/bust...says alot for the Government and the spend your way to prosperity Keynesian policies who saw nothing coming and yet tried to lay the blame (every time) on too little of control, too little regulation and private entities...when, the real culprit is the Government and the Federal Reserve - as has been predicted and shown through Austiran Economics
@helltrackrider Austrian Economics doesn't even try to be predictive - if it did it wouldn't feel the need for things like praxeology. Instead of actually studying behaviour, they just make it up! This is one of the reasons Austrian "economics" isn't taken seriously - they're not even trying, and they only pull in people who don't understand people, economics, or history. It's easy - they just have to sound good and push libertarianism to people who already believe in it.
...and Keynesians are taken seriously?...look at the calamaty they have caused over the previous Century...a Dollar that has lost essentially all of its value (only to get worse in the coming years) - where as under the Austrian Theory the Dollar would not lose value and in fact gain value relative to the services provided in the market...under Keynesians everything cost more and more every year (minus new technology yet to be regulated by government or market adjusted)
@helltrackrider Yes. Keynesian economics is part of the standard synthesis model used in academic economics. A slow devaluation in currency is expected and intentional - it's not a problem and it's structurally useful in keeping the currency stable. There's no reason not to do it (wages shift along with it, roughly speaking).
Under "Lassiez-faire Economics", we'd be back to frequent economic instability - the world decided that was too painful many years ago. Austrian economics holds no water.
your pegged on your ideology, unbacked by reasearch and data...
I'll stick to the ideology backed by Liberty, Research and data...
A currency devaluation is theft...period.
Read the Constitution..."Coin Money and REGULATE the Value thereof"...this means, metal money with a regular (steady) value...the founders undertood currency devaluation and the threat of fiat currency and a Central Bank...we could learn alot more from Jefferson than we can from Keynes.
@helltrackrider Oh, really? How about the First Bank of the United States, a central bank founded in 1791 with involvement of many of the founders, founded with the explicit goal of financial stability?
Currency devaluation isn't theft. Currency is like gold - it's not intrinsically particularly valuable, it's only valuable if people decide to agree that it is. Governments help manage that - that's their job. If you don't like how they do it, vote for some other way.
Only problem...Jeffersons economic theory (Austrian) promotes minimal government and Liberty; completely opposite of Keynes and what our Federal Government wants...i mean, how else could they pay defense contracts worth more than the combined worth of a small country without a fiat currency?
@helltrackrider Austrian economics wasn't even around in Jefferson's time (nor was the Keynesian/Neoclassical synthesis). This was before capitalism - mercantalism was still the dominant economic model in western society.
We can manage defense contracts because we're fairly wealthy. That's it. Some other countries spend a higher proportion of their GDP on military than we do. (we're around 4 percent, Oman is over 11 percent).
It must suck to milk Obama's tit and keep pointing the finger at innocent people who are trying to get by day to day but cannot because taxes, high unemployment, severe inflation and massive regulation of their daily lives and activities...
One thing is a fact...look at the numbers over the past century...GOVERMENT has failed misserably and increased exponentially; so...i ask, why do you still support the Government and not the Individual?
@helltrackrider I support government in regulating business so crises like this don't happen. A mismanaged economy hurts people. Obsession with libertarian or objectivist ideas is one way to mismanage an economy, and it has real consequences. Government is a useful tool to help people. It fails when people hostile to it manage to wield it.
Speaking of the FDIC...Government backed insurance on deposits?..now, what my this indirectly promote?...oh yeah, increased risk on the banks behalf knowing that they dont have to cover any losses and society as a whole will pick up the tab!...Moral Hazard...then, to top it off...the FDIC INCREASED its deposit insurance to promote MORE moral hazard.
Free Market or Lack of Regulation over the private sector cannot factually be blamed...of course, it makes for a great talking point
@helltrackrider The FDIC protects people from misbehaviour by the banks. It costs said banks and protects people whose entire savings are at stake. It's a fundamentally good idea - otherwise if a bank goes under, no big deal for the bank or its investors - it just disappears, but everyone who relies on it loses big. How'd you like *your* savings disappearing in a blink of an eye? As a society, we say that's a bad idea, hence FDIC. Think things through!
The FDIC protects loses...this in turn allows - whether it is the intention or not - the banks to invest riskier with the deposits ...
Had we a true currency without inflation and interest rates controlled by Central Planning, the need for a Federally backed insurance deposit wouldnt exist as any private insurance company would fill the void...but, with a completely manipulated money supply and moral haxard by the banks - no private insurance company would touch deposit insurance
@helltrackrider If that's real, that'd be the case with private insurance too, and remember that a bank w/o protection could just go bankrupt. Regardless of what it allows, people deserve protection from losing all their savings, and it's simply not good enough to handwave and pretend everything would work out magically without actually making sure that protection is there and is real. The whole reason we regulate our economy is that it failed to regulate itself in the past. FDIC is worthwhile.
Name the past when it "failed to regulate itself"...
As for deposit insurance...in a free market, noone would deposit with a bank if it wasnt protected by an underwriter...so, with that being relatively obvious...no bank could open its doors without insurance
You continuously return to Government to solve all the problems...when THEY created the turbulance (boom and bust) in the market place to begin with by trying to control credit and assuring that everyone got a home
@helltrackrider Almost every economic crisis throughout history was some kind of a market failure. Before we really started directing monetary policy, these cycles were more frequent (and often damaging).
You presume too much about human nature - of course people would deposit with risky banks. These are the same people who are hypnotised by advertisements to buy things usually no better than generics. If "moral hazards" are real, private insurance would pose the same threat.
Im not saying market failures do not exist, im simply saying - factually - that government manipulation or central planning of a market provides for the failures to exist more frequently, to be larger and to be longer...with excess Credit into a market without proper savings to back it and without higer interest rates when necessary to retard excess borrowing, booms happen and with government intervention via bailouts, stimulus, etc the bust is much worse.
@helltrackrider This is simply not borne by the facts. A managed economy has proven to be more stable. A pound of your reasoning is not worth an ounce of the facts.
you support involuntary taxation --- see the income and property taxes...which, if one does not pay is forced (via violence or threat thereof) to jail time or an additional fine...
Also, if i came to you and said "give me 40% of you pay today" against your will and took this from you...is this not theft?...how is it any different when another individual, who happens to be a "government employee", does this same act?
Theft is Theft...involuntary taxation is theft...plain as day
@helltrackrider It is not theft - theft is a legal term, and you can go look it up.
As a society we decide together on taxes. You can't opt-out without leaving society. Income and property taxes are not different in principle from other kinds of tax. Any philosophical idea you have that would have us undo the way societies have worked for thousands of years and the way societies probably need to work - it's a bad idea. The founders were not for your weird idea of liberty. Nobody else should be.
When did you, or anyone else, decide that you wanted an "income tax"?
Also...i recall a group of Americans trying to remove themselves from society...and the Government stepped in and said "No." - well, Lincoln stepped in and said "No."...why?...lost tax revenue...how ironic.
@helltrackrider Look at the history of taxation in the United States. You'll find votes.
Lincoln preserved the union (and in the process stopped slavery). It was appropriate to smash the south, at least for the latter reason and probably the former.
The founders were not for your idea of Liberty...hmmm, talk to him Mr Jefferson...
"Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law' because law is often but the tyrant's will, and always so when it violates the rights of the individual"
--- I believe this quote speaks for itself on what Liberty is...property / labor taxes are a direct violation of my Liberty.
@helltrackrider Property/Labour taxes are not in principle different than other taxes, just in specifics. Jefferson was also not anti-tax, and if you want to get a fair sampling of politics at the time, you should read him more broadly (he could not be called pro-business by any means and believed government must regulate and be stronger than corporations) , and also sample Washington, Adams, Madison, and many others.
Liberty is a concern, not a law. It's not "violated or not", it's blended.
Essentially every recession in US history has been a direct result of a Central Bank, expanded credit or high tariffs which cause trade imbalances...the only problem now is that all three exist larger than ever in US history...
Booms and busts will happen in every economic society...im not going to deny that, i will deny the extent and magnitude when they are brought about by government or tried to be corrected by government...they are always longer and bigger.
This should be called what it is the Sorcery House Of Washington DC the House Of godless Iniquity; Lies, Thief, Deceit, Artifice, Oppression And Murder.
US in poverty ,yet military aid to Israel is 6 billion per year.People need food ,medicines ,housing but Obama and its Jewish lobby busy killing and murdering abroad.
Austan - with all due respect. When there is a large shock to the economy you see the pattern that you have on the board. It falls to bottom, recovers some and then starts to level off. The same pattern on your board would have happened if you did nothing. You know this as well as anyone. In fact nothing would have been better than the uncertainly the leadership has created. You also left out that we need 1.5% growth just to absorb new young people coming into the job market. - cont -->
@TalkerOne Austan - lets talk about what policies got us here. In 1999 the NYT warned about a possible collapse in the mortgage industry. In 2001 the Bush Admin and a group of GOP Senators led by Sunnunu and Dole started introducing bills for mortgage reform. Dems in the Senate used the filibuster and other tools to prevent passage year after year. OFHEO warned Congress that real reform was needed, Democrats called them names. Obama and Dodd took huge $ from Fannie Mae to keep the status quo.
@EmpathyWorks Wow, no substance and pull the race card - how lame. There are many smart things the govt could have done, but what they have done so far is create uncertainty and raise costs and taxes. Too bad you don't have the brains to make a real argument. The government is making the recession linger on and flatrline. People are suffering and you obviously dont care. You have no empathy whatsoever for those who are suffering.
@helltrackrider Hi, I know that sometimes it can sure seem that way. They could have fixed the mark to market rule. They could have clamped down on Fannie/Freddie. They could lower the Corp Income Tax and offered a special break for small businesses. They could have had a two year tax holiday for investing in new business. So there are some smart things that could have been done. The 67,000 page tax code as wracked with corruption and could have been reformed.
This Obama propaganda has been exposed already. Youtube: "The other side of the White House white board"
These guys will gladly mislead and lie to the American public just to retain power. They don't care that their policies are disastrous for Americans.
If you actually care about Americans, then watch the other youtube explanation of what's going on in this graph display. Gooslbee, you are a tool, a liar, and have discredited yourself.
@JJFZ3000 A right-wing nut? You realize he's being deceptive to make Obama look better than the failure he is, right? The Democrats took control of Congress in 2006, so every bar should be blue. It's their recession. He's also limiting his talk to PRIVATE SECTOR. Nobody ever does this. They include Public Sector too, which would show the recent failure of Obama's failures after the Census workers got laid off. And 17 of the 20 blue bars represent JOB LOSSES. Just more deceipt from Obama
@braininahat The Private Sector drives growth. Any government can increase Public Sector jobs. Just hire more government workers. That's easy but that doesn't solve any fundamental problems.
Of course Obama is deceptive. But what do you expect from politicians? The point is that Obama is still better than the Republican candidates. Why would they do their job any better? I don't care how bad Obama is as long as he's better than the Republicans.
@JJFZ3000 Obama has the national debt at almost $14 trillion, unemployment at 17%, and is growing government, spending even more, and taxing us more, yet here you are saying you don't care. Look at the Bush years before the Democrats took over Congress. It's not contest: Bush clearly improved the economy; Obama is destroying it. All you care about is the label "Democrat"; America or Americans don't actually matter to you, which is why you can afford to be so ignorant.
The economic crisis started in 2007, before the 2008 election. I don't understand how you can say that "Bush clearly improved the economy". Also, most of the economic facts that you've stated are a result of a global recession. How can you blame Obama for a global recession caused by Bush?
The national debt was already 10 trillion when Obama took over. Unemployment is actually 9.2%, not 17%. Again, I don't think it's fair to say that Obama caused the unemployment.
@JJFZ3000 I didn't blame Obama, I blamed the Democratic controlled Congress of 2006 to the present. Look at 2000 to 2006: clear growth. That's Bush.
Obama has only brought the debt to $14 Trillion, raised unemployment to 17%, and is planning on more so-called stimulus failures and bailouts.
If you care about America, then look at the results of the policies, not who is pushing them. Clearly, the Democrats and Obama have failed. That's the bottom line. Screw your politics.
This Goolsbee person has never worked in the real world. Always just a assn't professor of economics discussing theories of economics without any real world knowledge.
He is the one that thought having the government do 1040ez automaticallly would save american billlions cus they wouldn't have to pay anyone to do their taxes.
1040ez preparation is already free, on the internet, over the phone and in private companies.
He is a complete idiot who didn't know how things worked.
Obama's STIMU-LESS bill that put us far deeper into debt then both wars combined.
Did nothing. We were expecting under 8 percent unemployment in the worst case scenario.
Democrats' regulations forced banks to accept debt they wouldn't normally take on
This debt built up and caused the financial meltdown. Bush's TARP handled that but Obama rallied against our economy to get elected and promised an agenda that would certainly hurt business, employment and prosperity.
@Billshut100 The Stimulus Bill was around $787 billion while the Bush tax cuts cost over $2 Trillion. Obama was handed a $1.2 trillion budget deficit in 2009, and in one year he raised that to a whopping $1.3 trillion, due to the emergency measures taken, since the economy was in free fall! I would hardly call that racking up debt!
Since Obama has taken office many people like me have become targeted by organized stalking and electronic harassment.Terminal experiments that will end in death due to the effects of non-ionizing radiation or due to the extreme torture, a forced suicide. Thanks Obama!
It seems the 1980's "trickle down" "hands off Wall Street" policies proved it didn't work in the 2000 Bush years.
Some government intervention is helpful...especially now. I will vote Democrats. They seem to be good at cleaning up the negative work that has been done.
"I made this fancy chart which explains nothing of substance other than we can't possibly lose any more employment so therefore Obama is a good president."
Which Political Party was in power in Congress in 2007? All Bush could have done was exercise his veto power, which could have been overridden by the Dems. If we have >10% unemployment today, why is the chart above the line? What's that old saying? "Liars figure and figures lie." Frankly, I have very little respect for any Member of either Party in Congress. Vote them ALL out and start over...
Maybe i wasn't clear. I think Austan's chart makes it seem like Obama's arrival on 1/2009 started making the economy better when really it was more of an inflection point.
A clearer way to show what's happening would be to show total employment by month. It would start out high in 2007, drop quickly at the end of the Bush years, continue dropping (more slowly) during Obama, and then bottom out where it is now. Private sector job losses/gains are changes in total employment.
Goolsbee your chart is deceiving. Graph total employment, not the changes, and you get a sharply dropping line at the end of the Bush years followed by a slowing and then bottoming out with almost no increase under Obama. This would be a lot more telling of what's actually happening, not that anyone needs to know about that.
THis graph is about job lay offs, NOT employment : how many people starte to be expelled from work, and when, starts when, stops when.. Employment is the sum of [Employment - lay offs] = still employed that month
**Never in America's history have we had, until now, such an anti capitalism President and an Administration filled with so many misfits, liars, incompetents, tax cheats, marxists, radicals & big government despots.
Obama, who never even ran a lemonade stand, can not create pvt. sector jobs. To do so he & his Party would have to embrace & support capitalism, not reject & seek to destroy it.
These despots, who have never produced anything, seek to control the pvt. sector.
Blame it all on Clinton. 8 years he let Iraq and the rest of the middle east plot and plan, run UN weapons inspectors out of the country every time they got too close to their stash. Less than 9 months into Bush's admin, we have 9/11, war and astronomical gas prices. Prices so high, it forced price hikes on every thing else you purchase. That is what started the downward spiral. Then bail out banks? These are the people that are supposed to advise everyone else how to manage their money.
funny, this moron of a President - and even more morons of advisors - have taken the historic approach at the economy....which has always resulted in a worse bust than would had previously occured...
Obama, you as well, are way too blind to see the root of all todays social and economic issues.....the Federal Reserve.
The vast difference in income between the Rich and Poor isnt due to "deregulation" as you fools like to yap about...educate yourself
I just can't understand how working and middle class Americans could even consider voting Republican, when it's so clear that what they're interested in is: tax cuts for the wealthy few, sending American jobs overseas so that the wealthiest can make even more money, removing social programs (Social Security, Medicare, Veterans assistance) that have helped so many. It just doesn't make any sense. Please, America, don't be duped!
Didn't I read today obama administration is taking claim to jobs created under President Bush? So you were deceitful about that but, your honest about this. I know the line......Bushs' fault...... I am getting it engraved into my mind. Same with the defictit that TRIPLED in last two years. Bushs' fault. Maybe it should be sold to us a different way. I read that today too.
1.) You need people to have jobs in order to pay taxes. Taxes pay for the deficit.
2.) One report says that we lost 8.4 million jobs in the Recession, and about half of that came during the Bush Presidency. As President unless you are doing nothing, no matter which policy decision you chose, you would have to spend money that you don't have.
Did you read that article on Fox News? Kindly send the source.
Funny, the recession started right after the Democrats' minimum wage hikes started. Weird, no one could have ever seen that coming.
Is there anyone in the Obama Administration that is not an idiot? If there is, would y'all please roll them out in front of the camera next time, instead of this lying buffoon on this video?
You are blaming the Recession on minimum wage? Are you serious? Judging from your use of "y'all" I'll have to assume that you're from the south and are likely a conservative. Let's note: Minimum wage raises progressively through time in order to make up for inflation.
The deregulation of the banking industry, the housing markets, credit card companies, and paying $5 for a gallon of gas all played larger roles in what caused our Recession and job losses.
@thebodgod Yeppers, when you increase the minimum wage, instantaneously everyone that makes more than minimum wage takes a huge hit to their wallet. Increasing the minimum wage makes everyone else poorer. The only group of people that experience at best a zero sum gain are those that make minimum wage. That is simple to understand. Check to see when the unemployment numbers started shooting up. Goolsbee even points out in this video when the recession started.
@thebodgod Good thing you see the need to get more opinions, that increases your debating opponents to the subset of every other human on Earth. You better get started.
Oh, you do need to study economics a little before you attempt that task because you are certainly outgunned.
cant wait to join in...Inventions Designs & Concepts LLC job creation programs.. come visit
FattTrixx 5 months ago
@LaramieRam - My friends, and I, understand all too well. I understood when Ronald Regan first postulated the "trickle-down" theory. That was in the 1980s. The trickle doesn't work. It didn't work in any of the successive Republican administrations since Regan. Our economy was at it's strongest during the Clinton years.
YARLEAHCIM 8 months ago
This is clear enough for me. If you need fancy and meaningless 3D graphics, Paul Ryan is your man
miankd 8 months ago
Can we get a white board of the Deficit? I'd like to see where it was at 10 years ago and where it is today. I have a feeling it might look similar. :)
princessjamie01 9 months ago
This video from the white House is absolute bullshit, giviing Obama total credit for his idiot special interest 2009 'Stimulus' bill. It leaves out tons of facts causing the economy to into recession... I also get a kick out of how this guy gives Obama 100% total credit for improvement the very first day he comes into office in January 2009; I mean what a crock of shit, total Democrat propaganda !!! The stimulus bill was mostly special interest pork, not infrastructure = Fact !!!!
SubpennyStockpicks 9 months ago
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dropless2002 1 year ago 2
@dropless2002 Don't you mean "educated"? Nice spelling genius.
2012ForObama 2 months ago
I cannot believe that im reading these high rated comments above this one, from youtube trolls complaining about the American ecomony. Guys, please ignore the shit theyre spilling out, Obama has done so much for your country already and I hope your not stupid enough to elect Republicans in the next election because your greedy.
convictPKlol 1 year ago
I hope everyone here notices that these are trends in the economy, and that this chart is made to make Obama look good. Notice those are jobs lost, not total unemployment. In the same amount of time under Obama there were just a many job losses during the Bush ( terrible president) administration. Both of the parties are playing politics and are both doing terrible jobs.
kjshins 1 year ago
Over the last months I have been deeply perplexed as to how little Americans understood what was actually going on with their economy and blindly trusted the media's easy and misleading answers to those complex and important questions.
I hope they will understand how conservative republicanism is not (at least for the time being) the right way to go, especially when your country needs to reinvent itself, to PROGRESS, or else face utter economic downfall.
Archangelista 1 year ago
The administration averted disaster but the sellout to get the godamn bipartisan support they never needed and never got in order to avoid the changes we really needed which they never wanted will be even more disastrous later. The corporate elite used Obama, now they've discarded the idiot and fund Republicans. Republicans will say the policies are a failure but later claim credit when the economy TEMPORARILY eases up. Being stupid, Americans will vote for them again. What a shell game.
hamnose 1 year ago
You can continue to believe that if you want. If it were true, the economic gap would not continue to widen with the rich getting richer. This type of economics did not benefit the middle class with Reagan, nor did it work during Dumbya's 8 years. You can use Buffet and Gates as examples if you want, but they are billionaire's that are an exception to the rule. Most wealthy families in America the money in their pockets and do not spend it. Most keep it in the family.
YARLEAHCIM 1 year ago
Or, if that's not good enough for you, Bill Gates also has a charitable foundation, called the Bill & Melinda Gates Foundation, which has given tens of billions, yes, billions, to charity. And I don't think he even has a poodle.
LaramieRam 1 year ago
Now, take Bill Gates as an example. He is one of the richest people in the world. He has a business, called Microsoft. Microsoft has 89,000 employees as of 2010. Lets say each of those employees is only paid minimum wage (less than what most of them get). So, $7.25x$89,000 is $645,250 dollars paid PER HOUR of work for each employee. Multiply that by 40 for a full time work week and again by 52 for weeks in a year, and you get $1,342,120,000 dollars paid every year just by this one company.
LaramieRam 1 year ago
His last comment about Bush policies not being a good idea ARE BEING REPEATED with the tax cuts for everybody.
No one likes tax but it is necessary unless you want a country like Somalia (even they have extortion tax). Tax cuts during a recession don't help anyone but rich people who still wont invest IN AMERICA. They reinvest it in learning a little chinese.
fububalla 1 year ago
Wait. The numbers and the graph don't match.
YouMockMe 1 year ago
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I do not agree with your comment lleon220. The American people are not used to getting what we want, when we want it. Now, I would say your comment would be properly applied to the wealthy people in our country.
Our economy tanked because of Bush policies. Obama inherited mess from Bush and I say Obama is awesome. None of my friends want to see the wealthy get tax relief while the working poor or middle class suffer. However, I believe Obama did the right thing.
YARLEAHCIM 1 year ago
I do not agree with your comment lleon220. The American people are not used to getting what we want, when we want it. Now, I would say your comment would be properly applied to the wealthy people in our country.
Our economy tanked because of Bush policies. Obama inherited mess from Bush and I say Obama is awesome. None of my friends want to see the wealthy get tax relief while the working poor or middle class suffer. However, I believe Obama did the right thing.
YARLEAHCIM 1 year ago
@YARLEAHCIM I don't think your friends understand the Bush tax cuts extension. NOBODY is getting tax relief. Nobody is getting their tax rate reduced from what it is now. The extension means that taxes won't be raised for anybody. Yes, that includes those mean rich people. However, it is a well known fact that raising taxes on ANYBODY slows down the economy. Lots of people also forget that rich people have businesses, and those businesses supply money to the middle and lower taxes.
LaramieRam 1 year ago
@LaramieRam Perhaps they haven't forgotten, they have simply been convinced otherwise. Trickle down economics is a failed strategy. Rich folks do not spend their money in the community, they spend it on themselves and their poodles.
YARLEAHCIM 1 year ago
@YARLEAHCIM Trickle down economics didn't work in the 1800s when it was called the horse and sparrow theory; it didn't work with Reagan, and it didn't work with Dubyah either.
YARLEAHCIM 1 year ago
@YARLEAHCIM First of all, rich people spending money on ANYTHING is good. Their money gets put into the circular flow, and the money does make its way into middle and lower class households. If they save it, money is still put into the circular flow by way of banks that use their money to invest.
LaramieRam 1 year ago
Thank you for the propaganda Mr. Goolsbee! I never heard you say a word about the job losses in January 2010, and it seems to me that those blue lines hardly offset the red ones.
LaramieRam 1 year ago
@LaramieRam How did they not offset the red lines? It looks like it shifted up afterwards vs going the same direction of down. What do you mean by that?
HoGraz 1 year ago
@HoGraz Remember, this chart that he wrote is not the same as the unemployment rate. It shows the amount of job losses, meaning that people were still losing jobs even after Obama was elected. When Obama went into office in January 2009, unemployment was at 7.7%. One year later, the unemployment rate was up to 9.7%, meaning people were still losing jobs, even with Obama's legislation that Goolsbee holds so high. The newest rate is 9.6%, .1% higher than July. These stats are from the BLS website.
LaramieRam 1 year ago
@LaramieRam Good point.
HoGraz 1 year ago
Please bring HR 5566 to vote for the prohibition of crush kitten/puppy videos. Keeping these crush video recordings legal is basically saying to other countries, "We are a great civil nation - but please excuse our torture fetishes." Did you know President Obama is trying to establish diplomacy in Islam countries?--the Koran strictly forbids torturing animals-so these the legalization of such videos is HARMFUL for International relationships.
WinterHaven 1 year ago
that right vanman2099...because facts are an epic fail!!
mef75baby 1 year ago
This guy is epic fail
vanman2099 1 year ago
@vanman2099 Why because he uses real data to support his arguements...Go be a republican and bury your head in the sand
SirAvalord 1 year ago
I would like to know where this guy gets his information. From what I've learned through-out middle-high school is to show your sources. I go to their official web-site and there are links to the said claims about the jobs loss/gains.
Frink14 1 year ago
@Frink14 Those numbers are from the U.S. Bureau of Labor Statistics. You can find them at the United States Department of Labor website. Those aren't "said claims" but actual facts based on empirical evidence. You can continue living in denial or accept the facts. Your choice
mawirag 1 year ago
@mawirag Dumbass lib, I said that they don't give any links to the data collected or anything like that. How can I take your word on where they got that info?
Frink14 1 year ago
@Frink14 I never asked you to take my word on anything. The origin of that graph is from a Washington Monthly Reporter named Steve Benen. His source for where he got the numbers to create that graph are from the Dept. of Labor. If you don't trust him or me you are free to double check the info yourself. As I said before, you can choose to accept the facts for what they are. Or live in fantasy land, only deciding to trust information that fits your narrative of whats happening. Your choice.
mawirag 1 year ago
@mawirag Well I looked on the Dep of Labors site and the unemployment rate is going up. Maybe you should check your facts or just trust whatever Obama says without looking at the info. w ww.bls.gov/opub/ils/pdf/opbils87.pdf
Frink14 1 year ago
@Frink14 @Frink14 Yes the unemployment rate is stubbornly sticking at 9%. The graph shown in this video is for number of private sector jobs created or lost. If you go to h**p://data.bls.gov/cgi-bin/surveymost?ce check the box "Total private employment" you will see that the numbers do correlate to what the graph shows. Also there is a small checkbox that say "include graph" checking that box shows a graph that shows the same trend as the graph in this video, just not as dramatically.
mawirag 1 year ago
unemployment did go up while the rate of job losses decreased... but still there are job losses... just not as significant. the graph he showed doesn't mention unemployment rate. until the country starts adding more jobs, we will remain with 9% unemployment... but if the job trend continues since Obama took office, expect to see unemployment start to fall over the next 2 years
Ericbwoo 1 year ago
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unemployment did go up while the rate of job losses decreased... but still there are job losses... just not as significant. the graph he showed doesn't mention unemployment rate. until the country starts adding more jobs, we will remain with 9% unemployment... but if the job trend continues since Obama took office, expect to see unemployment start to fall over the next 2 years
Ericbwoo 1 year ago
What change in policy?
The policies have stayed the same from Bush to Obama: borrow (and print) tons of money, then spend it on massive stimulus prop-up bills
The only thing that's changed is the *amount*.
lastdual 1 year ago 2
I'm still waiting to hear from the right wing why this graph is wrong or misleading. .. waiting ..
jordinyc 1 year ago
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lastdual 1 year ago
no surprise - marxist propaganda for little educated people (public education system products)...
grraadd 1 year ago
@grraadd What's your problem with short people?
jordinyc 1 year ago
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What a load of BS
owchywawa 1 year ago
You know the sad part about this?!? You could show these wrong-wingers all the facts in the world and they STILL will find a reason to say you are wrong.
Utterly Pathetic.
bubblinbrownsugar616 1 year ago
White House lies. They only count people collecting checks from them as unemployed. They don't include homeless, people moving back in with family and others.
Temporary construction work doesn't create jobs either. It creates temporary work. The best way to create work is to stop over taxing businesses. Less tax means more money to expand.
The Federal Reserve and their policies are what got us here in the first place.
Government (latin meaning)
Govern = to control
Ment = mind
st4ticblu3 1 year ago
@st4ticblu3 The White House didn't lie. The only reason why they counted people who are taking unemployment benefits is because thats the only way to really know. Either way even if you somehow managed to include people who aren't with benefits, you would still see the same general trend of the graph.
mawirag 1 year ago
@st4ticblu3 Temp construction work doesn't create jobs? Tell that to the guys who get those jobs. Those construction projects generally go on for years, keeping people employed while the economy improved. Investing in infrastructure has worked in the past when we built roads and railway lines. Its working in other countries now where they build high speed trains and skyscrapers. It works Taxes have already been cut. Cut anymore and the govt won't have any income to run. Time to try something new
mawirag 1 year ago
keep the tax cuts and increase tax cuts. lower spending too by cutting the military ndustrial complex and all corporate welfare.
greenghost2008 1 year ago
What a bunch of racists using WHITE board. What about a BLACK board? Those racists!!!!
/s/
Frink14 1 year ago
We live in an era of instant gratification.the American people are used to getting what they want, when they want it, the process of Governing takes time, especially in the climate of a recession and a climate that has prohibited the President from accomplishing policy without the means of reconciliation.It's a shame that people cannot work together, we count on our elected leaders to set the example...instead they choose to stop policy at the exp of the people.... all for the love of Money...
lleon220 1 year ago 7
@lleon220
yet all those who voted in the republican congress are so out of touch with how long it takes to undo the mistakes of the Bush administration. Now we have to fight to keep the policies that Obama has created to stay in place. WHAT FOOLS ARE OUT THERE????
deena150 1 year ago 2
Even if Obama brings down the unimployment rate to zero percent the right wing extrimists (aka republikkklans) would never be satisfied.
vincevince801 1 year ago
@vincevince801 LOL at putting KKK in Republicans. To bad the Democrats started the KKK.
Frink14 1 year ago
@Frink14 They hate hearing that. Another good one is...
Show me a ghetto and I will show you a democrat representative. The black community continues to vote for the party that threaten to murder them for voting republican less than a century ago "Vote or Die. They don't even know why they vote democrat. It's because Dems constantly lie to them and manipulate them.
st4ticblu3 1 year ago
it'd be nice to see the integral plot, but I'm too lazy to do it.
tiftmasta 1 year ago
Have You Preserved Your Love For Your Children and Loved Ones? view on utub e
KezKreation 1 year ago
this video is an epic fail!
Tydomes 1 year ago
@Tydomes Why do so many of you righties just yell stuff? Without offering something substantive for us to consider? This video aptly describes the jobs situation in this country. He was actually kind to the Republicans. He could've thrown in the 5% drop in middle-class wages, Bush's unfunded wars, programs, tax cuts for millionaires...the list goes on. Those "policies" destroyed the economy. It's just what it is. VOTE DEMOCRAT!
demmmmm1 1 year ago
@demmmmm1 im no republican. im not a democrat either. and im defiantly not a tea party member. 1st of all we are still having job loses. this video only shows "private sector" not the whole picture. we are still at 9.6% unemployment where back in 2008 we were at 7%.
Tydomes 1 year ago
@Tydomes you do understand that there are only 2 sectors in a macro sense as far as jobs are concerned right? ; Public and Private Sector.
Public = Mostly Paid for by tax payer money.
Private = Mostly Paid for by consumers and businesses.
....just fyi.
EmpathyWorks 1 year ago
@EmpathyWorks i know this. but in September 64,000 people in the private sector got jobs. but in the Public sector 94,000 lost their jobs due to government layoffs. This video doesnt show the whole picture.
people that work in the public sector are still the middle class. and this video is just a playing the blame game. its complete bs.
Tydomes 1 year ago
@EmpathyWorks There is no mostly in the Public sector. :P One way or another all the money they generate is from us. Even when they print it they are stealing money from our pockets in the terms of value rather than the physical money.
st4ticblu3 1 year ago
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Tydomes 1 year ago
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Tydomes 1 year ago
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Tydomes 1 year ago
@demmmmm1 in 2007 the democrats had control of the house which is perfect timing for the whole economic collapse. im not saying bush is to blame because he partly is. but the only way to change is to vote these politicians out that have been in there for 10-20 years. Obama isn't any good and yes i know he is tryng and doing his best but his policies are way to expensive. hes already spent more than bush did in 8 years. how about we dont vote for a party but we vote for the person..
Tydomes 1 year ago
@Tydomes Oh, yes, I forgot that economies can instantly collapse the day after an election. Give me a break. Economies don't stop and start on dimes. Repubs had control for years leading UP to the collapse. It's almost as if you're suggesting the housing bubble was created in a week or something. Get real.
demmmmm1 1 year ago
@demmmmm1 is that all you took out of my comment. lets stop playing the blame game.ok. BUSH DID SUCK AND HE DID SCREW UP! so did the DEMOCRATS!! how bout we stop with the party crap and start voting of real actual politicians and what they stand for. not what party there in.
Tydomes 1 year ago
Terrible economist theory.
jadedapathy2007 1 year ago
Obama is a miracle worker! One thing I can't figure out. Why are there so many people out of work?
feeney57 1 year ago
No mention of the Fed pushing low interest rates, distorting the housing market causing malinvestment. No mention as to how the government knows the "investments" were necessary without a profit/loss mechanism to gauge consumer preferences. Just propaganda of the crudest and most obvious kind!
Giantsg7 1 year ago
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Fuck the New World Order
2012near 1 year ago
fuck Obama !!
2012near 1 year ago
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I dont know about everyone else in America, but I am scared to death at what damage that repubs will do if they take control of government!!!! President Obama and other leaders in office have said that the reason we are in the mess we are in, is because of republicans!!!! Democrats have passed legislation that us on the right track to recovery!! Now, the republicans are promising to repeal these great bills that were passed!!!! I find this very scary!!!! Please, please, VOTE DEMOCRAT!!!!!!
groundhog2008 1 year ago
@groundhog2008
Educate yourself.
Democrats are no better.
helltrackrider 1 year ago
Hey, I wondered whatever happend to Bagdad Bob! Now we know!
jaegerjs 1 year ago
Just youtube search "The other side of the White House white board" to see the deception behind this video.
braininahat 1 year ago
How about someone NOT hired by the White House to give this talk. Anyone can manipulate numbers. I need to hear this from someone who is down-the-middle American and not Republican or Democratic; neither of whom we can trust to give us unadulterated truth. Give me numbers – from an unbiased source please.
weban5 1 year ago
@weban5
Mises dot org
As unbiased as you can possibly get...
helltrackrider 1 year ago
@helltrackrider A libertarian think-tank is hardly unbiased. The only thing you can trust them to do is ignore facts and spin falsehoods in support of encouraging us all into the minarchist suicide pact.
pgunn01 1 year ago
@pgunn01
So...what "Facts" does the Mises Institute ignore? Please do tell.
I do believe that every economic collapse they have predicted and provided solutions too, obviously these solutions havent been taken as the solutions limit Government access and control over the money supply.
Read some of their literature prior to making assumptions; as for the Keynesian and Fractional Reserve system...we see how this has worked, quite wonderfully i must say --- look where we are today!!!
helltrackrider 1 year ago
@helltrackrider I am quite familiar with Mises (I used to be a Libertarian). It's funny how you mention the current financial difficulties when it was exactly a lack of regulation that enabled this fall.
The Federal government by-and-large limited the scope and frequency of market cycles through control of monetary cycles - it's generally worked ever since the Great Depression. Austrian economics is just fresh paint over regular libertarian screed.
pgunn01 1 year ago
@pgunn01
"Lack of Regulation"...over the Federal Reserve or over our Executive branch?
helltrackrider 1 year ago
@pgunn01
This financial crisis, as all others have been in this century (and one can make the case for the majority throughout history)...was caused by an imbalance of Savings and Credit --- brought about by our wonderful Federal Reserve supressing interest rates and creating money out of thin air to lend to member banks...oh yeah, the Federal Government also demanding that banks make riskier home loans or lose backing by the FDIC
helltrackrider 1 year ago
@helltrackrider You really should study economics before making claims as to the causes of financial crises. I'm sure it's convenient to make things up in order to support your libertarian ideas, but anyone who has actually looked into these things will know better. Just like your sloppy analysis of history below, your economics and economic history are way off.
pgunn01 1 year ago
@pgunn01
Claims...too bad these "Claims" predicted the Great Depression, the Dotcom boom/bust and the housing boom/bust...says alot for the Government and the spend your way to prosperity Keynesian policies who saw nothing coming and yet tried to lay the blame (every time) on too little of control, too little regulation and private entities...when, the real culprit is the Government and the Federal Reserve - as has been predicted and shown through Austiran Economics
helltrackrider 1 year ago
@helltrackrider Austrian Economics doesn't even try to be predictive - if it did it wouldn't feel the need for things like praxeology. Instead of actually studying behaviour, they just make it up! This is one of the reasons Austrian "economics" isn't taken seriously - they're not even trying, and they only pull in people who don't understand people, economics, or history. It's easy - they just have to sound good and push libertarianism to people who already believe in it.
pgunn01 1 year ago
@pgunn01
...and Keynesians are taken seriously?...look at the calamaty they have caused over the previous Century...a Dollar that has lost essentially all of its value (only to get worse in the coming years) - where as under the Austrian Theory the Dollar would not lose value and in fact gain value relative to the services provided in the market...under Keynesians everything cost more and more every year (minus new technology yet to be regulated by government or market adjusted)
helltrackrider 1 year ago
@helltrackrider Yes. Keynesian economics is part of the standard synthesis model used in academic economics. A slow devaluation in currency is expected and intentional - it's not a problem and it's structurally useful in keeping the currency stable. There's no reason not to do it (wages shift along with it, roughly speaking).
Under "Lassiez-faire Economics", we'd be back to frequent economic instability - the world decided that was too painful many years ago. Austrian economics holds no water.
pgunn01 1 year ago
@pgunn01
your pegged on your ideology, unbacked by reasearch and data...
I'll stick to the ideology backed by Liberty, Research and data...
A currency devaluation is theft...period.
Read the Constitution..."Coin Money and REGULATE the Value thereof"...this means, metal money with a regular (steady) value...the founders undertood currency devaluation and the threat of fiat currency and a Central Bank...we could learn alot more from Jefferson than we can from Keynes.
helltrackrider 1 year ago
@helltrackrider Oh, really? How about the First Bank of the United States, a central bank founded in 1791 with involvement of many of the founders, founded with the explicit goal of financial stability?
Currency devaluation isn't theft. Currency is like gold - it's not intrinsically particularly valuable, it's only valuable if people decide to agree that it is. Governments help manage that - that's their job. If you don't like how they do it, vote for some other way.
Learn your history.
pgunn01 1 year ago
@pgunn01
Only problem...Jeffersons economic theory (Austrian) promotes minimal government and Liberty; completely opposite of Keynes and what our Federal Government wants...i mean, how else could they pay defense contracts worth more than the combined worth of a small country without a fiat currency?
helltrackrider 1 year ago
@helltrackrider Austrian economics wasn't even around in Jefferson's time (nor was the Keynesian/Neoclassical synthesis). This was before capitalism - mercantalism was still the dominant economic model in western society.
We can manage defense contracts because we're fairly wealthy. That's it. Some other countries spend a higher proportion of their GDP on military than we do. (we're around 4 percent, Oman is over 11 percent).
pgunn01 1 year ago
@pgunn01
It must suck to milk Obama's tit and keep pointing the finger at innocent people who are trying to get by day to day but cannot because taxes, high unemployment, severe inflation and massive regulation of their daily lives and activities...
One thing is a fact...look at the numbers over the past century...GOVERMENT has failed misserably and increased exponentially; so...i ask, why do you still support the Government and not the Individual?
helltrackrider 1 year ago
@helltrackrider I support government in regulating business so crises like this don't happen. A mismanaged economy hurts people. Obsession with libertarian or objectivist ideas is one way to mismanage an economy, and it has real consequences. Government is a useful tool to help people. It fails when people hostile to it manage to wield it.
pgunn01 1 year ago
@pgunn01
Speaking of the FDIC...Government backed insurance on deposits?..now, what my this indirectly promote?...oh yeah, increased risk on the banks behalf knowing that they dont have to cover any losses and society as a whole will pick up the tab!...Moral Hazard...then, to top it off...the FDIC INCREASED its deposit insurance to promote MORE moral hazard.
Free Market or Lack of Regulation over the private sector cannot factually be blamed...of course, it makes for a great talking point
helltrackrider 1 year ago
@helltrackrider The FDIC protects people from misbehaviour by the banks. It costs said banks and protects people whose entire savings are at stake. It's a fundamentally good idea - otherwise if a bank goes under, no big deal for the bank or its investors - it just disappears, but everyone who relies on it loses big. How'd you like *your* savings disappearing in a blink of an eye? As a society, we say that's a bad idea, hence FDIC. Think things through!
pgunn01 1 year ago
@pgunn01
The FDIC protects loses...this in turn allows - whether it is the intention or not - the banks to invest riskier with the deposits ...
Had we a true currency without inflation and interest rates controlled by Central Planning, the need for a Federally backed insurance deposit wouldnt exist as any private insurance company would fill the void...but, with a completely manipulated money supply and moral haxard by the banks - no private insurance company would touch deposit insurance
helltrackrider 1 year ago
@helltrackrider If that's real, that'd be the case with private insurance too, and remember that a bank w/o protection could just go bankrupt. Regardless of what it allows, people deserve protection from losing all their savings, and it's simply not good enough to handwave and pretend everything would work out magically without actually making sure that protection is there and is real. The whole reason we regulate our economy is that it failed to regulate itself in the past. FDIC is worthwhile.
pgunn01 1 year ago
@pgunn01
Name the past when it "failed to regulate itself"...
As for deposit insurance...in a free market, noone would deposit with a bank if it wasnt protected by an underwriter...so, with that being relatively obvious...no bank could open its doors without insurance
You continuously return to Government to solve all the problems...when THEY created the turbulance (boom and bust) in the market place to begin with by trying to control credit and assuring that everyone got a home
helltrackrider 1 year ago
@helltrackrider Almost every economic crisis throughout history was some kind of a market failure. Before we really started directing monetary policy, these cycles were more frequent (and often damaging).
You presume too much about human nature - of course people would deposit with risky banks. These are the same people who are hypnotised by advertisements to buy things usually no better than generics. If "moral hazards" are real, private insurance would pose the same threat.
pgunn01 1 year ago
@pgunn01
Im not saying market failures do not exist, im simply saying - factually - that government manipulation or central planning of a market provides for the failures to exist more frequently, to be larger and to be longer...with excess Credit into a market without proper savings to back it and without higer interest rates when necessary to retard excess borrowing, booms happen and with government intervention via bailouts, stimulus, etc the bust is much worse.
helltrackrider 1 year ago
@helltrackrider This is simply not borne by the facts. A managed economy has proven to be more stable. A pound of your reasoning is not worth an ounce of the facts.
pgunn01 1 year ago
@pgunn01
our economy today is very stable isnt it.
helltrackrider 1 year ago
@helltrackrider Generally, when we have the will to regulate to keep it so, yes.
pgunn01 1 year ago
@pgunn01
In summary, you support Theft --- The use of Force --- The use of Violence --- Lack of personal Liberty?...is this correct?
helltrackrider 1 year ago
@helltrackrider No. I support taxation as well as some amount of liberty. I'm not a fan of violence, and I dislike theft.
pgunn01 1 year ago
@pgunn01
you support involuntary taxation --- see the income and property taxes...which, if one does not pay is forced (via violence or threat thereof) to jail time or an additional fine...
Also, if i came to you and said "give me 40% of you pay today" against your will and took this from you...is this not theft?...how is it any different when another individual, who happens to be a "government employee", does this same act?
Theft is Theft...involuntary taxation is theft...plain as day
helltrackrider 1 year ago
@helltrackrider It is not theft - theft is a legal term, and you can go look it up.
As a society we decide together on taxes. You can't opt-out without leaving society. Income and property taxes are not different in principle from other kinds of tax. Any philosophical idea you have that would have us undo the way societies have worked for thousands of years and the way societies probably need to work - it's a bad idea. The founders were not for your weird idea of liberty. Nobody else should be.
pgunn01 1 year ago
@pgunn01
Theft - " when a person intentionally and fraudulently takes personal property of another without permission or consent"
Income tax and property tax are theft...seeing as they are personal property.
Now, tariffs and excise taxes are based on VOLUNTARY consent...not theft - and these taxes i support, when used Constitutionally
Now, the question is...Will the tariff and excise taxes cover the proper role of the government?...ask the founders, they didnt have any other form.
helltrackrider 1 year ago
@pgunn01
When did you, or anyone else, decide that you wanted an "income tax"?
Also...i recall a group of Americans trying to remove themselves from society...and the Government stepped in and said "No." - well, Lincoln stepped in and said "No."...why?...lost tax revenue...how ironic.
helltrackrider 1 year ago
@helltrackrider Look at the history of taxation in the United States. You'll find votes.
Lincoln preserved the union (and in the process stopped slavery). It was appropriate to smash the south, at least for the latter reason and probably the former.
pgunn01 1 year ago
@pgunn01
The founders were not for your idea of Liberty...hmmm, talk to him Mr Jefferson...
"Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law' because law is often but the tyrant's will, and always so when it violates the rights of the individual"
--- I believe this quote speaks for itself on what Liberty is...property / labor taxes are a direct violation of my Liberty.
helltrackrider 1 year ago
@helltrackrider Property/Labour taxes are not in principle different than other taxes, just in specifics. Jefferson was also not anti-tax, and if you want to get a fair sampling of politics at the time, you should read him more broadly (he could not be called pro-business by any means and believed government must regulate and be stronger than corporations) , and also sample Washington, Adams, Madison, and many others.
Liberty is a concern, not a law. It's not "violated or not", it's blended.
pgunn01 1 year ago
@pgunn01
Essentially every recession in US history has been a direct result of a Central Bank, expanded credit or high tariffs which cause trade imbalances...the only problem now is that all three exist larger than ever in US history...
Booms and busts will happen in every economic society...im not going to deny that, i will deny the extent and magnitude when they are brought about by government or tried to be corrected by government...they are always longer and bigger.
helltrackrider 1 year ago
This should be called what it is the Sorcery House Of Washington DC the House Of godless Iniquity; Lies, Thief, Deceit, Artifice, Oppression And Murder.
WorldAttendant 1 year ago
US in poverty ,yet military aid to Israel is 6 billion per year.People need food ,medicines ,housing but Obama and its Jewish lobby busy killing and murdering abroad.
rational1512 1 year ago
Poor little black man has to clean up the mess...
ctyuang 1 year ago
Austan - with all due respect. When there is a large shock to the economy you see the pattern that you have on the board. It falls to bottom, recovers some and then starts to level off. The same pattern on your board would have happened if you did nothing. You know this as well as anyone. In fact nothing would have been better than the uncertainly the leadership has created. You also left out that we need 1.5% growth just to absorb new young people coming into the job market. - cont -->
TalkerOne 1 year ago
@TalkerOne Austan - lets talk about what policies got us here. In 1999 the NYT warned about a possible collapse in the mortgage industry. In 2001 the Bush Admin and a group of GOP Senators led by Sunnunu and Dole started introducing bills for mortgage reform. Dems in the Senate used the filibuster and other tools to prevent passage year after year. OFHEO warned Congress that real reform was needed, Democrats called them names. Obama and Dodd took huge $ from Fannie Mae to keep the status quo.
TalkerOne 1 year ago
@TalkerOne youre an idiot. If we had done nothing the problem wouldve gotten much worse.
Wow. Just say you hate Obama because hes black and move on.
EmpathyWorks 1 year ago
@EmpathyWorks Wow, no substance and pull the race card - how lame. There are many smart things the govt could have done, but what they have done so far is create uncertainty and raise costs and taxes. Too bad you don't have the brains to make a real argument. The government is making the recession linger on and flatrline. People are suffering and you obviously dont care. You have no empathy whatsoever for those who are suffering.
TalkerOne 1 year ago
@TalkerOne
The Government cannot do anything smart...look at its track record over the past Century.
helltrackrider 1 year ago
@helltrackrider Hi, I know that sometimes it can sure seem that way. They could have fixed the mark to market rule. They could have clamped down on Fannie/Freddie. They could lower the Corp Income Tax and offered a special break for small businesses. They could have had a two year tax holiday for investing in new business. So there are some smart things that could have been done. The 67,000 page tax code as wracked with corruption and could have been reformed.
TalkerOne 1 year ago
@TalkerOne
I guess the only smart thing that our Government could do would be to undo all its previous actions...
helltrackrider 1 year ago
This Obama propaganda has been exposed already. Youtube: "The other side of the White House white board"
These guys will gladly mislead and lie to the American public just to retain power. They don't care that their policies are disastrous for Americans.
If you actually care about Americans, then watch the other youtube explanation of what's going on in this graph display. Gooslbee, you are a tool, a liar, and have discredited yourself.
braininahat 1 year ago
@braininahat
He doesn't even have a PhD. He's a right-wing nut.
JJFZ3000 1 year ago
@JJFZ3000 A right-wing nut? You realize he's being deceptive to make Obama look better than the failure he is, right? The Democrats took control of Congress in 2006, so every bar should be blue. It's their recession. He's also limiting his talk to PRIVATE SECTOR. Nobody ever does this. They include Public Sector too, which would show the recent failure of Obama's failures after the Census workers got laid off. And 17 of the 20 blue bars represent JOB LOSSES. Just more deceipt from Obama
braininahat 1 year ago
@braininahat The Private Sector drives growth. Any government can increase Public Sector jobs. Just hire more government workers. That's easy but that doesn't solve any fundamental problems.
Of course Obama is deceptive. But what do you expect from politicians? The point is that Obama is still better than the Republican candidates. Why would they do their job any better? I don't care how bad Obama is as long as he's better than the Republicans.
JJFZ3000 1 year ago
@JJFZ3000 Obama has the national debt at almost $14 trillion, unemployment at 17%, and is growing government, spending even more, and taxing us more, yet here you are saying you don't care. Look at the Bush years before the Democrats took over Congress. It's not contest: Bush clearly improved the economy; Obama is destroying it. All you care about is the label "Democrat"; America or Americans don't actually matter to you, which is why you can afford to be so ignorant.
braininahat 1 year ago
@braininahat
The economic crisis started in 2007, before the 2008 election. I don't understand how you can say that "Bush clearly improved the economy". Also, most of the economic facts that you've stated are a result of a global recession. How can you blame Obama for a global recession caused by Bush?
The national debt was already 10 trillion when Obama took over. Unemployment is actually 9.2%, not 17%. Again, I don't think it's fair to say that Obama caused the unemployment.
JJFZ3000 1 year ago
@JJFZ3000 I didn't blame Obama, I blamed the Democratic controlled Congress of 2006 to the present. Look at 2000 to 2006: clear growth. That's Bush.
Obama has only brought the debt to $14 Trillion, raised unemployment to 17%, and is planning on more so-called stimulus failures and bailouts.
If you care about America, then look at the results of the policies, not who is pushing them. Clearly, the Democrats and Obama have failed. That's the bottom line. Screw your politics.
braininahat 1 year ago
is he using dry erase marker on a SMARTboard?!
greatfallsdkbirdy 1 year ago
@greatfallsdkbirdy lol
CAPSLOCKISWIN 1 year ago
Watch a 6 yr old kid give common sense economics advice: "Austan Goolsbee Vs. 6 Yr old Josh"
atleigh1 1 year ago
This Goolsbee person has never worked in the real world. Always just a assn't professor of economics discussing theories of economics without any real world knowledge.
He is the one that thought having the government do 1040ez automaticallly would save american billlions cus they wouldn't have to pay anyone to do their taxes.
1040ez preparation is already free, on the internet, over the phone and in private companies.
He is a complete idiot who didn't know how things worked.
Billshut100 1 year ago
Obama's STIMU-LESS bill that put us far deeper into debt then both wars combined.
Did nothing. We were expecting under 8 percent unemployment in the worst case scenario.
Democrats' regulations forced banks to accept debt they wouldn't normally take on
This debt built up and caused the financial meltdown. Bush's TARP handled that but Obama rallied against our economy to get elected and promised an agenda that would certainly hurt business, employment and prosperity.
Billshut100 1 year ago 2
@Billshut100 The Stimulus Bill was around $787 billion while the Bush tax cuts cost over $2 Trillion. Obama was handed a $1.2 trillion budget deficit in 2009, and in one year he raised that to a whopping $1.3 trillion, due to the emergency measures taken, since the economy was in free fall! I would hardly call that racking up debt!
ass10686 1 year ago
Since Obama has taken office many people like me have become targeted by organized stalking and electronic harassment.Terminal experiments that will end in death due to the effects of non-ionizing radiation or due to the extreme torture, a forced suicide. Thanks Obama!
ConstitutionLost 1 year ago
It seems the 1980's "trickle down" "hands off Wall Street" policies proved it didn't work in the 2000 Bush years.
Some government intervention is helpful...especially now. I will vote Democrats. They seem to be good at cleaning up the negative work that has been done.
Jay1971 1 year ago
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UNITED STATES OF AMERICA , OUR ECONOMY COLAPSED AS SOON AS TWIN TOWERS COLAPSED. WE SHOULD THANK OUR ALCHOHOLIC PRESIDENT BUSH!
democratsaresmart 1 year ago
"I made this fancy chart which explains nothing of substance other than we can't possibly lose any more employment so therefore Obama is a good president."
At least that is what I heard.
mikebanwell 1 year ago
Which Political Party was in power in Congress in 2007? All Bush could have done was exercise his veto power, which could have been overridden by the Dems. If we have >10% unemployment today, why is the chart above the line? What's that old saying? "Liars figure and figures lie." Frankly, I have very little respect for any Member of either Party in Congress. Vote them ALL out and start over...
1SGPARKER 1 year ago
Lets increase taxes .000000000000000000000000000000000000000000001 of a cent to hook a homey up with some hair plugs.
Shroomnation 1 year ago
Maybe i wasn't clear. I think Austan's chart makes it seem like Obama's arrival on 1/2009 started making the economy better when really it was more of an inflection point.
A clearer way to show what's happening would be to show total employment by month. It would start out high in 2007, drop quickly at the end of the Bush years, continue dropping (more slowly) during Obama, and then bottom out where it is now. Private sector job losses/gains are changes in total employment.
jacobpro1 1 year ago
Goolsbee your chart is deceiving. Graph total employment, not the changes, and you get a sharply dropping line at the end of the Bush years followed by a slowing and then bottoming out with almost no increase under Obama. This would be a lot more telling of what's actually happening, not that anyone needs to know about that.
jacobpro1 1 year ago
@jacobpro1
THis graph is about job lay offs, NOT employment : how many people starte to be expelled from work, and when, starts when, stops when.. Employment is the sum of [Employment - lay offs] = still employed that month
oomsanti 1 year ago
Whoever did that graph should be nominated for an award in set design. A very effective use of the colors.
*sigh* Only 15,750 views, huh?
VaughnesN 1 year ago
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**Never in America's history have we had, until now, such an anti capitalism President and an Administration filled with so many misfits, liars, incompetents, tax cheats, marxists, radicals & big government despots.
Obama, who never even ran a lemonade stand, can not create pvt. sector jobs. To do so he & his Party would have to embrace & support capitalism, not reject & seek to destroy it.
These despots, who have never produced anything, seek to control the pvt. sector.
notbestfriends 1 year ago
Blame it all on Clinton. 8 years he let Iraq and the rest of the middle east plot and plan, run UN weapons inspectors out of the country every time they got too close to their stash. Less than 9 months into Bush's admin, we have 9/11, war and astronomical gas prices. Prices so high, it forced price hikes on every thing else you purchase. That is what started the downward spiral. Then bail out banks? These are the people that are supposed to advise everyone else how to manage their money.
bardg11 1 year ago
The Obama Administration is awesome; the haters just keep losing from every angle.
Keep it up -- you're doing an amazing job so far, Barack!
Bladen12345 1 year ago
@Bladen12345
Haters keep losing...
funny, this moron of a President - and even more morons of advisors - have taken the historic approach at the economy....which has always resulted in a worse bust than would had previously occured...
Obama, you as well, are way too blind to see the root of all todays social and economic issues.....the Federal Reserve.
The vast difference in income between the Rich and Poor isnt due to "deregulation" as you fools like to yap about...educate yourself
helltrackrider 1 year ago
I just can't understand how working and middle class Americans could even consider voting Republican, when it's so clear that what they're interested in is: tax cuts for the wealthy few, sending American jobs overseas so that the wealthiest can make even more money, removing social programs (Social Security, Medicare, Veterans assistance) that have helped so many. It just doesn't make any sense. Please, America, don't be duped!
jingle3 1 year ago
Was this inspired by Glenn Beck's chalkboard?
MooseOfReason 1 year ago
Didn't I read today obama administration is taking claim to jobs created under President Bush? So you were deceitful about that but, your honest about this. I know the line......Bushs' fault...... I am getting it engraved into my mind. Same with the defictit that TRIPLED in last two years. Bushs' fault. Maybe it should be sold to us a different way. I read that today too.
bench550 1 year ago
@bench550
1.) You need people to have jobs in order to pay taxes. Taxes pay for the deficit.
2.) One report says that we lost 8.4 million jobs in the Recession, and about half of that came during the Bush Presidency. As President unless you are doing nothing, no matter which policy decision you chose, you would have to spend money that you don't have.
Did you read that article on Fox News? Kindly send the source.
thebodgod 1 year ago
Funny, the recession started right after the Democrats' minimum wage hikes started. Weird, no one could have ever seen that coming.
Is there anyone in the Obama Administration that is not an idiot? If there is, would y'all please roll them out in front of the camera next time, instead of this lying buffoon on this video?
architect39042 1 year ago
@architect39042
You are blaming the Recession on minimum wage? Are you serious? Judging from your use of "y'all" I'll have to assume that you're from the south and are likely a conservative. Let's note: Minimum wage raises progressively through time in order to make up for inflation.
The deregulation of the banking industry, the housing markets, credit card companies, and paying $5 for a gallon of gas all played larger roles in what caused our Recession and job losses.
thebodgod 1 year ago
@thebodgod Yeppers, when you increase the minimum wage, instantaneously everyone that makes more than minimum wage takes a huge hit to their wallet. Increasing the minimum wage makes everyone else poorer. The only group of people that experience at best a zero sum gain are those that make minimum wage. That is simple to understand. Check to see when the unemployment numbers started shooting up. Goolsbee even points out in this video when the recession started.
Think. It's a good thing.
architect39042 1 year ago
@architect39042
I'm not going to debate with someone I find less intelligent than me. A minimum wage increase of 70 cents didn't cause the collapse.
thebodgod 1 year ago
@thebodgod Good thing you see the need to get more opinions, that increases your debating opponents to the subset of every other human on Earth. You better get started.
Oh, you do need to study economics a little before you attempt that task because you are certainly outgunned.
architect39042 1 year ago
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