Ok I'll start by stating something I'm sure you already know, a recession generally occur when there is a widespread drop in spending often following an adverse supply shock or the bursting of an economic bubble. Along with the Housing bubble that burst the Bush Tax cuts were directly responsible for the slow economy.. I'll tell you why...
Originally Posted by Steeeeve
1: BUSH TAX GIVEAWAYS FOR THE RICH DID NOT CREATE ECONOMIC GROWTH;
Growth averaged 2.3 percent a year from the end of the 2001 recession through December 2007.
2: BUSH TAX CUTS DID NOT CREATE JOBS: FROM 2001-JUNE 2007 JOBS GREW AT 4.8 PERCENT COMPARED TO 16.2 PERCENT UNDER THE SAME TIME PERIOD UNDER CLINTON.
“The economy boasted 132 million jobs in June of 2001, the month that the first of the Bush tax cuts was signed into law. Three years later, in June of 2004, there were just 131.4 million jobs. The economy did not add a single new job during three years under the Bush tax cuts.
3: BUSH TAX CUTS DID NOT PRODUCE INCREASE IN REAL INCOME (1.6 PERCENT) COMPARED TO CLINTON POLICIES (14.7 PERCENT). “Real income for the median American household went from $51,356 in 2001 to $52,163 six years later—an increase of just 1.6 percent. Under President Clinton’s tax rates, real median household income went from $45,839 in 1993 to $52,587 in 1999—an increase of 14.7 percent.”
4: “The ‘Bush tax cuts,’ passed in 2001 and 2003, remain the single largest cause of America’s structural deficit.
So in conclusion.. you take the severe economic slowdown due to the Tax cuts, and add two un-paid for wars + the housing bubble and we have a recession.
"You're too stupid to be saved." -- EasyRider.
"Is God willing to prevent evil, but not able? Then he is not omnipotent.
Is he able, but not willing? Then he is malevolent.
Is he both able and willing? Then whence cometh evil?
Is he neither able nor willing? Then why call him God?"