On Monday, The National Bureau of Economic Research concluded that the Great Recession that started in December of 2007 ended in June of 2008(Check out an WSJ article here.) Huzzah, right? Good News! Congrats America! But not you, Obama.
Why, do you ask? Because this timing does not coincide well with the “Stimulus helped the economy to recover” rhetoric. According to the White House’s own stimulus report, only $6.5 billion of the stimulus funds had been issued by then (less than 6%). This isn’t surprising, since this was just 5 months after The Chosen One took office. Can his administration really say that they did “everything they could” to stop the recession when a full stoppage was just around the bend AND by the time it had ended such little of these funds were in circulation in the American economy?
I think this also damages Obama’s, “I was handed a terrible economic situation” argument as well. (Does it bother anyone else that he seems as if he was forced in the recovery job? My memory may be a bit faulty, but it seems as if he volunteered and even fought for the job. Just sayin’…) No longer can he blame President Bush for the faulty economy while touting his record on the recovery. The recession has been over for 15 months, and is our economy any better? Slightly, but not really.
Even more bad news for the Big O – over at AOL John Merline points this out:
“The bigger problem for Obama, though, is that now that we have an official end date for the recession, we can compare the current recovery to previous economic recoveries. And that picture is not particularly flattering at all.
The most comparable recent recession in terms of length and severity was the one that started during the Reagan administration in 1981…Fourteen months after the 1981-1982 recession ended, the unemployment rate had dropped to 8 percent, the Consumer Confidence Index had soared to more than 103, and the economy was cooking along at an average 7.7 percent quarterly growth.
This time around, unemployment is stuck at 9.6 percent, consumer confidence is at a depressing 53.5, and economic growth since the recession ended has averaged a comparatively paltry 3 percent (see chart).

The fact that President Ronald Reagan pursued a very different policy course — one focused on across-the-board tax cuts, spending restraint and deregulation — will only fuel questions about whether Obama’s economic policies are helping or hurting this recovery.”
(Emphasis added, btw.)
Sorry for the long post, but this really interests me. I don’t claim to be an economist, in fact I fully admit that’s my weakest area of knowledge in the political area. Is it just me (and John?), but doesn’t it seem this news is much, much worse for Obama and the Democrats than anyone in mainstream media is willing to admit?