17
Sep
15

How President Obama Turned A Great Recession Into A Growing Economy

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Jason Furman: 5 Indicators That Show We Turned A Depression-Like Shock into A Six-Year Expansion

Seven years ago, Lehman Brothers filed for bankruptcy, setting in motion the worst financial crisis since the Great Depression. Over the course of just a few months after taking office, President Obama worked to shore up the U.S. financial system, rescue the auto industry, and pass a Recovery Act and more than a dozen subsequent fiscal measures that provided vital support to families and businesses. Since the crisis, the President has taken continued steps–including Wall Street reform–to strengthen our economy and protect against future downturns.

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Our businesses have now created 13.1 million jobs over 66 straight months–the longest streak on record. The pace of job growth over the last three years has not been exceeded since 2000. The unemployment rate has fallen further and faster than economic forecasters predicted. Private domestic final purchases (a combination of the largest and most stable components of GDP) contracted as sharply at the start of the Great Recession as during the start of the Great Depression. But while economic output continued to contract for years into the 1930s, our economy returned to growth in 2009, as both personal consumption and business investment started to grow again.

More here

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139 Responses to “How President Obama Turned A Great Recession Into A Growing Economy”


  1. 1 JER
    September 17, 2015 at 4:01 pm

    Wonderful visuals NW. Thank you.

  2. 4 57andfemale
    September 17, 2015 at 4:01 pm

    Hello?

  3. 5 desertflower
    September 17, 2015 at 4:01 pm

    me!

  4. 6 57andfemale
    September 17, 2015 at 4:01 pm

    Me and Jer are twins!

  5. 8 desertflower
    September 17, 2015 at 4:02 pm

    3 way tie:) Congrats to JER and 57!

  6. September 17, 2015 at 4:03 pm

    Just an amazing, amazing, amazing economic turnaround. TY, Nerdy.

    • 14 GGail
      September 17, 2015 at 5:19 pm

      And DF, more from the fair and level thinking people of Arizona (yes, Dr. Whitaker is African-American)

      An Arizona State University history professor accused of plagiarism is on administrative leave, school officials said Thursday.

      Dr. Matthew Whitaker has been relieved of all duties, ASU spokesman Mark Johnson said. The school is reviewing allegations that Whitaker’s “conduct has fallen short of the university’s expectations for a faculty member and a scholar,” Johnson said. He declined further comment.

      Whitaker terminated his consulting company’s $268,000 contract in July to train Phoenix police in cultural and community awareness amid concerns from the city of Phoenix over past plagiarism allegations. Last month, the city called for Whitaker to refund $21,900 he was already paid after it was revealed many of the training slides he used were taken from the Chicago Police Department. Chicago police provide training materials for free to law enforcement agencies.

      Through an attorney, Whitaker has denied accusations that he copied or misused material from Chicago police. His attorney, Lonnie Williams Jr., said there was no reason to put him on leave because his contract dispute with the city of Phoenix has no bearing on his teaching.

  7. 16 desertflower
    September 17, 2015 at 4:07 pm

    Yes, please!

  8. September 17, 2015 at 4:10 pm

    Wow, another update today from Gitmo:

  9. 18 JER
    September 17, 2015 at 4:10 pm

    Meanwhile in Ohio waiting for VP Biden…

  10. 23 jackiegrumbacher
    September 17, 2015 at 4:14 pm

    Oh Nerdy, your great economic news and your love of PBO cheer my spirits. I spent hours today in an endless Democratic meeting, only rivaled by another endless Dem meeting last night and was feeling emotionally drained. Thanks to you, I’m smiling.

  11. 26 57andfemale
    September 17, 2015 at 4:23 pm

  12. 27 globalcitizenlinda
    September 17, 2015 at 4:31 pm

    VP Biden is in my neck of the woods.

    • 28 globalcitizenlinda
      September 17, 2015 at 4:50 pm

      The location of the event is one of the many sites on campus that honors the late Mr. Jesse Owens – the former OSU student who ran the races & embarrassed Hitler with multiple wins.

  13. 29 Vicki
    September 17, 2015 at 4:35 pm

    Nerdy—the perfect antidote to GOP lies
    Nerdy Wonka presents the facts.
    Thank you.

    Tonight at Midnight the Iran Nuclear Deal agreed to by China Russia England France The USA Iran and the EU goes into effect.
    Signed. Sealed. Delivered.
    Fireworks?? Champagne celebrations coast-to-coast?? Total media coverage???

    No. That stuff would only be allowed if it was a GOP win.

    Media will stay focused on The Donald and Carly
    .

  14. 34 idon
    September 17, 2015 at 4:47 pm

    Actor Misha Collins did this before LINKED IN took it down but we have a screen capture. It should be retweeted and shared everywhere. http://www.democraticunderground.com/10027180292#post2

  15. 36 JER
    September 17, 2015 at 5:01 pm

  16. 39 No Child Left Behind
    September 17, 2015 at 5:13 pm

    Wish he would remember to do it every day and not when his senility doesn’t get the best of him.

    • 40 jackiegrumbacher
      September 17, 2015 at 5:17 pm

      Good one, NCLB.

    • September 17, 2015 at 5:57 pm

      He’s spot on this one and you’re correct. He needs to stop attacking PBO and backing him only when it’s convenient to do so. He isn’t the only one that has been guilty of doing this but he sure seems to be doing it the most.

  17. September 17, 2015 at 5:29 pm

    Thanks a gazillion, Nerdy!

  18. September 17, 2015 at 5:45 pm

  19. 47 No Child Left Behind
    September 17, 2015 at 5:52 pm

    • 48 Sandy1110
      September 17, 2015 at 6:15 pm

      It’s good to hear these updates to remind us that the FBI is on these scumbags.

    • September 17, 2015 at 6:28 pm

      Next arrest Roof’s Mom and Dad. Why buy your ninth grade drop out son who wasn’t working, who wasn’t doing anything with his life, but following that right wing racists hate crap, why buy him a gun?

  20. 50 vcprezofan2
    September 17, 2015 at 6:00 pm

  21. 51 JER
    September 17, 2015 at 6:04 pm

  22. 54 vcprezofan2
    September 17, 2015 at 6:05 pm

    // ……………………………

    Saving lives, that’s what the Global Health Security Agenda (GHSA) is all about.

    Last week from September 7-9 in Seoul, I was proud to join Secretary Burwell and delegations from all over the world for a game-changing High Level Event hosted by President Park and the Republic of Korea to save lives by advancing the Global Health Security Agenda. Ministers and other senior officials from 47 governments, as well as 9 international organizations and over a dozen non-governmental partners, took the podium to pledge specific actions to prevent future outbreaks from becoming epidemics. Most importantly, we reiterated our commitment to assist West African and other at-risk countries from around the world to get to zero, stay at zero, and stay involved long after zero to achieve strong and resilient global healh security systems, with measurable targets, as part of building back better from the Ebola crisis. Our thanks go especially to participants from Guinea, Liberia, and Sierra Leone, who traveled across the globe to bring their wisdom and to call on others to step up and stay engaged so that what happened in West Africa can never happen again.

    …………………………… //

    https://www.whitehouse.gov/blog/2015/09/16/uniting-seoul-extinguish-epidemic-threats-through-global-health-security-agenda

  23. 55 Vicki
    September 17, 2015 at 6:10 pm

    None of the ignoramuses on the GOP stage last night could name an American woman to grace the $20 bill.
    Here is a good nomination: Susan B. Anthony who authored the women’s right to vote act which became law in 1919.
    I’m sure TOD could come up with 20-50 worthy women.
    In a variety of fields.
    And from many cultures.

    I like the Susan B. Anthony idea because focusing on voting rights and 100% enfranchisement are worthy goals for a 2016 campaign.

  24. 61 JER
    September 17, 2015 at 6:21 pm

  25. 62 JER
    September 17, 2015 at 6:28 pm

    LIVE NOW: VP Joe Biden remarks at Ohio State University – http://www.cbsnews.com/liveFeed/widget.shtml

  26. 69 jacquelineoboomer
    September 17, 2015 at 6:49 pm

    You did yeoman’s work here, NerdyWonka! Thanks for continuing to get the message out, and set the record straight!

  27. 70 jacquelineoboomer
    September 17, 2015 at 6:54 pm

    Evenin’, TODville. Just a quick note to let you know my son got through his Eloesser Flap surgery fine on Tuesday, and was home by Wednesday evening! He has a home health nurse coming every day to change dressing, etc. He’s tired but his spirits are high, and now he just has to let his body heal. We thought his next surgery to close this up would be in a month or so, but turns out it won’t be for six months. After that (with his cancer-free diagnosis from the oncologist Monday, after his brain MRI and full body PET Scan results were known – yeehaw!), maybe we should all take a trip to Hawaii, or something! Thanks again for the positive thoughts and prayers – means so much to my entire family. ❤

  28. 89 jacquelineoboomer
    September 17, 2015 at 6:56 pm

    John Fugelsang on MSNBC, earlier, commenting on the GOP debate:

    “Irony hung itself in a cheap motel.”

    Best one-liner I’ve heard in a while!

  29. September 17, 2015 at 7:12 pm

    Riveting speech from VP in Ohio on sexual assault. Sometimes almost unbearable to listen to. Only little caveat: it was pretty much “violence against women” centric, even if he did mention sexual assault against LBGT people.

    This man wears his heart on his sleeve.

  30. 96 carolyn
    September 17, 2015 at 7:19 pm

    Is it just my observation…..seems like the VP is getting more and more the “presidential” treatment by photogs and crowds….crowds lining up like for PBO…….anyone else notice this, or am I totally off?

    • 97 COS
      September 17, 2015 at 7:20 pm

      I really enjoyed listening to VP Biden. He really got a nice reception.

    • 98 jacquelineoboomer
      September 17, 2015 at 7:22 pm

      I’m with you on that, carolyn.

    • September 17, 2015 at 8:04 pm

      not just your observation. Four speeches in two days by the way. Florida, California, Michigan, Ohio… On climate change and renewable energy, on infrastructure ( and jobs) in Michigan, and then on a social issue in Ohio.

      It could be a general strategy though. Making people feel good about the accomplishments of this administration, to push back against the “doom and gloom” narrative pushed by republicans.

  31. September 17, 2015 at 7:26 pm

  32. September 17, 2015 at 7:26 pm

    • September 17, 2015 at 7:35 pm

      Joe Biden, a devout Catholic, it’s appropriate that he should be the one to preside over the pope’s departure.

      • 113 jacquelineoboomer
        September 17, 2015 at 7:37 pm

        It is, and Joe will do a fine job representing! And I believe both he and the President and Mrs. Obama will greet the Pope at Andrews when he arrives.

      • 114 jacquelineoboomer
        September 17, 2015 at 7:49 pm

        My secret wish is that President Obama would ever so quietly be on the ground in Cuba, too, when Pope Francis arrives there … and that the two of them would meet privately with Raul and Fidel Castro. How symbolic of the improved relationship between the U.S. and Cuba, and both the President and the Pope said that Francis played a quiet role in getting the two factions to open up dialogue. Anyway, that would be my wish to show that religion per se doesn’t have to be involved in politics, and shouldn’t be (in my liberal mind), but spiritual leaders can encourage opening up dialogue for the common good.

    • 115 Vicki
      September 17, 2015 at 7:59 pm

      Huge news, meta. Thank you for keeping up with this.

      I think this is important both because of VP Biden’s faith and because of the political benefit. So Presidential. This is getting closer.
      Can you feel it?

  33. September 17, 2015 at 7:33 pm

    It’s easy to lose hope with a new election on the horizon and the uncertainty it brings. It’s easy to look at the monstrous GOP field of candidates and feel discouraged. It’s easy to look at the lackluster field of Democrats and feel discouraged. It is vital to not cede hope. President Obama will be leaving the office of the Presidency but that is not intended to be the end of hope. The hope that Barack Obama inspired is not about him or his legacy. It is about us and our legacy. It is up to us to not allow the predators of the world to strip us of hope and it is up to us to discover what part we can play in keeping hope alive.

    • 117 laraofzhivago
      September 17, 2015 at 7:39 pm

      Well said, PrettyFoot.

      No Child Left Behind.

    • 119 Vicki
      September 17, 2015 at 8:02 pm

      Beautiful blog post, prettyfoot. You have nailed it.

      • September 17, 2015 at 8:07 pm

        yes….

        this is one of my problems with Sanders…everything is doom and gloom…

        you have DEM Candidates who, because of their own ODS cannot stand on the shoulders of Barack Obama…as the Legend , NW pointed out in this blog…there is a lot to celebrate…add to that Obamacare…the Iran deal…etc…

        • September 17, 2015 at 8:44 pm

          Exactly. Mr. Sanders is all about indignation. Yes there are many things to be mad about. But you have to offer some balance. Just imagine if Mr. Sanders injected a dose of optimism in his campaign, and took the time to acknowledge all the progress that have been made. He could be “Obama II”.

          But no. Mr. Sanders is an ideologue. He inspires ONLY with ANGER. He accuses. Constantly. He’s done that all his life.
          And his supporters think he’ll be able to make republicans work with him if he’s elected president ???

          I can accept the argument which says the last few years have demonstrated the limits of a strategy of conciliation and inclusiveness. The extremist faction of the republican party has created a new environment. So I can accept that more confrontational language may be necessary, unfortunately.

          Just present it in a more positive way. Acknowledge that change has already begun. REASSURE people. And , strategically, repeat over and over that democrats have been GOOD at the job of governing. Because if you want to win as a democrat, people better believe that democrats deserve a third term in the White House !

          Anyway… I would much prefer Joe Biden at the helm for the next campaign. He connects with voters of ALL groups in such a natural way. He would get the Obama coalition immediately, plus he could seduce many independents. He is POSITIVE, REASSURING, yet strong and determined. The perfect combination.

          If Barack Obama, and yes, Bernie Sanders, act as grassroots leaders to maintain the troops very engaged and motivated.

          Because we’ve seen now how big the resistance is, and the grassroots movement for change has to GROW, and GROW. The next president is going to need all the political power he can muster.

  34. September 17, 2015 at 7:37 pm

    Probably a good guy to follow:

  35. 123 globalcitizenlinda
    September 17, 2015 at 7:37 pm

    Hang On Sloppy is a song that OSU uses as one of its “fight songs”;

    it is played by “The Best Damn Band in The Land” (yes that is how OSU calls our marching band) to fire up the enthusiasm of the Buckeye Nation – especially on football game day when the team appears on edge or slipping

  36. September 17, 2015 at 7:43 pm

    CHEERS to our entire Iran team!!

    • 126 Vicki
      September 17, 2015 at 8:05 pm

      Good to see there is a celebration happening.
      Wendy Sherman and our entire team deserve all the thanks in the world.
      It hurts me that the party must be so muted.

      This may be off base but my interpretation is that the Black President is not allowed to be joyous and celebratory.

  37. September 17, 2015 at 7:44 pm

  38. September 17, 2015 at 7:51 pm

  39. 132 amk for obama
    September 17, 2015 at 7:51 pm
    • September 17, 2015 at 8:54 pm

      Terrorist attacks can’t all be prevented. The key is if a president and his team have done all they reasonably can to prevent those attacks. It they’ve taken the threats seriously.

      We all know that George Bush DIDN’T take the threats seriously. It’s been documented. It’s fair game to make him responsible at least in part for 9/11.

  40. 134 amk for obama
    September 17, 2015 at 7:55 pm

    Cuba has appointed an ambassador to the US – the first since 1961 – as part of the ongoing thaw in relations between the two countries.

    Jose Cabanas is a veteran diplomat who has run Cuba’s “interests section” in Washington since 2012.

    He was received at the White House with 15 other new diplomats from other countries.

    Washington has yet to make an announcement about who will serve as its new ambassador in Havana.

    The announcement comes ahead of a visit to Cuba by Pope Francis and days before Cuban President Raul Castro goes to New York to address the United Nations.

    http://www.bbc.com/news/world-latin-america-34286936

  41. 136 jacquelineoboomer
    September 17, 2015 at 8:09 pm

    Dan is not playing around today.

  42. 138 Nena20409
    September 17, 2015 at 8:39 pm

    Fantastic post, NW.
    Great job!


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