On the heels of Bush’s, I’m sorry I bankrupted you America, forgive me because I’m the biggest idiot who ever stole an election interview with ABC. Today we learn we are truly in a Recession (you think?) and that we may be heading for our own “Great Recression” according to National Bureau of Economic Research because of its length. But here is the clincher according to the National Bureau of Economic Reserch (NBER) we have been in a Recession since December 07. I guess Bush didn’t read that Presidential Daily Brief (PDB) either.

The U.S. economy, now officially in recession, may be in the midst of the longest slump in the post- World War II era as job losses mount and credit dries up.

The economic slump began in December 2007 when payrolls reached a peak, the business cycle dating committee of the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts, said yesterday. The last time the U.S. was in a recession was from March through November 2001, according to NBER.

“We’re looking at some pretty severe numbers for the fourth quarter, and the first quarter of 2009 will be pretty bad as well,” said Stephen Stanley, chief U.S. economist at RBS Greenwich Capital in Greenwich, Connecticut. “The economy isn’t going to turn around definitively until the credit markets unclog.”

“This may be referred to as the Great Recession,” because of its length, said Norbert Ore, chairman of the Institute for Supply Management’s factory survey. “It looked like we were headed for a shallow recession earlier in the year because of higher energy prices. With the meltdown in the financial sector, it has become something more serious.”

Bush and his failed policies have quite honesty done more damage to our Nation and our economy than Bin Laden ever hoped for. They hate us for our freedom no longer applies.(not that it ever did). As a Nation we have lost many priceless liberties during the Bush Admin., from the dismantling of our Constitution, to the wars in Iraq and Afghanistan and now because of the by-products of war, we find ourselves in an economic crisis that invokes similarities to the Great depression. A crisis that threathens our very quality of life in America with an unqualified puppet in chief at the wheel.

Bush said during the ABC interview (metioned above) that “the biggest regret of his presidency was the “intelligence failure” regarding the extent of the Saddam Hussein threat to the United States”. Granted that is an admission some will be satisfied with but it is not enough, it falls tremendously short of understandable, much less adequate. Bush also states during the interview “I think I was unprepared for war.” This is one point where he and I agree.

What does the war in Iraq have to do with the economy? Remember that we were told in the days leading up to the war in Iraq that “Iraq’s oil revenues could fund the war and the reconstruction” well that funding idea was never utilized and the effects of our excessive military spending on our economy (believe it or not) is exactly what a study commissioned in 2007 predicted. The study was preformed by a group called Global Insight, the study’s title is The Economic Impact of the Iraq War and Higher Military Spending.  The Center for Economic and Policy Research (CEPR) commissioned the group to create a model simulation to determine the impact of higher military spending on an economy. According to the study they figured an increase of 1% of Gross Domestic Product (GDP) which is currently about $135 billion. The fiqure is roughly what our U.S. military spending has increased since September 2001 when factoring in both the war in Iraq and Afganistan.

What the simulation found was that, while there is an initial stimulus from the increase in spending, over time typically around the 5th year mark, the increased spending starts to show.  After the 5 year mark, the simulation showed a sharp drop in payroll employment, housing starts, and jobs. Notible increases occuried in interest rates, inflation, and imports. CEPR’s conclusion of the simulation states, “simply, that increases military spending “drains resources from the productive economy.”

In 2003, our war tab was $4.4 Billion a month, fast-forward to the present and the monthly tab has swelled to $12.5 Billion per month. We are currently spending $17 Million per hour in Iraq and Afghanistan  and as a result our Nation’s economy is on the verge of collapse. We cannot continue to fund two wars with military spending at its current levels and yet there is also no end in sight. For the people who have lost their entire savings, their retirement nest-eggs, the people who have lost or will lose their jobs, the victims of the unregulated exotic mortgages, for all of us affected by Bush’s mistakes we all deserve more than Bush’s hollow words of I’m sorry and nothing short of his indictment will suffuse for me.

Advertisements