Ben Bernanke in March, 2009:
I think as those green shoots begin to appear in different markets and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back.
So begins a column by Tim Cavanaugh at Reason.com assembling all the economic predictions from Obama, his minions in government, his willing accomplices in the media, and his fellow travelers from everywhere, i.e., all of the Washington “economic experts.” [no use of scare quotes ever more justified]
All of these pronouncements were wildly wrong, overly optimistic, and mostly just stupid given the facts known to all at the time.
Here is a slight digression from Mr. Cavanaugh to a video of the many wide of the mark economic forecasts of Ben Bernanke:
Back to Cavanaugh:
For those of us who have been saying all along that none of the economic interventions since 2007 would revive the economy—not the rescue of Bear Stearns and other financial institutions; not the Troubled Asset Relief Program; not the American Recovery and Reinvestment Act; not Quantitative Easings I, II, and III; not the Patient Protection and Affordable Care Act; not Cash for Clunkers or Solyndra or the bailouts of Chrysler and General Motors—the cavalcade of wrongheaded, fantastical economic analysis coming out of official Washington and its media in recent years would be hilarious if it were not so infuriating.
Cavanaugh then gives an exhaustive list of the stupidly optimistic economic pronouncements that have informed the opinions of real or potential Obama supporters but should be known to every voter before November 6th. Here are just five from a much longer list:
January 10, 2009: Council of Economic Advisers Chair-designate Christina Romer and Jared Bernstein, economic advisor to Vice President-Elect Joe Biden: “As Figure 1 shows, even with the large prototypical (stimulus) package, the unemployment rate in 2010Q4 is predicted to be approximately 7.0%, which is well below the approximately 8.8% that would result in the absence of a plan.”
November 13, 2009: Secretary of the Treasury Tim Geithner: “We are seeing growth resume in the United States.”
January 27, 2010: President Barack Obama: “And after two years of recession, the economy is growing again.”
June 17, 2010: Deputy Secretary of Housing and Urban Development Ron Sims: “This summer is sure to be a Summer of Economic Recovery.”
December 30, 2011: Matthew Yglesias, economics columnist for Slate: “Happy days are here again!”
Links to the source of all quotes are provided in Cavanaugh’s article.
I suggest you print out Cavanaugh’s article and show to your relatives and friends who might be tempted to vote for Obama in November. Ask them if they really want four more years of this crap.