The Way We Were: Four Years Ago

By Dale Bowling

As voters decided between McCain and Obama four years ago, America was sinking into a deep economic crisis. In 2008, the US economy shed 2.6 million jobs. In the last quarter of the Bush administration, 500,000 jobs disappeared every month. Economists went into a tizzy because the US hadn't seen such a swift and severe downward spiral since the Great Depression and there seemed to be nothing to slow its descent. Here are some of the headlines from September 2008:

Depression Coming? Boil Some Beans; Ladies Who Quilt Give Tips On Surviving Tough Times [Albuquerque Journal, September 21, 2008]

One day on the brink On Wednesday, it seemed U.S. economy might collapse [St. Louis Post-Dispatch, September 21, 2008]

‘Great Depression’ closer than U.S. admits, report finds [Pittsburgh Tribune-Review, September 27, 2008]

Is It Really the Next ‘Great Depression’? [NPR, September 19, 2008]

Will Bush become the new Hoover? [Politico, September 19, 2008]

Depression seen possible [Florida News-Press, September 27, 2008]

 

The US economy was teetering on the brink four years ago. What prevented America from falling into another Great Depression?

Democrats passed a $787 billion stimulus program (over strenuous GOP objections) that raised GDP, lowered unemployment, and began the slow, but steady improvement we’ve seen over the last three years. It hasn’t been an easy climb. It’s always easier to wreck than build.

No one ever gets credit for preventing things from happening. Our President and Congressional Democrats saved the economy from a Second Great Depression in early 2009 despite the fact that the Stimulus was expensive, sometimes unpopular and they knew the buck stopped with them. Thankfully their love of their country and their desire to do good proved stronger than political considerations. They always should.