Bush Attempts to Take Credit For a Recovery That Has Yet to Happen

By: Mike_Shedlock

Nominations are being accepted for the most galling statement of the week. Here is my nomination: White House Sees 'Strong' Econ Recovery Early In Obama Admin .

The Bush administration said the U.S. economy should emerge from its slump in the second half of the year - an optimistic forecast released days before President-elect Barack Obama inherits a recession and mammoth budget deficit.

" The actions taken by my administration in response to the financial crisis have laid the groundwork for a return to economic growth and job creation, and they are beginning to show some early results ," President George W. Bush said in a letter to Congress that accompanied the annual Economic Report of the President.

The report, prepared by the White House's Council of Economic Advisers, says economic growth should be an anemic 0.6% this year after contracting 0.2% in 2008. The contraction is seen continuing in the first half of the year before growth resumes in the second half. For 2010 and 2011, the White House projects growth of 5.0%.

Reflecting the current drop in GDP, the White House said it expects the unemployment rate to rise to an average rate of 7.7% this year.

" The magnitude of the crisis required unprecedented policy responses to reduce the extent of the damage to the economy," the report said. "These policy actions have laid a foundation for a strong economic recovery early in the term of the next administration. "

The White House's report is rosier than most other projections. Last week, the Congressional Budget Office forecast a 2.2% contraction in 2009, a performance that would mark the worst year since World War II. CBO expects the U.S. unemployment rate to peak at around 9% in 2010.

Bush is attempting to take credit for a recovery that has not happened yet, and in fact will not happen at all. His entire eight year term has consisted of nothing but lies, distortions, wasted money, failures to address natural disaster like Katrina, an unfounded war on trumped up lies, trampling of human rights, trampling the constitution, and policy decisions that helped sink the economy.

There is not a single major thing Bush did right, and hundreds of things he did wrong including this ridiculous attempt to take credit for a bailout plan that has clearly failed.

Bush is the epitome of arrogance, gall, stubbornness, and stupidity all wrapped up in a single package. He will go down in history as one of the all time worst presidents. Ironically, the gall of his statements today will help seal that fate, so perhaps we should be thankful for them.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

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Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

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