More good economic news -= Republicans lie harder about Obama

[Riot]

President Obama's stimulus was a success. It stopped a second Great Depression.

An explosion of private debt, enabled by financial deregulation and lax enforcement of rules during the Bush years created a financial bubble similar to the one that triggered the Great Depression.

When the bubble burst private debt was rapidly destroyed and credit lines were slashed. The destruction of private debt was massively deflationary.

The Federal Reserve tried to stimulate lending by slashing interest rates to banks to zero, but that was not enough to offset the destruction of money caused by the collapse of housing prices and the debt bubble. President Obama and the Democratic Congress of 2009-10 prevented another Great Depression by public spending which saved state jobs, primarily jobs for teachers, police, and firefighters.

Saving those jobs and funding new jobs to build and repair infrastructure stopped the deflationary spiral the economy was entering.

President Obama and Democrats have successfully reduced the total public and private debt of the United States by 4 trillion dollars while getting unemployment back down to 7.8% against strong conservative Republican opposition.

Republicans would have brought on another Great Depression if they had been allowed to implement their plan to cut federal government spending.

Total indebtedness including that of federal and state governments and consumers has fallen to 3.29 times gross domestic product, the least since 2006, from a peak of 3.59 four years ago, according to data compiled by Bloomberg. Private- sector borrowing is down by $4 trillion to $40.2 trillion.

Continued.

http://www.bloomberg.com/news/2012-1...dissolved.html

http://www.dailykos.com/story/2012/1...ion-in-4-Years