Monday, April 30, 2012

This Chart Vindicates the Obama Stimulus

On the occasion of Britain slipping back into recession, Reuters' Scott Barber created this chart to compare GDP growth of the US, Eurozone and UK with 2003 as the baseline. The Obama administration pursued stimulus, with the Eurozone having some stimulus but predominately pursuing austerity at the insistence of Germany. But the UK is the most interesting. Note that the UK was doing pretty well until early 2010 when the Cameron government was elected.  Cameron immediately imposed stern austerity to reduce debt and he has been rewarded with the UK falling right back into recession.

Finally, note that while it's true our recovery has not moved along as well as we would like, our recession was not has deep and is recovering at a much faster pace than our developed country counterparts. 

Cameron's austerity, by the way, is exactly what Mitt Romney is insisting that the U.S. do, and he has promised to immediately throw the economy into a recession upon taking the oath of office.

So when you hear any Republican say that the President's policies have slowed our recovery, you can look them in the eye and say, "You are a completely full of shit idiot and have no idea what you are talking about.  Please see this chart."


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