Tuesday, September 06, 2011

Mitt Romney's Dishonest Chart

Mitt Romney's jobs chart blames Obama for the job losses of President Bush between 2007 until 2009. Obama wasn't sworn in until January of 2009. Much of the fedrral budget was made the year before (including the bailout.) Obama is responsible for the stimulus. Mark Zandi, chief economist of Moody’s Analytics, credits the stimulus with kick starting the economy.

In noting his disagreement with the Republican leader, Zandi said “we would be in a measurably worse place if not for the stimulus. I don’t think it is any coincidence that the great recession ended at precisely the same time that the stimulus, and in this case when I say stimulus I am talking about the [American Recovery and Reinvestment Act] ….was providing its maximum economic benefit.” That maximum benefit came in the second and third quarter of 2009, Zandi said.

Jobs were gained because of the stimulus. Unfortunately, the stimulus needed to be bigger because the private sector wasn't hiring and consumer confidence was down. Translation: supply and demand were stagnant. That doesn't change the fact that Romney is blaming Obama for losses during the Bush administration. President Bush's name isn't even on the chart.

Romney does not want to have an honest dialogue about economic policy. All the more reason not to take Romney seriously on policy.

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