BCT Editorial – 9/18/09

This page was last updated on September 23, 2009.

Digging out; Editorial; Beaver County Times; September 18, 2009.

“Technically and economically, the worst recession since the Great Depression is probably over.” Wow, did the editorial author have his memory of the late-1970s/early-1980s wiped clean? Are we to believe the author doesn’t know about the stagflation (double-digit interest/mortgage rates, double-digit unemployment, and near double-digit inflation) of the late-1970s/early-1980s and the gasoline lines? I thought I was lucky when I got a 16% mortgage! As a reminder, this was when the misery index (the sum of the inflation and unemployment rates) was invented.

In case you didn’t see it, this is a cover piece for President Obama. It’s obvious from the following: “The Fed and the Obama administration still face a tricky task. If they pull back too far and too soon, the economy could slip into what is called a double-dip recession. However, if they fuel the economy too much or for too long, inflation could take off.” The idea is to lead us to believe any alleged improvements are the result of Obama’s leftist policies. Keep in mind that during the porkulus bill debates, the Congressional Budget Office predicted recovery without any government “stimulus.”