Lifting Up The American People
The U.S. labor market proved to be stronger than expected last month despite the omicron surge. Employers added 467,000 jobs as the economy picked up momentum, while the Labor Department said there were nearly 700,000 more jobs created in November and December than first reported.
FACT: Just since 1970 there have been 7 economic recessions and ALL began under Republican presidents.
The Economy always does better under Democrats.
The Rich always do better under Republicans.
Again and again Democrats are cleaning up the economic disasters from Republican administrations.
Democrats have created MORE Jobs than any Republican administration — and we’re working to make sure every American feels the full benefits of President Biden’s economic recovery.
In its first decade, the 21st century experienced three Republican recessions. Each was worse than the one before it, but for different reasons.
2020 Recession / Republican President Trump
The 2020 recession was the worst since the Great Depression. The U.S. economy contracted a record 31.4% in the second quarter after falling 5% in the previous quarter.
In April 2020, the U.S. economy lost an astonishing 20.8 million jobs, sending the unemployment rate skyrocketing to 14.7%. It remained in the double digits until August. Uncertainty over the pandemic’s impact also caused the 2020 stock market crash.
The Federal Reserve lowered the fed funds rate to 0%, promising to keep it there until 2023. Congress issued $3.8 trillion in aid. Although the economy grew 33.1% in the third quarter, it was not enough to make up for earlier losses.
2008–09 / Republican President Bush
The Great Recession lasted from December 2007 to June 2009, the longest contraction since the Great Depression. The subprime mortgage crisis triggered a global bank credit crisis in 2007. By 2008, the damage had spread to the general economy through the widespread use of derivatives.
GDP in 2008 shrank in three quarters, including an 8.4% drop in Q4. The unemployment rate rose to 10% in October 2009, lagging behind the recession that caused it. The recession ended in Q3 2009, when GDP turned positive, thanks to an economic stimulus package.
The recession ended in Q3 2009, when GDP turned positive, thanks to the American Recovery and Reinvestment Act.
2001 / Republican President Bush
The 2001 recession lasted eight months, from March to November. It was caused by a boom and subsequent bust in dot-com businesses. The Y2K scare had partially created the boom in 2000. Companies bought billions of dollars worth of new software, because they were afraid the old systems weren't designed to transition from the 1900s to the 2000s. Many dot-com businesses were significantly overvalued and failed.
1990–91 / Republican President Bush
This recession ran for nine months, from July 1990 to March 1991. It was caused by the 1989 savings and loan crisis, higher interest rates, and Iraq's invasion of Kuwait. GDP was -3.6% in Q4 1990 and -1.9% in Q1 1991. Unemployment peaked at 7.8% in June 1992.
1980–82 / Republican President Reagan
The economy suffered a double whammy of two recessions in this period. There was one during the first six months of 1980. The second lasted 16 months, from July 1981 to November 1982. The Fed caused this recession by raising interest rates to combat inflation. That reduced business spending. The Iranian oil embargo aggravated economic conditions by reducing U.S. oil supplies, which drove prices up. GDP was negative for six of the 12 quarters. The worst was Q2 1980 at -8.0%. Unemployment rose to 10.8% in November and December 1982. It was above 10% for 10 months.
1973–75 / Republican President Nixon and President Ford
This recession lasted 16 months, from November 1973 to March 1975. The OPEC oil embargo is blamed for quadrupling oil prices, but actions taken by President Richard Nixon also contributed to the recession.
First, Nixon instituted wage-price controls. They kept prices too high, reducing demand. Wage controls made salaries too high and forced businesses to lay off workers. Second, Nixon took the United States off the gold standard in response to a run on the gold held at Fort Knox, which led to inflation. The price of gold skyrocketed while the dollar's value plummeted.
The result was stagflation and five quarters of negative GDP growth: 1973 Q3, -2.1%; 1974 Q1, -3.4%; Q3, -3.7%; Q4, -1.5%; and 1975 Q1, -4.8%. Unemployment reached a peak of 9.0% in May 1975, two months after the recession ended.
1970 / Republican President Nixon
This recession was relatively mild, lasting 11 months—from December 1969 to November 1970, Unemployment peaked at 6.1% in December 1970. The economy contracted by 1.9% in Q4 1969 and by 0.6% in Q1 1970. GDP rose by 0.6% in Q2 1970 and 3.7% in Q3 but fell by 4.2% in Q4. The economy recovered in Q1 1971, increasing by 11.3%.
ZERO Republicans NOT one single Republican in Congress voted to pass the American Rescue Plan. Democrats have a razor thin majority & can lose no votes to pass legislation. Be sure you register to vote and most importantly VOTE for Democrats in 2022!
https://www.thebalance.com/the-history-of-recessions-in-the-united-states-3306011
