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The Joe Biden Recession [1]
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Date: 2025-03-09
Recently, Maria Bartiromo of Fox Business Network said on her eponymous show that any downturn in the economy would be “Joe Biden’s recession.” This sort of thing is to be expected, Republicans shifting credit and blame as needed. But it is nothing compared to a couple of whoppers of recent memory.
In 1993, Bill Clinton signed a big tax increase into law. Robert Novak was appalled. He declared on Capital Gang that this was going to destroy the economy. As we all know, however, throughout the Clinton presidency, the economy prospered, and the stock market kept climbing higher.
From time to time over the next eight years, Mark Shields would ask Novak if he was willing to concede that he was wrong. Novak would repeatedly that say he was not wrong. It was just that the deleterious effects of Clinton’s tax increase had been more than offset by the fiscal policy of Ronald Reagan. In other words, Clinton may have been president, but it was still the Reagan economy.
Finally, after George W. Bush was elected president, the economy went into a recession. Robert Novak declared, at long last, that this was the Clinton economy. I have no doubt that those on the right accepted Novak’s characterization.
Still, the Chutzpah Award must go to Rush Limbaugh. In December of 2007, in the last year of George W. Bush’s presidency, the economy went into a recession. In March of 2008, Bear Sterns collapsed and had to be taken over by JPMorgan Chase. In September of 2008, Lehman Brothers filed for bankruptcy. By this time, people were calling it the Great Recession.
Then, in November of 2008, Barack Obama won the election. Shortly thereafter, during the lame duck period, Rush Limbaugh announced on his radio program, a couple of months before Obama would be inaugurated, that this was the Barack Obama Recession. Needless to say, Limbaugh’s listeners agreed.
So, I have no doubt that the viewers of Fox Business Network are more than ready to blame Joe Biden for the coming recession. If Donald Trump held up four fingers and said he was holding up five, Republicans would not merely agree that he was holding up five fingers. They would actually see five fingers.
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