Listening to President Bush speak about the economy in 2008 was painful. It was obvious we were plunging in to something serious especially as his term wound down. Still, despite the decline, he steadfastly maintained the U.S. economy was "fundamentally sound".
In relationship to Bush's ongoing campaign to speak positively about a declining economy was then candidate Obama ripping Bush at every campaign stop for simply "not getting it". Obama rightly criticized Bush for saying something that really wasn't true- that the U.S. economy was fundamentally sound. Obama and Biden did their best to consistently highlight Bush's mistaken notion about the U.S. economy and bid voters to recognize that McCain was no different and the GOP was generally delusional about the real state of U.S. economic affairs. I dare say Obama garnered many votes making a legitimate case about the Bush/McCain "the economy is fundamentally sound" mantra.
Now, just 50 days after President Obama was sworn in, after pushing an absolute monstrosity of a public spending bill through congress along with a subsequent pork-laden spending bill (the kind he said he would not sign while campaigning) this past week and plunging our country in to unprecedented debt- what is Obama's assessment of the U.S. Economy?
Reported by Phillip Elliot (AP):
An optimistic message came from economic adviser Christina Romer. When asked during an appearance on NBC's "Meet the Press" if the fundamentals of the economy were sound, she replied: "Of course they are sound."
"The fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology," she said. "We know that — that temporarily we're in a mess, right? We've seen huge job loss, we've seen very large falls in GDP. So certainly in the short run we're in a — in a bad situation."
Just a week ago, White House Office of Management and Budget director Peter Orszag declared that "fundamentally, the economy is weak." Days later, Obama told reporters he was confident in the economy.