Cruz Blames Obama For Bush 2008 Financial Crisis
Everything is President Obama’s fault. Everything!
Republican presidential hopeful Senator Ted Cruz of Texas recently tried to blame President Barack Obama for the 2008 financial crisis.
The only problem is that Obama took office in 2009.
At an an event hosted by the U.S. Hispanic Chamber of Commerce earlier this week, Cruz likened Obama’s economic policies to that of former president Jimmy Carter.
“Historically, the economy has grown 3.3 percent a year since World War II,” he said. “There are only two four-year periods where growth averaged less than 1 percent: 1978 to 1982, coming out of the Jimmy Carter administration, and 2008 to 2012. Same failed economic policies.”
The issue is that Cruz isn’t comparing Obama and Carter. It’s Carter and George W. Bush.
The four year period Cruz picked is not necessarily representative of Obama’s economic policy because, at the start of his presidency, he was still bogged down by the policies of the previous administration. A more accurate representation would arguably be between 2010 and 2014.
Actually, the economy has blossomed under Obama in the wake of the 2008 financial crisis. As of March, the private sector grew for 61 months straight.