Paul Krugman responds to GOP claims that the loss of wealth in the US is due to Obama's economic policies. He provides a graph that shows the growth in wealth during the Bush administration was due the housing bubble. The bursting of housing bubble, which occurred under Bush, was primarily responsible for the loss of wealth. Wealth has actually trended upwards under Obama.
Facts have become meaningless in our current political environment. The GOP can say whatever it wants and the media will broadcast their claims. Moreover, the GOP has conditioned much of the public to blame Obama for the bad economy. They blame the president for not responding to the Bush recession by continuing Bush's policies of deregulation and tax cuts for the wealthy. Obama has to deal with the deflation of the housing bubble, and a weakening global economy that is still suffering from the credit bubble.
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