Jack Welch Invents '2009 Recession' And New Economic Metric To Criticize Barack Obama
"The real unemployment rate, if you take the last 10 years prior to the 2009 recession, a 10-year average of what's called the participation rate -- how many people are working temporarily, full-time, and wanting to work -- if you take that number, and you take the 10-year average, and you run it now with this workforce, you would have an unemployment rate close to 11 percent," Welch said.
There is, in fact, no specific "2009 recession." According to the National Bureau of Economic Research, the official committee that measures and studies economic cycles, the U.S. economy entered a recession in December 2007, which ended in June 2009. Recessions are categorized as periods in which gross domestic product -- a measure of economic output -- declines. The effects of this decline can reverberate in the labor market for years after growth resumes. By referring to "the 2009 recession," however, Welch creates a timeline in which Obama is the only president presiding over economic hardship.
Welch's reference to a "10-year average" is also curious. Ten years ago, it was 2002. George W. Bush was in his second year as president of the United States.
The official unemployment rate is currently 7.9 percent.
Welch's comments came during an interview with Fox's Neil Cavuto, in which Welch claimed that if Mitt Romney were elected president, economic growth would be roughly double what it will be if Obama is reelected. Welch based the claim on his view that heavier fracking and more aggressive coal mining will exist under Romney, generating additional economic output.
Welch garnered notoriety in October for making the baseless assertion that Obama's "Chicago guys" were fabricating falsely positive jobs data. The August and September jobs numbers Welch referenced were eventually revised upward, showing stronger growth than previously believed. This revision process is routine.
Obama Is Not An American CitizenOne of the most popular Obama conspiracy theories (aka the Birther Movement), endorsed (or not denied) by the likes of Tom Delay, Lou Dobbs, Chuck Norris and Liz Cheney, it claims that Obama is not an American citizen, thus rendering his presidency illegitimate, or something. The theory hinges on the false claim that his birth certificate is fake. Birther queen Orly Taitz (a lawyer and dentist from California) continues to lead the march, despite her lawsuit getting thrown out and a $20,000 fine.
Obama Wants "Re-Education Camps For Young PeopleBut it's not volunteers at all. It's paying people to do work on behalf of government," said the Minnesota Republican. "I believe that there is a very strong chance that we will see that young people will be put into mandatory service. And the real concerns is that there are provisions for what I would call re-education camps for young people, where young people have to go and get trained in a philosophy that the government puts forward and then they have to go to work in some of these politically correct forums."
Larry Sinclair's Rabbit Hole Of Insanity