Fox's Brit Hume Says Obama Must Share Credit For Improving The Economy With Bush Administration
Hume: "Market Economies Recover From Recessions Because That's What They Do"
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From the May 16 edition of Fox News' Special Report with Bret Baier:
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BRET BAIER (HOST): Let's talk more now about how we found ourselves with a democratic socialist giving Hillary Clinton fits on the Democratic side and a reality TV star emerging as the GOP front-runner and presumptive nominee. Fox senior political analyst Brit Hume is here tonight. Good evening, Brit.
BRIT HUME: Hi Bret. If you're looking for explanations for the rise of Bernie Sanders and Donald Trump, there is one that covers both, it's the economy post recession. President Obama and his defenders like to cite consecutive months of job growth and the drop in the unemployment rate. Boy, do those facts not tell the whole story. The number of people in poverty is up, the number on food stamps is up, nearly 40 percent. Median income has dropped, and so has workforce participation. Oh, and first quarter growth this year was a pitiful half of a percent. That's why the Fed keeps the economy on interest rate life support.
These facts represent serious economic distress for a huge segment of the public who are understandably frustrated, discouraged and angry. They are attracted to Bernie Sanders' socialist promises, and the force of Donald Trump's personality and his pledges to make things great again. This is not to say that the dislocations caused by technology, trade and even immigration would vanish in a stronger economy, but their effects would be much diminished had we had we even had a normal recovery from the 2008 meltdown.
You know who gets this? Hillary Clinton gets this. While Mr. Obama told college graduates over the weekend not to pine for the good ole days, because quote, "They weren't that great," she says, as you heard, she will put her husband in charge of the economy. The message is clear, his were the good ole days. And compared to now, they were. Bret?
BAIER: Brit, you've heard President Obama say he doesn't think -- President Obama or his administration got enough credit for saving the economy from what was a corrupt, collapsing situation when he took office.
HUME: Well, a couple things about that, it's worth remembering the president was sworn in on January 20, 2009. The economy began to grow again, signaling the end of the recession in June. That was before the stimulus legislation that he rammed through Congress with the help of Democrats controlling both houses had begun to take effect.
The things that had taken effect, the Fed's action on interest rates, the much despised bailouts and loans that helped keep certain enterprises on their feet, they had been put in place in previous administrations and continued by the president. So, the credit for rescuing the economy, if it belongs with government, has got to be shared, at least. And one more thing, market economy's recover from recessions because that's what they do. People go to work every day trying to make their enterprises grow again, that's where I suspect smart people would think most of the credit lies.