At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
We got into a recession because the global economy went into the recession and we're a big exporting nation.
In terms of the economy, look, I inherited a recession, I am ending on a recession.
Government intervention in the economy - through taxes, regulation and, most importantly, currency inflation - causes distortions and misallocations of capital that must eventually be unwound. The distortions degrade the general standard of living, and the economy goes into a recession (call that an incomplete cleansing). Or it goes into a depression - wherein the entire sickly structure comes unglued.
Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible - to eliminate the restrictions on prices, on wages and on employment; in short, the regulations that keep 10 percent of the German workforce unemployed.
Our view is that economic isolationism is the wrong way to go. Vibrant, successful growing economies that advance the interests of their citizens engage the global economy. And, we're committed to engaging the global economy.
An overheating economy, characterized by accelerating inflation and rising interest rates, is another precondition for recession. This doesn't describe today's economy.
In the immediate postwar years, the whole of Europe was in a recession. So first of all, it helped us step out of a recession; it gave a certain amount of speed to the economy. But that was the first step.
Only the federal government has the power to spend beyond its current revenue. It shouldn't do that when the economy is at full employment. But it's an essential step for an economy mired in recession.
I would say more power to women who scream from the rooftop about something wrong done to them, whether it is after 10 years or 20 or 50... It doesn't make a difference.
We're the richest economy in the history of the world. For the majority of Americans not to get the benefits of this extraordinarily prosperous economy, there's something fundamentally wrong.
The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
Whether you're a populist; whether you're a limited government conservative; whether you're libertarian; whether you're an economic nationalist - we have wide and sometimes divergent opinions. The center core of what we believe, that America is a nation with an economy, not an economy just in some global marketplace with open borders, but we are a nation with a culture and a reason for being.
The idea of family is really one of the only things we can all say we have and we can't run away from. Whether you like your family or not. Whether it's complicated or not, there's something - call it spiritual, call it existential, whatever - that's in you.
In a global economy, the Bush doctrine of unilateralism - going it alone - has been disastrous. It's becoming increasingly clear that we're all in this together. Your happiness is my happiness, your suffering is my suffering, your recession is my recession.