In the fourth quarter of 2008, annualized GDP declined at an 8.9% rate
The Economist, July 29, 2011
Negative 8.9%: That number should be front and center in every campaign discussion of the economy. It fits perfectly into Robert Gibbs' excellent comment, "You didn't clean up our mess fast enough," quoted in the current top-recommended Diary by Dartagnan.
Moreover, in 2009, that number was thought to be negative 5.4, was later revised to negative 6.8% and was not finally set at negative 8.9 until July 2011.
Negative 8.9% is simply a staggering number. Negative quarterly growth of GDP in prior recessions has not come close since the 1950's:
1973-1975 Recession: GDP: 1974 Q3 -3.9% (-3.8%), Q4 -1.6% (-1.6%), 1975 Q1 -4.8%(-4.7%).
1970 Recession: GDP was Q1 -.7%, Q2 .7%, Q3 3.6%, Q4 -4.2%.
1960 Recession: GDP was -1.9% (-2%) in Q2 and -5% (-5.1%) in Q4.
1957 Recession: GDP was - 4.2% in Q4 1957; -10.4% in Q1 1958.*
1953 Recession: GDP down 6.2% in Q4 of 1953.
1949 Recession: GDP fell .5% for the year.
1945 Recession: GDP fell 11% in 1946.*
*Based on other factors, including duration, overall severity and special circumstances such as the end of WW II, the 2008 recession was worse than those in 1945 and 1957.
The Economy was in free fall at the end of the Bush Administration -- a disastrous negative 8.9% number that should be broadcast at every turn to illustrate the depth of the "mess" that Obama and the Dems had to clean up.