Ted Cruz Blames Barack Obama, Not George W. Bush, For The 2008 Financial Crisis

| by Amanda Andrade-Rhoades
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Republican presidential hopeful Sen. Ted Cruz of Texas recently tried to blame President Barack Obama for the 2008 financial crisis. 

The only problem is that Obama took office in 2009.

At an an event hosted by the U.S. Hispanic Chamber of Commerce on April 29, Cruz likened Obama’s economic policies to those of former President Jimmy Carter.

"Historically, the economy has grown 3.3 percent a year since World War II," he said. "There are only two four-year periods where growth averaged less than 1 percent: 1978 to 1982, coming out of the Jimmy Carter administration, and 2008 to 2012. Same failed economic policies."

The issue is that Cruz isn’t comparing Obama and Carter. It’s Carter and George W. Bush. 

The four year period Cruz picked is not necessarily representative of Obama’s economic policies because, at the start of his presidency, he was still bogged down by the policies of the previous administration. A more accurate representation would arguably be between 2010 and 2014.

Economic indicators show the economy has improved under Obama in the wake of the 2008 financial crisis. As of March, the private sector grew for 61 months straight.

“What's more, there were more than two four-year periods with an average GDP growth under 1 percent. In fact, there have been a lot recently, thanks to 2008 and 2009,” wrote Philip Bump for The Washington Post. “The period from 2005 to 2009 averaged 0.4 percent growth. From 2006 to 2010, 0.3 percent. From 2007 to 2011, 0.3 percent.”

Bump went on to call Cruz’s speech, “pure rhetoric and zero substance.”

Sources: DPCC, The Washington Post, MSNBC

Image via Gage Skidmore/Flickr