Former Speaker Newt Gingrich was the first leading politician to label the current economic abyss the “Obama Depression.” That is how Newt described the current situation on FOX and Friends this morning.
The Obama recovery has been non-existent.
ABC News reported:
“At 9.2 percent now for month after month after month, this is the Obama depression,” Gingrich said on Fox and Friends Sunday morning.
“Housing prices have dropped deeper than in the great depression and it’s very clear that under Obama’s job killing policies, we’re not going to get out of this deep unemployment.” The former speaker of the House praised Speaker John Boehner for making the decision that Republicans will not stand for tax increases.
“Republicans are correct to say first of all, no tax increase period. John Boehner was right. He deserves credit for recognizing that the right position for conservatives is no tax increase. Second, they ought to get the biggest spending cut deal they can by taking what Vice President Biden put on the table,” Gingrich said.
“I think the largest deal possible with no tax increases is fine.” In a National Review op-ed Friday, Gingrich wrote, “Republicans should reject the establishment’s demand for a tax increase. There is plenty of money to be saved from a bloated government without giving Washington one penny of higher taxes.”