Let's stop for a second and remember where we were eight years ago. We had the worst financial crisis, the Great Recession, the worst since the 1930s. That was in large part because of tax policies that slashed taxes on the wealthy, failed to invest in the middle class, took their eyes off of Wall Street, and created a perfect storm. In fact, Donald was one of the people who rooted for the housing crisis. He said, back in 2006, "Gee, I hope it does collapse, because then I can go in and buy some and make some money." Well, it did collapse. ... We have come back from that abyss. And it has not been easy. So we're now on the precipice of having a potentially much better economy, but the last thing we need to do is to go back to the policies that failed us in the first place.

Amid so much economic suffering and despair, when many Americans have lost faith in their government – and when millions are prepared to accept lies about the outcome of the 2020 presidential election – it is imperative that Democrats pass a bold and aggressive economic agenda within the first 100 days of Joe Biden’s presidency. Now is not the time to think small. It is the time to think big and to restore faith among working families – Black, White, Latino, Asian American and Native American – that in a democratic society, government can respond to their needs. Failure to adequately respond to the economic desperation in America today will undermine the Biden administration and likely lead Democrats to lose their thin majorities in the US House of Representatives and US Senate in 2022. Democrats suffered significant loses in 1994, two years after President Bill Clinton’s victory – and, in 2010, two years after President Barack Obama’s victory. We must not repeat those mistakes. The danger we face would not be in going too big or spending too much but in going too small and leaving the needs of the American people behind. If Republicans would like to work with us, we should welcome them. But their support is not necessary. In 2010, Sen. Mitch McConnell was willing to sabotage the economy to advantage Republicans, doing everything he could to make Obama a "one-term president." We cannot let him play the same games again.

We have a lot of employment, but the quality of the jobs has collapsed over the last 10 years. The people who work now used to be people who had a job with good income, good benefits and good security. The jobs, overwhelmingly, created have none of those things: low wages—that’s why our wages have gone nowhere; bad benefits—those are shrinking, pensions and so on; and the security is virtually gone. One of our biggest problems in America is people don’t know one week to the next what hours they’re working, what income they’ll get. You can’t have a life like this. So, what we’ve done is we’ve ratcheted down the quality of jobs. We’ve made people use up their savings since the great crash of 2008, so they’re in a bind. They have really no choice but to offer themselves at lower wages or at less benefit or at less security than before, which is why there’s the anger, which is why there was the vote for Mr. Trump in the first place, because this talk of recovery really is about that stock market with the funny money that the Fed Reserve pumped in, but is not about the real lives of people, which are in serious trouble, hence the numbers, like a average American family can’t get a $400 emergency cost because it doesn’t have that kind of money in the background. So, you’ve undone the underlying economy, you have this frothy stock market for the 1 percent, and this is an impossible tension tearing the country apart.

Along came the Republicans, trickle-down economics — one of the worst ideas since snake oil — was put back into place. And we ended up with the great recession. President Obama had to rescue the economy. And I don’t think he gets the credit he deserves for doing that.

F or a decade after the bursting of the debt bubble in 1837, business conditions were depressed in the United States. The number of banks available for financing speculative adventures declined. Then, after another 10 years, public memory faded again.

For the next few years times will not be normal. Perhaps people have used the words 'economic crisis' too often in the past. They have shouted 'wolf, wolf' when the animal was more akin to a rather disagreeable Yorkshire terrier. But not now. The crisis that faces us is infinitely more serious than any of the crises we have faced over the past 20 years...With its usual spirit of patriotism and its tradition of service to the community's needs, it is coming to realize that, for the time being at least, the party is over...We are not calling for a headlong retreat. But we are calling for a standstill.

The contraction from 1929 to 1933 was by far the most severe business-cycle contraction during the near-century of U.S. history we cover and it may well have been the most severe in the whole of U.S. history.

The contraction from 1929 to 1933 was by far the most severe business-cycle contraction during the near-century of U.S. history we cover and it may well have been the most severe in the whole of U.S. history.

I want to remind you right quick what this country has been through, and the challenges this economy had faced over the last three years. First, we went through a recession. That means we were going backwards.

However, our task is far from over. Our friends in the other party will never forgive us for our success, and are doing everything in their power to rewrite history. Listening to the liberals, you'd think that the 1980's were the worst period since the Great Depression, filled with suffering and despair. I don't know about you, but I'm getting awfully tired of the whining voices from the White House these days. They're claiming there was a decade of greed and neglect, but you and I know better than that. We were there.

Barack Obama has failed America. When he took office, the economy was in recession. He made it worse. And he made it last longer. Three years later, over 16 million Americans are out of work or have just quit looking. Millions more are underemployed. Three years later, unemployment is still above 8%, a figure he said his stimulus would keep from happening. Three years later, foreclosures are still at record levels. Three years later the prices of homes continue to fall. Three years later, our national debt has grown nearly as large as our entire economy. Families are buried under higher prices for food and higher prices for gasoline. It breaks my heart to see what's happening in this country. These failing hopes make up President Obama's own misery index. It's never been higher.

From 1789 to 1913, we were a tariff-backed nation and the United States was proportionately the wealthiest it has ever been. So wealthy, in fact, that in the 1880s, they established a commission to decide what they were going to do with the vast sums of money they were collecting….
Then in 1913, for reasons unknown to mankind, they established the income tax so that citizens rather than foreign countries would start paying the money necessary to run our government. Then in 1929, it all came to a very abrupt end with the Great Depression, and it would have never happened if they had stayed with the tariff policy. It would have been a much different story.
They tried to bring back tariffs to save our country, but it was gone. It was gone. It was too late. Nothing could have been done. It took years and years to get out of that depression, far longer than even FDR had that office right over there for a long period of time.

Like other presidents before him, Barack Obama inherited a recession. But unlike them, he has made it worse, not better.