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It's particularly dumb in this case because the situation long preceded Obama's oath of office. Bush came into office with a strong economy and a budget surplus, and by the end of his term we had the biggest debt in history, so it seems not ENTIRELY off-base to blame some of our economic trouble on his policies.
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Actually the economy was starting to falter before Bush took the oath, and actually became a mini-recession post 9/11. Quick action and the fact it wasn't multiple fractures to the economy makes it pale in comparison to this one, but it was already doing poorly as Bush took office.