“Figures don’t lie, but liars figure.”
That phrase was once shared with me by an accountant. Well, not once, it was something that he repeated over and over through the years. And nowhere is that more evident in the ramblings of his kids. Let’s look at Eric.
For those who so willing to forgot – 2007 marked the high point of the real estate bubble that inflated the economy during the Bush presidency. Thanks to the “miracle” of securitizing mortgages, even the most risky loans to the least qualified borrowers could somehow be characterized as “safe.” Because of that, huge amounts of cash swirled around in our economy, inflating housing prices, the stock market, and, yes, wages.
As much as they hoped otherwise, the house of cards came tumbling down before Bush could make it out office. In 2007 (the year Fox and Trump cite), IndyMac wrote down $10 billion in bad mortgages, and set the stage for the crisis that would unfold in the years to come. By the time the presidency switched hands, the economic implosion was in full swing, shedding hundreds of thousands of jobs per month.
Measuring incomes from the absolute peak of one of the largest economic bubbles in modern history to current times is dishonest and misleading. Roger Ailes might be gone from Fox News, but culture he created there remains strong, and Eric Trump gives them his blessing by citing them.