Historical facts prove that republican policies create record deficits, record debts and economic disaster.
Both our great depressions were at the end of long-term republican control:
Jan 1920-1932 = Entire republican government = Great Depression 1
Jan 2001-2007 = Entire republican government = Great Depression 2
Republicans controlled the entire govt for 6 years and created a disaster which they blame on Obama.
Between Jan 20, 2001-2009…under Bush’s policies of deregulation, lax regulation enforcement, corporate welfare and a 15% tax rate on stock profits for wealthy people:
Gasoline tripled from 1.44 to 4.11 per gallon (peaked July 2008)
Unemployment skyrocketed 80% from 4.2% to 7.8%…8.2% Obama’s first full month
Dow Jones stock market plunged 25% from 10,587 to 7,949
Budget went from a 236 billion surplus to a 1.3 TRILLION deficit (a 1.5 trillion drop)
National debt doubled from 5.7 trillion to 10.6 trillion (a 4.9 trillion increase)
Borrowed 2.5 trillion for tax cuts for mostly wealthy people
Borrowed a trillion dollars for two fake wars (all hijackers were from saudi arabia)
Borrowed a trillion dollars for Medicare part D which outlawed govt bulk discounts
Trillions in secret Federal Reserve loans to prop up wall street
USA losing 700,000 jobs monthly – unemployment rate growing 1% every 6 weeks
Economy in total freefall
This is called “common sense conservative government”
Obama inherited a total disaster and it will not be fixed overnight
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Why Do Conservative Republicans Always Create A Total Economic Disaster?
Posted on June 22, 2011.
Bush’s 4.7% unemployment was especially disastrous for the country.
You should ask yourself.What has Obama done for you.
Do you pay less for gas?No
Do you pay less for food?No
Does unemployment go down?No
It’s what they do best, along with creating military conflicts, see Eisenhower…Vietnam, and bush,…. Iraq.
They thrive on fear thinking you will become a ne0-con.
They are gougers… not managers.
Look at their track record.
They’ve gouged the labor force, coal, timber, rail road right of ways, oil, and now they are working on foreign labor.
The economy was booming until the Democrats took Congress. It was also the liberal policies of Fannie Mae that crashed the economy.
Ronald Reagan’s policies created the greatest economic expansion in world history until Fannie Mae crashed us!
Because 9.1% unemployment is beneficial to the citizens of this country.
Not really. Bush inherited a total disaster and we got an attack akin to Pearl Harbor for those shortcomings. We haven’t been attacked once under Obama, yet we’re in 2 other wars.
Perhaps you should actually check the Treasury Department’s web site, TreasuryDirect.gov. Clinton left Bush with a $6 trillion deficit, Bush added $5 trillion (in 8 years with 2 wars) and Obama has already spent $4 trillion.
Dems had the majority for years before Obama was elected.
Why do you keep on repeating yourself? Are you a paid propagandist?
I think you have your facts all messed up, the debt is much much worse now than at any time in american history, its time Obama stopped blaming Bush for His own incompetance, we all know what a disaster this current Obama mess is, i think you need to check out the real numbers and see it for what it is, frankly i am sick and tired of Obama and his croonies blaming anyone else for their mess. sure we had debt, but nothing compared to the mess hes made and more jobs lost every month, this month alone, 474,000 more people filed for un-employment than ever before, and our border with Mexico is a total mess. and he had the nerve to state that our border were safer than ever? and i heard that out of his own mouth, it doesnt matter which republican takes over , as long as they do, and get rid of this liberal mess we have now.
They don’t…….You are delusional….
Let’s look at the information a little closer.
Presidents Harding and Coolidge cut the tax rate of the highest wage earners from 70% to about 29% and cut government spending by 50% (the taxes and spending thanks to Wilson in the first place). The result, the roaring 20’s from 1921-1929.
The actual effects of the depression by people who didn’t lose money in the stock markets weren’t felt as much until the run on the banks in 1931 and 2. Why did the people you listen to for your information tell you that the depression ran from 1920-1932, which was mainly a rocking good time, when it actually ran from 1929-1940? Did the stock market bubble crash (’29) and bank failures in ’31-2 hurt the economy? Yes (sound familiar?) but the Progressive social spending policies of FDR kept the Great Depression great for 7 more years (also sound familiar?). Then in 1940, he was forced to buy planes, tanks ships, bombs, bullets and beans. This was trickle-down economics aimed straight at business. The depression was over in a year.
Now, to the “Great Depression 2”, why did the people you listen to call the time from 2001-2007 a great depression? The economy had one small recession during this time, triggered by 9/11. Not only was it NOT a “Great Depression”, but during this time, unemployment started at 4.2%, ended at 5% with a high in June 2003 of 6.3%. It sounds like you need to find some new people to listen too.
The life blood of a Capitalist economy is investment in the private sector. To encourage this, capital gains (investment) is taxed at a lower rate. The money used to invest at some point, at the very least the ability to invest, came from earned income which was taxed at the income tax levels. It’s like the idea behind a vendor discounting the cost of a product when you buy in bulk. The vendor wants you to buy lots of their product. As an incentive, they give you a discount when you buy a lot of it. Even China understands the capitalistic benefits of the capital gains. They’ve eliminate most or all of their capital gains tax. If COMMUNISTS can understand the benefits of this, maybe we can too.
I could be here all night explaining your misconception on the rest of your skewed data to paint a picture of what you want to see. 8 out of 11 of your question are either invalid or leave out important details that change their meaning (i.e. propaganda).
Be that as it may, Did the mortgage meltdown and subsequent recession (NOT depression) happen on Bush’s watch and did he have a share of the responsibility? Yes. Now, for why. He was a mild social Progressive. Not only was he a BIG spender compared to the Conservatism principles he was assumed by voters would follow, he bought into Progressive “affordable” housing ideology that had the agenda of getting low-income earners into homes…….at any cost. THIS was the ticking time bomb that blew up the economy. He knew at late as 2005 that there were problems with home mortgages that could tank the economy, but he passed them off as not a problem to worry about. If he stuck to Conservatism in guiding his hand during his administration, this would not have happened.
Stop making excuses for Obama. He, like FDR before him, exacerbated the problem with a Progressive agenda that should allowed a cyclic recession to naturally come out of it in 18 months, to one that has lingered on. Also like FDR, what will end it is a focus on what business needs. In this case, not putting a big, fat jockey on the business thoroughbreds and then wondering why they aren’t winning races anymore.
the federal reserve is what caused it.
Because they think that cutting taxes for the people with the most money will somehow magically create jobs and fix all of our economic problems.