Final-Fan said:
mrstickball said:
numonex said:
Along came the Global Financial Crisis and the big Credit Crunch and the world is in big financial turmoil. Who was in for 8 years leading up the big crash? Boston Tea Party Republican George W.Bush admin. wasted all the US tax payers money and raided pension funds to finance two Vietnam 2.0 Wars costing trillions plus interest.
Generous tax cuts for the wealthy elite and huge US budget deficits were racked up every year under the careful governance of George W. Bush.
Obama has not been able to turn things around because the US economy is royally screwed. Unemployment has doubled from 5% to 10%. The US deficits and national debt are growing and growing all the time. Asset prices have fallen all over. the two wars in Middle East continue with no end in sight.
Austerity measures will kick in with increase taxes and cuts in spending. Short term pain for long term gain is needed to bring the Zombie US economy back from the dead.
The US Budget was balanced under the Democrats Clinton Admin. National debt was being paid off. Tax rates were higher under Clinton than under Bush. But the Government budget was balanced and the US economy was in a much better shape under President Clinton. Along came Republican George W. Bush who changed everything for the worse.
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I don't think your from the US, so let me explain this:
Clinton had a Republican congress and senate. Look up Newt Gingrich and the 94 landslide victory. Clinton did not set the debt-reducing budget...Republicans did.
So I would think about that before attributing all the blame in the US to the republicans. The truth is, it takes two to tango. Neither party is totally guilty of whats happened, because both parties have had their hand in the problems. To assign blame to one, and only one, party like you are, is showing gross ignorance of the situation. Do not forget that Obama looks to raise the deficit more in 4 years (or even 3) than Bush did in 8....Not a good thing, when you have a significant control of congress and senate.
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In point of fact, the major legislation responsible for balancing the budget was passed before that happened.
http://en.wikipedia.org/wiki/Omnibus_Budget_Reconciliation_Act_of_1993
(AKA Deficit Reduction Act)
Not a single Republican in Congress voted for it.
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Republican Boston Tea Party Supporters read that and weep. US Corporatism and neo-conservative economics are the cancerous ills which lead to the inevitable financial meltdown. Reagan and Thatcher were the two main politicians who founded neo-conservatism in the early 1980s. Great work conservative right wing governments. Economic booms based on unlimited credit and huge debt. Fiat Capital system. The bubble burst, assets have fallen in values and unemployment is growing.
Golden period of economic prosperity during the 1920s which lead up to the 1929 Wall Street Crash triggered the Great Depression of the 1930s. 80 years on and it has happened again. Both times the Republicans had been in the White House for almost a decade leading up to the crash. Both times the crashes followed peaks in economic prosperity based on unlimited supply of credit. De-regulation of financial markets allowed for unlimited credit for businesses in the economy. When the Credit Crunch comes it is game over.
