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Then why has Obama just added $30 billion to the national debt and told the unemployed they get a whole year more of unemployment checks?
Last I knew, the president does not have the authority to add or withdraw.
I was surprised as anyone that no one seemed to go for a moderate clawback of unemployment benefits to anything less than 24 months. Is there something between the former 26 week benefit and 2 years?
One correction though...that was Clinton who deregulated banks and specifically the toxic mortgage backed derivatives that were at the heart of the financial collapse.
Repealing portions of Glass-Steagall was a Greenspan initiative. Clinton did indeed put his weight behind it. And a Republican Congress was cool with it, too.
Prior to 2002, sub prime loans were rare. That CDOs containing sub prime mortgages were subsequently AAA rated is what brought the global house of card down, hard. The rating agencies blamed it on computer error.
No one is sitting in prison and absolutelyu nothing meaningful has been done to prevent another round of too big to fail. Romney wanted less Wall Street regulation and Obama has no interest. This is what happens when Wall Street owns Washington, regardless of who is sitting in the oval or who ho0lds the majority.
I noticed that you skipped past my earlier posts that stated that each time Republicans controlled both houses of Congress, unemployment declined and the budget deficit either declined or the budget was balanced.
Eisenhower presided over a balanced budget in 1956-7. Democrats held both chambers.
Johnson submitted a balanced budget in 1969. Democrats held both chambers.
( Despite the talk, Reagan never, not once submitted a balanced budget)
Clinton submitted balanced budgets in 1998-2001. Republicans held a majority of both chambers in 1994-2000.
There have been 5 instances of budget surpluses; 1969,1998,1999, 2000, 2001.
Unemployment declined during the Clinton years when Republicans controlled both chambers.
Unemployment also declined 1963-73 when Democarts controlled both chambers.
What will happen politically if we were to get back to less then 7% I'm thinking this will help the dems and Obama tremendously whether they deserve it or not. This will also help to balance the budget on the revenue side, we can end extended unemployment benefits and spend less on other benefits that are being used due to the recession.
Looking forward I'm hoping we can get close to or under 6% by the end of 2014.
Plosser's the guy who predicted in 2011 that we'd have a ur of 7-7.5% by the end of 2012. He'll be wrong again.
Oh fabulous we might get 7% after 5 years of 8%+...
Remember when the Progressives were wailing about Bush's horrific 5.6% unemployment rate?
Bush's economy? Might as well brag about Coolidge and Hoover's Roaring 20's. Both were nothing more than massive smokescreens for the inevitable disaster that was to come. Bush might actually be worse--the economy wasnt even roaring during his years in office, more like purring.
Sounds to me like the ur going down wouldn't fit into your agenda.
Yeah, the ue rate going down would be great and all, but I know better than to listen to the media. Things are not good right now. I know way too many people who are taking jobs far below their skill level, several who have been out of work for over two years, and many college grads with so-called worthwhile degrees living with mom and dad. The stories are out there all you gotta do is look around. Americans have decided to accept mediocrity and a bad economy for more handouts.
The media will make things look great to save their god Obama.
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