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Yet more evidence that REPUBLICANS don't know what the hell they are talking about. More egg in their faces. Romney ran his entire campaign on just the OPPOSITE happening, while over 50 million fools on the Right supported him. Shows how clueless they are.
The housing bubble popped in 2006. This event was the starting point for the massive recession that followed, and it occurred well before the Dems retook Congress in 2007. Only right-wingers desperate to rewrite history would try to pin the recession on that event. The wars, the wealth-redistributing tax cuts, the housing crash--the GOP had firm control of the government when these disasters occurred.
"The wars," Do you mean the ones the dems co-sponsored the bill for and most of the TOP dems in Congress voter for and supported?
"The wars" that could NOT have happened WITHOUT the dems. Those wars?
Low interest rates are not exclusive to mortgage lending, though. Low interest rates also means that the interest rate on the national debt is lower. When or if rates are raised, the interest payment by the government will increase by a good amount....hurting the budget. Low interest rates are also boosting the stock market because it discourages savings because you can make more returns in stocks than in a bank CD, given the low rates. Hence, when rates start to rise, the ripple effect on the stock market, the budget and the economy will be significant....which is why they still have not raised the rates despite all the talk about how well the economy has been doing.
I am not sure about that. That would depend on the accuracy of the inflation calculation (the GDP deflator), which is spurious. If inflation is understated than GDP is overstated. If inflation is overstated then GDP is understated. In my own experience as a consumer, the inflation rate is understated.
It's simple supply and demand. If the "globe" is becoming the global supply of labor, wages in the US will continue to fall due to the fact that the world has an oversupply of labor. You only get your boost from scarcity, in the free market. If the demand for certain skills exceeds the supply of people with that skill, then wages will rise in that sector, like in IT or Pharmacy. However, it would be a mistake to think that people just need to get the right skills and they will be fine. That is still an unsustainable solution due to the fact that, overall, labor in the globe is oversupplied. For everyone to participate means that the average wage in high wage nations and sectors will have to decrease to allow more people to participate by lowering the median or average pay.
We had our ascent and economic apex due to all the major economies of the world being destroyed by WWII due to war being fought on their lands. This created an economic monopoly for the US that lasted 20 years or until the impacted economies fully recovered. Now, not only have those economies recovered, new economies like China, India, Brazil and others have made the world ultra competitive. There is no way we can sustain our monopoly standard of living in a competitive world. We are trying to artificially hold on to that standard of living but the only way we can do it is through debt and that will only make things worse in the long run.
Okay, your analysis is hard to deny but where are the solutions? Maybe becasue of my experience working for the last 12 years internationally (China, Mongolia, Korea, Saudi, Afghan, now in Peru) for an Engineering Company my perspective is just different. I believe we still have advatages mostly in technology that we will need to maintain or take a big nasty fall. I do agree we ened to sto borrowing as the bills come due eventually.
Okay, your analysis is hard to deny but where are the solutions? Maybe becasue of my experience working for the last 12 years internationally (China, Mongolia, Korea, Saudi, Afghan, now in Peru) for an Engineering Company my perspective is just different. I believe we still have advatages mostly in technology that we will need to maintain or take a big nasty fall. I do agree we ened to sto borrowing as the bills come due eventually.
I am not sure what you mean by "Solution"? It's like discussing death....then asking for solutions to death. Death is part of the cycle of life. You can postpone it by living "right".....but there is no solution to it's inevitability. Similarly, there is no solution to the fact that our economy will decline further. We can postpone it artificially, but the standard of living the nation used to enjoy is going to die. I do not mean to sound morbid about it.....but that is the way it is. It is what it is. No nation, empire, city-state, nation-state, in the history of the world, has ever been able to sustain it's "high".....we are no different.
The question is what will our corrected economy and standard of living look like 25 years from now. Well...that depends on how we manage the decline. Will be glide down in a controlled descent....or crash from trying to keep it artificially propped up until all the ability to control descent are exhausted on maintaining current altitude for political reasons.
I know that you guys can't be bothered with the facts and rely on an emotional religious belief no matter the facts but nevertheless, here are the facts:
In 8 years, the average debt under Bush wa 244B per year
In 6 years with Obama, the debt per year is 1109 B (over $1 Trillion)
Therefore, Bush was 5X times better than Obama
In 8 years under Bush, the economy grew at an average annual rate of 4.23%
Under Obama, the economy has grown an average of 3.42%
So bush still about 30% better
But like I said, to most dems, facts don't matter, only concern is your relgious convictions of Dem always right no matter what...eyes remain closed.
During Bush's time in office the economy went from growing at a over 2% per quater to declining at over 2% quarter. The Budget deficit went from near zero to well over -600 Billion.
During Obama's time in office the GDP has gone from declining to growing and the annual deficits have declined.
Bush's administration inherited a much healthier economy than they passed on to Obama.
During Bush's time in office the economy went from growing at a over 2% per quater to declining at over 2% quarter. The Budget deficit went from near zero to well over -600 Billion.
During Obama's time in office the GDP has gone from declining to growing and the annual deficits have declined.
Bush's administration inherited a much healthier economy than they passed on to Obama.
Correct, also correct that the economy handed to Bush by Clinton had Republicans that fixed it and the economy handed to Obama had Dems controlling the House & Senate which led the economy into the toilet.
FWIW: Sort of blows the whole theory that it ended because of the election of Republicans at the end of 2010, who didn't take office until the beginning of 2011.
It ended, because recessions end, all by themself, without governmental intervention. The free market has demands they need, and the decrease in economic activity can only take place for so long.
Its not because of any politician, on either side of the aisle, and anyone who claims it is, is being ridiculous. Economies have gone through ups and downs for thousands of years, and will forever. Governments only hinder, or delay, them from taking place..
I have seen plenty of posts from you on here, there is no way you think that the recession only happened because of Democrats in December 2007. Recessions aren't created overnight, it is a series of events that lead up to a recession, this isn't some top secret knowledge, it is information anyone can find if they wish to learn it.
Democrats were WARNED there was an oncoming recession and LAUGHED IT OFF.
During Bush's time in office the economy went from growing at a over 2% per quater to declining at over 2% quarter. The Budget deficit went from near zero to well over -600 Billion.
During Obama's time in office the GDP has gone from declining to growing and the annual deficits have declined.
Bush's administration inherited a much healthier economy than they passed on to Obama.
Again, thats because economies run on a cycle, and if we are to believe the Demcoratic talking point that jobs are a delayed economic indicator, wouldnt policies be the same?
Therefore, Bush policies are causing the current economic "growth", while Clintons caused the "decline" you speak of?
Do people really think economies turn around that fast due to government, which controls about 10% of the national economy, while ignoring the other 90%..
The housing bubble popped in 2006. This event was the starting point for the massive recession that followed, and it occurred well before the Dems retook Congress in 2007. Only right-wingers desperate to rewrite history would try to pin the recession on that event. The wars, the wealth-redistributing tax cuts, the housing crash--the GOP had firm control of the government when these disasters occurred.
And the foundation was laid well before Bush did anything either.
Bush tried reigning in the banking industry, and was attacked by the left as early as 2003, claiming there was no oncoming economic "crisis", they laughed and ridiculed, even fired people who proclaimed this was going to happen.
Who's the fool now? Those who ignored the warnings, or those who predicted them?
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