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No one actually knows when the current "recovery" began, but joblessness still rules the day. This blog does not entertain the idea of a "jobless recovery." Such talk is nothing but mindless chatter designed to cover up this Administrations ineptness at job creation. Why does the problem continue? According to Obama, he took over the worst economy since FDR, which is, also, mindless chatter designed to give excuse for his failures. Let's look at his claim. The only aspect of the current disaster to be worse than the Great Depression era, was the near collapse of the banking industry, brought on by the Progressive policy we know as Affordable Housing. Before 2008, the talk of the town was that "everyone has the right to own a home," so the Socialist Progressives made sure that loans were cheap, easy to secure and and offered to folks with no credit or the worst of credit. When these folks could no longer make their payments, the bottom fell out of everything related to banking and TARP was born. You don't hear much about "Affordable Housing," these days, do you.
Understand that TARP was not about saving the stock market, despite what you hear over and over, again. In September of 2008, the Market lost 700 points in less than a single business day. TARP was immediately created with one man in change and without oversight, a fellow named Paulson. While TARP was being used to quietly funnel somewhere between 7 trillion and 24 trillion dollars back into the banking industry, the Market lost another 4,000 points in the insuring 5 months following its "rescue," (proving my point) and the lie was told and sold to the public.
So much for the banking aspect of the recession and the fantasy of TARP. Lets' compare the pathetic jobs record of this president to Reagan, remembering Reagan followed the feckless Jimmy Carter and his recession.
Reagan was president for two years before his recovery (with jobs) kicked into high gear. The chart in this post begins at the end of Obama's second year, as well.
When Reagan took office, inflation was at a runaway rate of 13.5% compared to a nothing inflation rate inherited by Obama from Bush of 2.7%. Reagan inherited a 10.8% unemployment rate compared to Obama's inherited rate of 7.7% The chart to the left, shows Reagan's track record as to job creation compared to Obama's. No comparison, AND, Obama has manipulated unemployment numbers but still looks terrible as an administrator. Progressives continue to cap interest rates at 3.25% while Reagan had to deal with mortgage rates of more than 21% ! One would think that housing sales would be booming, today, but years of bad mouthing banking has caused that industry to tighten its approval policies. They have no intentions of being played by this Administration again.
Of course, Wall Street is doing good. Give an industry trillions of dollars and demand no accounting for the money, well, things are bound to improve.
But pile on 20, 000 pages of new regulations, ask for more than 400 different taxes, inflate the food stamp roles by doubling the number of takers on that program, and throw in the largest tax increase in the history of mankind, ObamaCare, and you have what you have with job creation. Obama doesn't think there is a link between his idiot policies and the continuing jobless issue. Most of the real world, knows better.
Leaving off the banking industry, Reagan had a far greater "hill to climb" than did Obama. But Reagan turned the trick, while Obama is feverishly growing the federal "workforce" and telling the worker to go to hell.
As governor of California, Reagan “signed into law the largest tax increase in the history of any state up till then.” Meanwhile, state spending nearly doubled. As president, Reagan “raised taxes in seven of his eight years in office,” including four times in just two years.
ReplyDeleteReagan nearly tripled the federal budget deficit. During the Reagan years, the debt increased to nearly $3 trillion, “roughly three times as much as the first 80 years of the century had done altogether.” Reagan enacted a major tax cut his first year in office and government revenue dropped off precipitously. Despite the conservative myth that tax cuts somehow increase revenue, the government went deeper into debt and Reagan had to raise taxes just a year after he enacted his tax cut. Despite ten more tax hikes on everything from gasoline to corporate income, Reagan was never able to get the deficit under control.
Unemployment soared after Reagan’s 1981 tax cuts. Unemployment jumped to 10.8 percent after Reagan enacted his much-touted tax cut, and it took years for the rate to get back down to its previous level. Meanwhile, income inequality exploded. Despite the myth that Reagan presided over an era of unmatched economic boom for all Americans, Reagan disproportionately taxed the poor and middle class.
Reagan grew the size of the federal government tremendously. Reagan promised “to move boldly, decisively, and quickly to control the runaway growth of federal spending,” but federal spending “ballooned” under Reagan. He bailed out Social Security in 1983 after attempting to privatize it, and set up a progressive taxation system to keep it funded into the future. He promised to cut government agencies like the Department of Energy and Education but ended up adding one of the largest — the Department of Veterans’ Affairs, which today has a budget of nearly $90 billion and close to 300,000 employees.
Reagan gave amnesty to 3 million undocumented immigrants. Reagan signed into law a bill that made any immigrant who had entered the country before 1982 eligible for amnesty.
Reagan vetoed a comprehensive anti-Apartheid act. which placed sanctions on South Africa and cut off all American trade with the country. Reagan’s veto was overridden by the Republican-controlled Senate.
Reagan helped create the Taliban and Osama Bin Laden. Reagan fought a proxy war with the Soviet Union by training, arming, equipping, and funding Islamist mujahidin fighters in Afghanistan. Reagan funneled billions of dollars, along with top-secret intelligence and sophisticated weaponry to these fighters through the Pakistani intelligence service. The Talbian and Osama Bin Laden — a prominent mujahidin commander — emerged from these mujahidin groups Reagan helped create.
Reagan met with the Taliban and called them, "The moral equivalent of America's Founding Fathers."
ReplyDeletePhoto of the meeting. There is also video.
http://api.ning.com/files/pI9smLRoIfyE9kJhbHUKWnJ7DAek3yHu0Wc*OKN5Vt1xQ-KMJGvCSuq0gBpj1E5G4ZMEjlq1l4bx*Mtt9n4rWGts1MT08uSI/RonaldReaganTaliban.png?width=642&height=600
My first home construction business failed, because of Jimmy Carter and the Democrat inspired recession that Reagan inherited. Understand that the Dems controlled congress and had a 60 vote majority in the Senate. The facts of my post, above, are a right as rain. The point of the post was to undermine Obama's excuses for having done nothing to create jobs, in this country. Reagan had far worse to deal with; THAT was my point , and you want to talk about the Taliban. Good grief. Try to keep with the subject matter at hand.
ReplyDeleteThe GOP entire world is based on delusions and fallacies.
ReplyDeleteTrickle down doesn't work, never did. The data doesn't lie.
http://www.huffingtonpost.com/2014/04/25/elizabeth-warren-thomas-piketty_n_5213690.html
The US is ruled not by Democracy but by an oligarchy which uses pawns like Smithson to further their agenda of greed and control.
http://www.examiner.com/article/us-oligarchy-study-us-ruled-by-rich-and-powerful-not-voters-study-shows