Tag: Economy
Hey Tea Party: Deficit Would Be ZERO Now If Bush, GOP Hadn’t Put Two Wars on Credit Cards, Crashed the Economy
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What U.S. deficit would be today if George Bush, with blind obedience from his rubberstamp Republicans in the House and and Senate (including Rep. John Boehner, Sen. Mitch McConnnell and others who are still there today), had not drained the Treasury by waging two wars using unfunded supplementals while simultaneously giving tax cuts to his millionaire “base” — and then crashed the economy by defanging financial regulations, defunding financial regulators and mismanaging the country’s finances through fiscal irresponsibility and recklessness.
Bush Proved Tax Cuts Don’t Lead to Job Growth
1.9 million
Net number of jobs created under Pres. George W. Bush after his tax cuts were enacted in 2001, according to the Wall St. Journal. Bush created the least jobs of any president since Hoover during the Great Depression. Pres. Bill Clinton created 22.4 million jobs, and left Bush with a $236 billion budget surplus. Historically, the economy tends to grow under Democrats, who traditionally do not cut taxes, and shrink under Republicans, who almost always do.
Obama Proves Hoover, GOP, Tea Party, and FOX Wrong
Score one for the Obama administration; zero for Republicans, Tea Baggers, and FOX News. A newly released study by two esteemed economists (yes, I know that’s an oxymoron) shows that Obama’s fiscal policies did indeed pull the country back from the brink of a depression brought about by Bush-Cheney mismanagement.
…the economists argue that without the Wall Street bailout, the bank stress tests, the emergency lending and asset purchases by the Federal Reserve, and the Obama administration’s fiscal stimulus program, the nation’s gross domestic product would be about 6.5 percent lower this year.
In addition, there would be about 8.5 million fewer jobs, on top of the more than 8 million already lost; and the economy would be experiencing deflation, instead of low inflation.
We all know how Hoover’s policies worked out. This study show the GOP/Tea/FOX versions would work no better.
The authors of the work, reported in the New York Times, are former Federal Reserve vice chair Alan S. Blinder and Moody’s Analytics chief economist Mark Zandi.
The study makes clear that Obama’s use of multiple strategies to bolster the economy was essential.
Florida’s Dropping Unemployment Rate Should Benefit Democrats But It Won’t
An announcement that Florida’s jobless rate, among the highest in the nation, fell for the third straight month should be good news for Florida’s elected officials. But for those running for the next office, what’s good for the state can be bad for campaigns.
Speculation is whether the news benefits Democrats, who share party affiliation with Pres. Obama, or Republicans, who have done less than nothing to facilitate a recovery, unless you consider holding your breath and stomping your feet, “facilitating.” But Florida’s Gov. Charlie Crist is neither fish nor fowl thanks to a recent move to “No Party Affiliation,” making him the true beneficiary of the drop from the March high of 12.3 percent to June’s still high but better 11.4.
The awkwardness of their positions was evident in the reactions from Crist’s rivals for the Florida Senate seat. If things are going badly, it must be the governor’s fault. If they’re going well…hmmm.
The winner is… Gov. Charlie Crist, NPA
“There are clear signs that we’re moving from recession to recovery, but growth is fragile and much more work needs to be done,” Meek said on Friday.
Republican candidate Marco Rubio has harped on the loss of jobs in Florida while lambasting efforts by President Obama and Governor Charlie Crist, an independent candidate for the Senate, to stimulate the economy.
If the rate continues to drop, Crist looks better and better. All the heat he took from Republicans for accepting federal stimulus funding will seem more like what it was — blustering and posturing at the expense of residents who need work. If the rate even holds steady, Crist can still take credit for moving the needle. Rubio has less to criticize (although a lack of facts hasn’t stopped a Republican from being critical yet), and Meek will be stuck with his, “good but could be better” line.
Conservative Polling Firm Admits Consumer Confidence is Way Up
In what must have been painful to report, conservative polling firm Rasmussen announced today that consumer confidence is the highest it’s been since Sept., 2008.
The index is up two points from yesterday, up eight points from a week ago and up ten points from it’s (sic) reading last month. Consumer confidence is up 29 points from its level measured this time last year.
Nationally, 32% of adults say the U.S. economy is getting better these days, but 42% say it’s getting worse. A year ago, just 12% felt the economy was improving, and 72% thought the economy was getting worse.
Investor confidence is up as well.
Among investors, 40% say the U.S. economy is getting better these days, while 40% think it’s getting worse. Those figures are down significantly when just 8% of investors felt conditions in the country were getting better and 75% thought they were worsening.
Rasmussen is comparing confidence levels to Sept., 2008 because, as you will recall, that was when it dawned on Sen. John McCain that the economy was in the toilet, and he announced he was suspending his presidential campaign to horn in on negotiations by the Bush administration to bail out Wall St. McCain asked for a delay in debating Obama, canceled his appearance on the Late Show with David Letterman, and instead appeared on CBS News with Katie Couric.
