Our economy is in bad shape because the Bush
administration
returned all taxes paid by the Fortune 500 for seven years prior to
2000 and then proceeded with tax policies which bankrupted
every state in the union. After that they started an avoidable
war to raise the price
of oil, which crippled not only our economy, by the global economy.
During the Iraq fiasco, corporate fat-cats with no-bid, cost-plus
contracts ran up huge debts which the Bush administration paid
by borrowing money from China. (While their sponsors divested
in America and invested in China. And for eight years these thugs proudly
shipped our jobs overseas. Internally the Bush administration
methodically destroyed virtually every effective agency in the federal
government, while a
Republican congress passed federal mandates which crippled our
educational system.
Their war on the middle class
has been devastating and this has crippled our economy.
Recession? Depression? How
Deep, How Far and What Can Be Done?
November 03, 2008
Recession Report - US economy
contracts as consumers retreat
Reuters reported that US economy has suffered
its sharpest contraction in 7 years in the third
quarter as consumers cut spending and businesses
reduced investment at the onset of what may be a
severe and long lasting recession.
The Commerce Department said that US gross
domestic product shrank at a 0.3% annual rate as
the biggest pullback by consumers since 1980
overwhelmed an increase in government spending.
Mr Janet Yellen president of San Francisco
Federal Reserve Bank has called the economy's
recent performance deeply worrisome and said
that the downturn was set to worsen. For the
fourth quarter, it appears likely that the
economy is contracting significantly and the
bottom is not yet in sight for slumping housing
prices.
The typical definition of a recession is
consecutive quarters of shrinking national
output, a condition that would be met if fourth
quarter GDP declines as anticipated, though
analysts already expect the slump to last nine
months or more. The drop in GDP was widely
expected but the decline was not as great as
feared, soothing the angst of investors who bid
US stocks up in the hope that interest rate cuts
by central banks around the globe can ward off a
deeper downturn.
A failed Administration:
Jan. 29, 2007
Chuck Collins looks at the minimum wage debate
in this TomPaine.com commentary that also ran on AlterNet
This is not rocket science.
A 301 billion dollar deficit is a disaster....
"One of the biggest problems facing the country in the next 50 years is an explosion of government debt.
Experts call it a "tsunami" of red ink that will swamp the country as it borrows more and more to pay for
all the obligations it has incurred
for health care, retirement and other federal programs. The
multibillion dollar cost of the war in Iraq is but a small part of the problem.
This projected debt is calculated in the trillions. Bringing this planned spending into line with forecasted
revenues will make for some of the most difficult political choices the country has faced in years."
http://iowaparent.com/apps/pbcs.dll/article?AID=/20070408/OPINION01/704080323/-1/IOWAPARENT
“Injustice
anywhere is a threat to justice everywhere. We are caught in
an inescapable network of mutuality,
tied in a single garment of destiny.” Dr. Martin Luther King, Jr.
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"The spread of evil is the symptom of a
vacuum. whenever evil wins, it is only by default: by the
moral failure of those who evade the fact that there can be
no compromise on basic principles."
Ayn Rand
