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Do you ever get stuff correct


Do you ever get stuff correct  

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Author: TheCrow   Date: 12/6/2021 12:04:43 PM  +2/-0   Show Orig. Msg (this window) Or  In New Window

"Obama did not INHERIT a nation crisis,  it was basically over by the time he took office, it was officially over a few months after he as in office (June 09).  The problems and issues were alread solved, all he had to do was sit back and let the free market do what the free market does best, improve!  But NO! he produced the worst recovery in the history of the US.  We lost our excellent credit rating, keep interest rates near zero, had to have quantitive Easing to keep the economy afloat, and made a lot of minimum wage jobs as factories moved overseas."


 


GDP was still trending downward at Obama's inaugaration. That economic contraction was directly influenced by Bush 43's push to expand home ownership with the "American Dream Downpayment Act" reducing the homeowner's 'skin in the game'. Speculativel buying of houses exploded, people buying and flipping more and more expensive houses in a frenzy- "Housing always appeciates, you can't lose money"... until the bubble burst and the value of all those subsidized houses and underwritten mortgages collapsed.





Out of that, came a real threat that short-term bank-lending, "over-nights", would collapse initiating a severe "Great Depression" type economy. To Bush 43's credit, the recovery program was started by the time Obama was inagarated. That was not a slam dunk success, but Obama took the polical risk of ccontinuing the effort. Had it not been successful, the program would have been a 'failed Bush program' that he had continued.


To continue that effort required deficit spending, just as Trump's Covid stimulus program required borrowing against the economy's future to kick-start the 2020 economy.





'old guy' You speak out of both sides of your mouth when you credit the free market economy and blame the government for increasing minimum wage jobs and sending them overseas. Production, jobs, are off-shored when Americans aren't willing to work and produce competitively priced wares. When the technology or an imaginative entrepreneur figures out how to cut shipping costs and keep production oversight here in America, it happens and is happening. Until then, sweatshops will be in overseas in smaller and smaller economies. Remember when 'made in Japan' was derogatory? Then 'made in China'? Vietnam? Economic expansion, especially sending jobs Americans don't want to places where the enrich the poor is good strategy. Eventually the poor get rich and less interested in expanding by conquest.


 


 
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Calling Old guy out for the hypocrite that he is... +2/-0 bladeslap 12/6/2021 9:03:41 AM