“On January 20, 2009, Bush 43 left Washington, DC and left behind—in the wake of his disastrous job killing tax cuts—a broken economy teetering on the brink of total collapse. Just 8 years earlier, Bush had inherited from Clinton a healthy, robust, and debt-free economy boasting a surplus of $756 billion. As Obama was being sworn-in, the Republican created deficit—inspired by a redux of Reagan’s failed “trickle-down” policies—topped $11.4 trillion. When Bush entered office, 8% of the population was living in poverty; by 2008, that number had swelled to 17%. Under Bush 43, the number of homeless Americans increased 23%, income growth for the middleclass was negative for the first time since tracking began in 1967, unemployment grew from 4.1% to 8.6%, the debt ceiling was raised 7 times, foreclosures increased 67%, and 11 million Americans received pink-slips, yet Republicans continue to claim that tax cuts for the wealthy grew the economy and created jobs, which did not happen from 2000 to 2008. Even in the face of blatant Republican sabotage (remember, McConnell wants to “destroy Obama”), thus far, Obama has still managed to raise the GDP and either create or save 4.3 million jobs, which is more jobs than Bush created in 8 years. In an effort to save the economy and shorten the recession, Obama grew the deficit by $3.3 trillion, yet Republicans like Orin Hatch continue to wrongly attribute the $11.4 trillion Bush deficit to Obama. From 1992 to 2000, Democrats erased the Reagan deficit (Under Reagan, Republicans raised the debt ceiling 17 times) and balanced the federal budget, but upon gaining the presidency and taking control of both Houses in 2000, Republicans quickly abandoned prudent “pay-as-you-go” economic policies implemented by Democrats, squandered the Clinton surplus, generated record amounts of unfunded earmark spending, and borrowed money hand-over-fist from China in order to give revenue depleting tax cuts to millionaires, yet Republicans continue to lie and distort the truth in an effort to “destroy” Obama and dump blame on the Democrats for the economic mess Republicans orchestrated under Bush 43.”
Summary of Just How We Got Here
22 Friday Jul 2011
Posted Uncategorized
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