posted on Jul, 31 2012 @ 11:35 PM
reply to post by xuenchen
And what happened in 2008-9 to cause that increase in unemployment? Anything ring a bell? Maybe a little something called the economic
2008–2012 global recession
The 2007–2012 global recession, sometimes
referred to as the late-2000s recession, Great Recession, the Lesser Depression, or the Long Recession, is a marked global economic decline
that began in December 2007 and took a particularly sharp downward turn in September 2008
It cause a massive number of layoffs which led to a huge spike in unemployment claims and food stamp claims. Why do you think the GOP ran away
from the 2008 elections? They sure didn't want to be left holding THAT bag. The government still had an obligation to provide social services to the
masses of unemployed as a result from that economic collapse. The fact that the crisis didn't mushroom into something much bigger is a miracle. Look
at the state Europe is still in. Ask them how "austerity" is going.
Then along with the massive job losses from the recession came the second whammy, the much lower tax receipts. Between Bush tax cuts and Obama's tax
cuts (which most aren't even aware of) the deficit had only one place to go, up. Not from "increased spending" but from much lower tax revenue. As
pointed out, 1.4 trillion of the deficit came from the lower tax revenue of 2009 alone.
What you're really seeing is how the GOP blamed Obama for things they had themselves done, from the 2009 budget (written by Bush and passed by the
110th congress), their deregulation of banks, even the Glass-Steagall act, which was repealed by the
Although signed by Clinton, it was written by Republicans
(Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia), the co-sponsors of the Gramm–Leach–Bliley
While Dems own their share of the financial mess, the major culprits are the GOP. My biggest beef with Obama is rushing into the ACA. That was the
wrong time to pick that fight.
Otherwise, he has also shrunk the public sector, a major reversal of trends by Republican administrations.