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The Obama Watch
Obama’s Perverse Plan for Permanent Recession
Perpetual increases in government spending is all that he has on his agenda.
President Obama told the nation in his June 14 economic policy address in Cleveland that his economic policy plans for a second term would “create strong sustained growth;…pay down our long term debt; and most of all…generate good, middle-class jobs….” He then spent almost an hour describing policies that would do just the opposite.
He did not begin the speech with much credibility on how to achieve those goals. He has been President for almost four years, and has done nothing to generate strong sustained growth, pay down our long term debt, and most of all generate good middle class jobs.
And what he proposed in the speech as all sides bemoaned was just more of the same. But apparently he thinks we are too stupid to recognize that these are the same left-wing extremist policies that have failed us throughout his presidency, and, indeed, throughout world history. Certainly that seems to be true of his continued supporters.
No. 1: Raise Tax Rates
Under
President Obama’s plan, on January 1 the top tax rates of virtually
every major federal tax will increase sharply, as he has already
enacted under current law. That is because the tax increases of
Obamacare would go into effect, and the Bush tax cuts would expire,
which Obama refuses to renew for singles making over $200,000 a
year, and couples making over $250,000. The English translation of
that target for the tax increases is the nation’s small businesses,
job creators and investors.
As a result, with the Bush tax cuts just expiring for these targeted taxpayers, the top 2 income tax rates would jump by nearly 20%, the capital gains tax rate would soar by nearly 60%, the tax rate on dividends would nearly triple, the Medicare payroll tax rate would skyrocket by 62% for the above disfavored taxpayers, and the top death tax rate would rise from the grave to 55%.
That is all on top of the highest corporate tax rate in the industrialized world at nearly 40%, counting the federal corporate rate of 35% and state corporate rates on average. But under Obama, there is no relief in sight. Instead, Obama is pushing still more tax increases. Under his proposed Buffett rule, the capital gains tax rate would increase by 100%, and would be the fourth highest rate in the industrialized world. Many OECD countries, in fact, impose no capital gains tax at all because it is just another layer of taxation on capital income on top of the corporate and individual income taxes. All of this would leave American businesses uncompetitive in the global economy.
How is this going to produce strong sustained growth and generate good middle class jobs? It is going to do just the opposite, as the multiple tax rate increases would only sharply reduce the incentive for productive activities, such as savings, investment, business expansion, business start-ups, and job creation. That will only encourage even more capital flight from America, and a continued capital strike by the capital that remains.
But in his Cleveland speech, Obama argued that it was the Bush tax rate cuts that caused the recession somehow. He said, “We were told that huge tax cuts — especially for the wealthiest Americans — would lead to faster job growth….So how did this economic theory work out?”
So let’s review how it did work out. Bush cut the top income tax rate by 11.6%, from 39.6% to 35%, and the second highest rate by about 8%, from 36% to 33%. But he cut the lower rates by higher percentages, including slashing the bottom rate by 33%, from 15% to 10%. Then in 2003, he cut the tax rates on capital, reducing the capital gains tax rate by 25% from 20% to 15%, and the tax rate on corporate dividends to 15% as well.
These tax rate cuts first quickly ended the 2001 recession, despite the contractionary economic impacts of 9/11, and the economy continued to grow for another 73 months. After the rate cuts were all fully implemented in 2003, the economy created 7.8 million new jobs over the next 4 years and the unemployment rate fell from over 6% to 4.4%. Real economic growth over the next 3 years doubled from the average for the prior 3 years, to 3.5%.
In response to the rate cuts, business investment spending, which had declined for 9 straight quarters, reversed and increased 6.7% per quarter. That is where the jobs came from. Manufacturing output soared to its highest level in 20 years. The stock market revived, creating almost $7 trillion in new shareholder wealth. From 2003 to 2007, the S&P 500 almost doubled. Capital gains tax revenues had doubledby 2005, despite the 25% rate cut!
There is no economic theory under which the tax rate cuts could cause recession. Even Keynesian economics considers tax rate cuts pro-growth. America cannot afford a President who is this confused and deluded.
But in his speech in Cleveland, Obama even opposed tax reform lowering rates in return for closing loopholes. He said it would be a tax increase on the middle class. But no serious tax reform proposal has ever involved a net tax increase on the middle class, because it would be dead before it even got out of the box.
Indeed, Obama is so ideologically opposed to lower rates that, perversely, what he has done throughout his presidency is the opposite of tax reform. He has expanded the loopholes and increased rates. Those loopholes have included new and expanded welfare tax credits and corporate welfare like his green energy handouts. When his own Simpson-Bowles Commission recommended real tax reform closing loopholes in return for reducing rates, Obama only paid lip service to it, but didn’t lift a finger to advance the proposals.
But higher tax rates with more loopholes reduces economic growth, jobs, and prosperity. The higher rates discourage critical job creating, pro-growth investment, and the loopholes distort markets and promote inefficiency and waste, which is a further drag on growth. Tax reform with lower rates and fewer loopholes, by sharp contrast, promotes powerful pro-growth incentives while reducing the inefficient drag of market distorting loopholes. That is why the bipartisan tax reform of 1986 under President Reagan, when America was under adult supervision, was so powerful in fueling the generation-long, 25-year Reagan boom from 1982 to 2007.
About the Author
Peter Ferrara is Director of Entitlement and Budget Policy at the Heartland Institute, General Counsel of the American Civil Rights Union, Senior Fellow at the National Center for Policy Analysis, and Senior Policy Advisor on Entitlements and Budget Policy at the National Tax Limitation Foundation. He served in the White House Office of Policy Development under President Reagan, and as Associate Deputy Attorney General of the United States under President George H.W. Bush.
Letter to the Editor View all comments (158) | Leave a comment
More Articles by Peter Ferrara
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http://spectator.org/archives/2012/06/27/obamas-perverse-plan-for-perma
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Gary B| 6.27.12 @ 6:25AM
"But apparently he thinks we are too stupid to recognize that these are the same left-wing extremist policies that have failed us throughout his presidency, and, indeed, throughout world history. Certainly that seems to be true of his continued supporters."
Yes, and as Michael Savage so aptly diagnosed several years ago, "Liberalism is a mental disorder." How else can you explain a seemingly intelligent person, who, despite historical fact, remains bent on cultural and economic suicide?
For some reason, individual liberty and the free market just aren't good enough for such people. Perhaps it's the personal responsibility part that puts them off kilter.
TLP| 6.27.12 @ 8:54AM
Does he really think we're that Stupid?
We are that Stupid.
The very fact that this Street N-Word sits in the Oval Office, as we speak, is a testament to that. The fact that he still has ANY support, away from the Liberal Plantation Blacks, let alone 43%, is a testament to that.
I bet that there's STILL Jews out there that can't wait to vote for HAMAS' Deliveror, even as his State Department has Known Jew Killers over to Party and he places Muslim Brotherhood Operatives at the TSA, Homeland Security, the FBI and at the DOD.
I know that there are still Whites out there who will vote for this POS, even after the last 4 Years of Coordinated Assualts on Whites in this Country. The Race Card. The Black Panthers. His alignments with Louis Farrakhan and Al Sharpton. His BLACKS ONLY, Gun Running, Attorney General. And his latest assault on the Constitution - Unilatterally changing Immigration Law, in an effort to add Millions of Browns to drown out the Whites.
He's STILL getting money from Business People, reminiscent of the Fraternity Pledge bent over the table with his pants pulled down, asking the guy with the Paddle - "Please Sir. Can I have another?"
Oil Companies give him Money. Banks and Hedge Fund Managers give him Money. Private Sector Unions give him money, even as he strives relentlessly, to KILL every Private Sector Job that he can.
"Please Sir. Can I have another?"
What was the question?
Oh yeah.
Does he really think we're that stupid?
Gary B| 6.27.12 @ 8:59AM
We can only assume they were paying protection money. Can't bribe a foreign government, but you can sure bribe Obama.
scotchieguy| 6.27.12 @ 9:33AM
No, it was "thank you sir, may I have another?" ha ha ha
TLP| 6.27.12 @ 5:17PM
That's funny?
You really need to get out, more.
scotchieguy| 6.27.12 @ 8:18PM
It was a scene in Animal House which was funny as hell. Dude, you need to take a chill pill, and quit taking yourself so seriously before you have a bleep attack.
TLP| 6.27.12 @ 8:31PM
You're not funny.
What am I supposed to do?
Pretend you are?
I can't do that.
I KNOW funny.
And, you ain't it.
scotchieguy| 6.27.12 @ 10:10PM
I wasn't trying to be funny, I was just pointing out a funny part of a movie you claimed was funny too. Why would you quote the line from the movie if you didn't think it was funny?
I am AGREEING with you and you can't even see it.
Doctor Right| 6.27.12 @ 10:47AM
In answer to the profound question "Does he really think we're that stupid?"
Another question...
Do you think you're convincing him otherwise?
Stephanie| 6.27.12 @ 11:10AM
Tim, he's not in the White House, he's out campaigning on taxpayer money. Is that not against the rules?
Gary B| 6.27.12 @ 3:26PM
Hasn't stopped him yet...
BrianR| 6.29.12 @ 1:44PM
You really don't have the balls to just say nigger when that's what you mean? You're a racist and a coward.
Gary B| 6.27.12 @ 6:31AM
Regarding Obama himself... don't we know by now that he just says stuff. Total nut cases will make it to high places sometimes. It's their supporters who should know better. How the MSM can continue shoring up this hopeless liar is beyond me. That they do this with a straight face says more about them than him. They hate America and they have found their man.
TLP| 6.27.12 @ 5:19PM
"He just says stuff."
Is that your Caatch Phrase, or something?
Gary B| 6.27.12 @ 7:59PM
Yup... it's what a liar does.
TLP| 6.27.12 @ 8:33PM
So, I'm a Liar?
Cause you used your Stupid Catch Phrase, against me.
GFY.
scotchieguy| 6.27.12 @ 11:59PM
Wow! Dude, I guess everyone is on your sh-t list today. Maybe that says more about you than everyone else.
Appleby| 6.27.12 @ 6:57AM
Obama is trapped in 1968. And as James Earl Jones shouted at Kevin Costner in "Field of Dreams", the answer is "BACK! BACK! GO BACK TO THE SIXTIES WHILE YOU STILL CAN! THERE'S NO PLACE FOR YOU HERE IN THE FUTURE!"
Ken (Old Texican)| 6.27.12 @ 7:33AM
Peter,
Obama just doesn't give a damn.
Von Mises Jr| 6.27.12 @ 7:41AM
Rothbard's "War Collectivism" details how statist Woodrow Wilson, Herbert Croly, Walter Lippmann, Rex Tugwell and others created a centrally planned (war) economy during the second decade of the twentieth century. It resulted in a severe recession until Wilson's term expired and free market policies were adopted by Harding and Coolidge.
Many of the same advisors repeated the mistakes of central planning and statist policies under Hoover and FDR. It resulted in the Great Depression that was prolonged to ten years as per Powell in "FDR's Folly" and Shlaes "The Forgotten Man."
But that was one-hundred, and eighty years ago respectively. One could believe that the new statist ideas advanced by pompous, arrogant elitist could have been a mistake. But it is inconceivable that it could be an error in judgment after it is applied a third time resulting in a severe recession, and Great Depression and the Great Recession we are experiencing today. One can only conclude it is on purpose.
Al Adab| 6.27.12 @ 11:09AM
As many of us have been saying for three years now, this is the economy the Left desires. Low productivity and high unemployment along with devalued money and high social spending is the plan. The Left has long believed that Americans are too rich, and undeserving of the benefits of their Liberty. The Left has long believed that The U S should more closely resemble France or England and amalgamate into such euro style life. The Left refuses to acknowledge that our form of government, one dedicated to the preservation of Liberty not the provision of goods, has created the most significant society since Rome. This is the world they want and this is the world they are working hard to create.
Von Mises Jr| 6.27.12 @ 1:03PM
They want us dependent on government even if it is subsistence living. That means they get to rule and steal a big vig off the top for them.
TLP| 6.27.12 @ 5:22PM
And, like China, under the man who Originally used the term FOREWARD (Mao) it's Fair, because everyone has the same.
They all have NOTHING.
Doctor Right| 6.27.12 @ 6:05PM
It's "Forward," genius...
scotchieguy| 6.27.12 @ 8:20PM
ha ha ha!
TLP| 6.27.12 @ 8:35PM
Still sniffing my ass, I see.
scotchieguy| 6.27.12 @ 10:12PM
I was laughing at the other dude's comment, not yours.l
Pecos Pete| 6.27.12 @ 7:47AM
King O has spoken. His clothes are woven of gold, silver and gems. He believes in a fantasy and his supporters (voters and trolls) believe in the same fantasy. He claims to be "black" and thus his voters (and trolls) claim that any disagreement with him is racist, so shut up and go back to your cave.
We are in the throes of a terrible economy and a horrible constitutional crises. King O will, over the course of the next months preceding the November election, make many more "executive" decisions that flout the Constitution in order to ramp up support for his reelection. And, if reelected, he and his czars will eliminate hope for any future that might have resembled our past.
TLP| 6.27.12 @ 5:25PM
Have Faith, my friend.
After a few more Months of EVERYTHING getting worse?
Even his precious Allah, won't be able to save this POS.
Purp| 6.27.12 @ 7:58AM
What a pack of 1/2 truths and misinformation. But it's red meat for your audience - and, be truthful, that's really what you're all about, isn't it?
Pecos Pete| 6.27.12 @ 8:17AM
Purp's ignorance is being displayed.
TLP| 6.27.12 @ 9:01AM
We need to IGNORE him.
Nobody else has responded to Mr. Idiot.
Our Mothers always told us "Don't tease the Dog" when we were litte. (As opposed to Obama's Mother who told him to "EAT your dog. Cause you're gonna sit at the table, until you do.")
Listen to your Mom. (Not Barry's Mom.)
Don't tease the Dog.
Al Adab| 6.27.12 @ 11:10AM
As Marcus Aurelius said, "Don't waste time bantering with barbarians or idiots".
Who Knows?| 6.27.12 @ 11:37AM
You AREN'T ignoring him.
Al Adab| 6.27.12 @ 12:05PM
The quote doesn't use the word "ignore". But simply means not to engage.
TLP| 6.27.12 @ 5:27PM
No.
I'm ignoring You.
Doctor Right| 6.27.12 @ 10:48AM
Yup.
Juicy, red-meat sound-bites that will cause people to realize that Obama is a socialist, un-American jackass, and not vote for him.
That and the TRUTH go quite well together, don't you think?
Oldefarte| 6.27.12 @ 4:03PM
Your comments are typically/always as described in "What a pack of 1/2 truths and misinformation"!!!!!!!!!!!
JimH| 6.27.12 @ 8:10AM
Keep the economy in the tank. Weaken the private sector except for selected friends. Increase people’s dependence on the State. Reduce them from citizens to subjects. Just like Baldric in Black Adder, O has a cunning plan.
Purp| 6.27.12 @ 8:23AM
ala Reagan ... he was a secret Democrat.
Stephanie| 6.27.12 @ 11:12AM
Go suck an egg Purp.
Doctor Right| 6.27.12 @ 6:28PM
He'd prefer something other than eggs...
Oldefarte| 6.27.12 @ 4:05PM
"he was a secret Democrat" UNTIL NANCY AND HER FATHER WISED HIM UP AND HE BECAME A REPUBLICAN CONSERVATIVE!!!!!!
TLP| 6.27.12 @ 5:28PM
IGNORE HIM.
scotchieguy| 6.27.12 @ 8:22PM
YOU need to get out more, pal. Is this ALL you do in life? Sit on your lil throne and think you are all high and mighty?
TLP| 6.27.12 @ 8:42PM
Compared to you?
I'm not just High and Mighty.
I'm Omnipotent.
And, you're the Shit under my shoe.
But, you already knew that, didn't you?
Of course you did.
scotchieguy| 6.27.12 @ 10:13PM
Dude, you're on a roll!
Doctor Right| 6.27.12 @ 10:00PM
Yes.
This forum is l'il Timmy's life.
Funny, isn't it?
Derek Leaberry| 6.27.12 @ 8:11AM
Look at the bright side. Obamanomics equals recession and recession equals no immigration. What Third Worlder would want to come to an America with few job openings?
PolishKnight| 6.27.12 @ 9:46AM
If you want to see a liberal as close to dying and being in heaven as you can, go to Sweden and watch some of them on vacation there. It's like they're kids in candy stores.
Which makes it seem strange that their local and worldwide goal is to make the USA into Mexico and Western Europe, including Sweden, into Algeria. It's what happens when cynical political dogma collides with blind idealistic fervor. They're nuts.
Alej| 6.27.12 @ 8:17AM
Raise taxes on the producers in this country. Where will the tax money go?
To the non-hackers and welfare voting base. Got your hand out already, purp ?
Purp| 6.27.12 @ 8:46AM
I'll guarantee I pay more in taxes than you make, I'm just not a selfish, greedy bast**d, as apparently you are. Jesus is ashamed of you.
Truncheon| 6.27.12 @ 9:37AM
Oh look, another "internet rich guy". Hey Purp, in case you haven't figured it out, everyone on the internet is rich, good looking, has a black belt, and a super model for a wife. Just ask...
As regards "greedy". Could you explain concisely how a desire to keep what you yourself have earned is "greed", while a desire to take from others things you had no hand in earning, is "moral".
Purp| 6.27.12 @ 10:28AM
You are responsible to the people to pay your way as best you can for the privilege of living in this great society. It's that simple. The rest is just bitching and moaning ... if you don't want to share with the people of the United States, who you owe for your living standards, you are a greedy b**tard. And that is immoral. Check the Bible for moral guidance.
Paul Kotik| 6.27.12 @ 10:37AM
Then we can assume you ingored the Bush tax cuts and voluntarily continued to pay your income taxes at the higher, Clinton marginal rates?
Even that wouldn't be "as best you can", would it? You should be voluntarily gifting all of your income to the Treasury except the amount required to keep yourself alive at, say, the Federal poverty line.
Purp| 6.27.12 @ 11:06AM
When the people, through our representatives, decide to raise OR lower taxes, you comply and shut up your moaning. Didn't anyone teach you anything - the only sure things in life are DEATH and TAXES?
Gary B| 6.27.12 @ 11:11AM
Blah... blah... blah...
TLP| 6.27.12 @ 8:43PM
He just says stuff.
Idiot.
Paul Kotik| 6.27.12 @ 11:14AM
But you said that "You are responsible to the people to pay your way as best you can for the privilege of living in this great society...".
Surely mere compliance with the tax code is not "as best you can", especially for a guy like you, a very substantial earner. You can do much better than comply with the tax code. You can pay much more.
Do you?
MikeBee| 6.27.12 @ 11:07AM
Purp,
What was it that created this great society, as you mention, in the first place? Was it the government which created this great society? NO. It was the People, acting in THEIR OWN BEST INTERESTS, who created this great society. The People don't owe ANYONE ANYTHING for the privilege of this great society. Our society is so great precisely BECAUSE all of us are acting on our own selfish behalf. Being at peace with our neighbors and having laws which keep this peace work to our best gain. The wealth that the U.S. has is OUR wealth, the People's wealth, created by us, for our own benefit. We share a lot of it with the poor, as we believe that we will be better people for it (again, acting on our own behalf, in conjunction with the behalf of the poor).
No one wishes for his own demise. It is an a priori condition of human nature to act on one's own behalf. U.S. society recognizes that basic condition, and protects the individual's right to exercise that basic desire, to act freely on one's own behalf. It is precisely because individuals are free in this country to pursue their own best interests that this country is so great. It's also the reason that citizens of other countries are always trying to come here. They wish to have this freedom, as well.
JD| 6.27.12 @ 11:11AM
If everyone paid for what the government does for him, taxes would be what liberals call "very regressive".
lost| 6.27.12 @ 1:31PM
Purp check the bible:
“‘And you shall not covet your neighbor’s wife. And you shall not desire your neighbor’s house, his field, or his male servant, or his female servant, his ox, or his donkey, or anything that is your neighbor’s."
you the greedy b**tard which make you immoral. You have shown your ignorance, go away
Drunken Sailor| 6.27.12 @ 1:55PM
Would that be the same bible that is against abortion?
Oldefarte| 6.27.12 @ 4:13PM
Okay genius, now you've stepped in IT big time. If what you say "You are responsible to the people to pay your way as best you can for the privilege of living in this great society" is true, how do you explain the indigents that the Democratic Party supports with taxpayers' hard earned money? How come these individuals are allowed to have multiple children that they cannot financially support and thereafter depend upon the Democrats [who institute welfare forcing taxpayers to pay for same] for their economic survival? Why do Democrats legislate Welfarecare, Affordable Housing, Food Stamps, etc????????
TLP| 6.27.12 @ 5:29PM
I give up.
Doctor Right| 6.27.12 @ 10:49AM
No, you don't.
Because if you did, you'd understand what Obama is doing, and you wouldn't like it.
Only a FOOL likes to pay taxes...And only a bigger fool brags about his income.
Purp| 6.27.12 @ 11:09AM
Ya, I do. I didn't say you have to like it - just do it and stop the bitching about it. Do you bitch about everything? Your wife? Your Church? Your kids? Whatever? Be a man and pay your way in life without the complaints. Suck it up and stand tall, instead of sniveling little gutter snipe, picking at everyone and everything. Come on Doc, you can do it. You're a "Doctor" ain'tcha?
Gary B| 6.27.12 @ 11:15AM
So, it's your way or the highway? If we don't comply, you'll bitch, right? Too bad the job of dictator isn't open. You'd be perfect.
Oldefarte| 6.27.12 @ 4:22PM
So according to your thesis, if you disagree with something, you should LUMP IT right? If you don't like murder, rape, theft etc; should you also just LUMP IT AND BE QUIET?????????
Oldefarte| 6.27.12 @ 4:26PM
"stop the bitching"? Fine get rid othe GD Democrats aka domestic terrorists[and the GD governmental socialistic welfaric crapola] and we'll all stop it, otherwise STFU about the GD bitchin!!!!!!!!!!
Doctor Right| 6.27.12 @ 6:07PM
That's funny, coming from a femmie lib...
Stephanie| 6.27.12 @ 11:26AM
No Purp, you on the progressive left are the greedy bastards. You vote to steal others money to give to those who are the top elite rich who then decide who to dole it out to. Those who are ignorant enough to see the elite as their saviors and will continue to vote left. Keep 'em poor and undereducated and give 'em just enough to keep their heads above water. Don't you dare call us greedy Purp, we give more to charities and that's a proven fact. YOU and the rest of the progressive socialist left are the greedy ones.
Purp| 6.27.12 @ 12:03PM
Well, dearie - I am not left. You are just so far right I seem left to you. But no matter.
I'm sure you don't have to worry, you don't have anything anyone wants anyway.
And, yes, you are greedy if you think you shouldn't pay taxes. Who do you think you are? Special?
Wait until the country you live in is comparable to China - low wages, bad air, dangerous food and drugs, while the Billionaires feast off your stupidity. You will deserve it then.
Drunken Sailor| 6.27.12 @ 1:57PM
Boy has a mouth like a outboard moter, Always going Put put put put put put.
Oldefarte| 6.27.12 @ 4:30PM
"Greedy" ....go FO! It's MY [and other taxpayers money that funds your GD welfare] money. If you're so GD generous, then wip out your OWN GD WALLET AND CREDIT CARDS AND THEN PAY FOR THE INDIGENTS NOW SUCKING OFF THE GOVERNMENTAL TEAT, okay[and stop asking for more of MINE]??????????????????????????????
Doctor Right| 6.27.12 @ 6:08PM
You're so dumb you don't even know or understand your own political proclivities.
You're a liberal-socialist. Period.
Oldefarte| 6.27.12 @ 4:07PM
How would someone making $5/hour at Mickey D's know anything about "Jesus"????????
Jack of Spades| 6.27.12 @ 8:40AM
Two words, people: power grab. Obama's proposals will do nothing for the economy, but will give the government more power. The Left, if it has a theory about economic growth, is that you get absolute power first, then you have all the time in the world to construct a socially just, environmentally sustainable, etc. economy. And if it takes forever, they're in power the whole time.
Purp| 6.27.12 @ 8:48AM
The power is going to the wealthy who can now buy all politicians. Didn't you get the memo? You can vote any politician out of office - what r u gonna do about Billionaires? Call Ghostbusters? Good luck, and welcome to the American Plutocracy - look it up if you don't know what it is.
Truncheon| 6.27.12 @ 9:49AM
We don't get to vote "billionaires" in or out. We *do* get to vote presidents in or out. Since Obama is an incompetent neo-Marxist, as his record amply displays, we'll vote him out.
In the meantime, we'll keep buying our gas, clothes, groceries, mortgages, shoes, computers, iPods, X boxes, televisions, cars, boats, eyeglasses, bandaids, aspirin, etc. from all those horrible rich people...
Purp| 6.27.12 @ 10:43AM
Yes, but when the politicians are just proxies for the Billionaires, bought and paid for, then what will you do? They will do everything for their own benefit, and d* the Constitution or the people. You never heard of Tammany Hall and Boss Tweed? Are you really that much in denial? Rupert Murdoch will take care of you?
Doctor Right| 6.27.12 @ 10:51AM
Boss Tweed was a Democrat, dumbass...
Want to keep putting your foot in your mouth? Then keep posting...
Purp| 6.27.12 @ 11:02AM
As usual, you miss the point. You're so wrapped up in the R vs. D game. Your country is at stake and you're playing the "Mine's better than yours game"... How stupid can you be? It won't matter D or R when they are all bought off, idiot. We all lose then.
Truth to Power| 6.27.12 @ 2:06PM
Then stop giving away trillions to the big O's gay money bundlers. Jay Cost has a nice little article describing how Democrats play the game and have always played the game. The common citizen never is very high in their thinking.
http://www.weeklystandard.com/.....47884.html
Oldefarte| 6.27.12 @ 4:40PM
Oh you mean "bought off" like in your LEWINSKYING the Democrats???????
Doctor Right| 6.27.12 @ 6:09PM
Mine IS better than yours.
Conservatism IS superior to liberal socialism.
You ARE a moron.
Oldefarte| 6.27.12 @ 4:38PM
Ever heard of Ayers, Garret, Axelrod, Jackson, Sharpton, Conyers, Waters??????
Jack of Spades| 6.27.12 @ 10:59AM
I assume you're referring to such right-leaning moneybags as Warren Buffett, George Soros and Teresa Heinz Kerry. Not to mention the Kennedys, Nancy Pelosi et al.
Purp| 6.27.12 @ 11:04AM
Sure - and the Koch Bros, Adelson, Foster Fries and a dozen other Republican daddy warbucks. When they are bought off, it won't matter D or R. Is that a radical concept for you?
Stephanie| 6.27.12 @ 11:28AM
Can you say "GEORGE SOROS"?
Purp| 6.27.12 @ 11:59AM
You don't read much, do you? Jack of Spades already gave us a list. it's both R's and D's to be feared when your vote will be useless. Plutocracy is something to be feared - look it up if you don't understand.
Jack of Spades| 6.27.12 @ 12:05PM
And let's not forget Steve Forbes, whose money bought him the Presidency in '96 - oh wait, he didn't even get the GOP nomination.
In the meantime, the rulers in Communist countries lead cushy lifestyles while spouting every Marxist talking point. Not to mention the good times indulged by the current President and First Lady.
Oldefarte| 6.27.12 @ 4:42PM
Oh WILDBILLY from Arkansas was never bought off by the Chinese and those TEAS and LINCOLN BEDROOM SLEEPOVERS were just a mirage, right DA??????
Oldefarte| 6.27.12 @ 4:35PM
No DA its the wealthy who are losing power, due to the Democrats who outnumber them and want to continue to bloodsuck their wealth. Thats why they're leaving in droves from California NY etc and relocating to other countries because every word out of Democrats' mouths is MORE TAXES, PAY MORE ETC. Why don't you morons of the left instead start whining about the indigents have MORE BABIES THAT THEY CAN'T PAY FOR AND WANTING MORE WELFARE FROM THE WEALTHY [AKA INCOME EARNERS]???????????
jaytrain| 6.27.12 @ 9:21AM
Every day , in every way , it becomes more and more diiicult to attribute Obama's policies to idiocy and not to conspiracy .
Truncheon| 6.27.12 @ 9:42AM
Obama is practicing a religion, he's not governing. He's a priest, not a president.
When tackling liberalism, the first thing you have to get your head around is that you're having a faith-based theological discussion. Measurable fact has as little import to a liberal, as it has to a creationist.
The only difference, is that the liberal *pretends* that fact supports his creation myth, and not ours. A highly romanticized and inaccurate facsimile of "science" is an integral part of their dogma, you see.
Likewise, when the liberal says "America is secular thus we need a wall of separation" he's actually advancing his religion. He's working to establish liberalism (atheism) as the state religion.
What the liberal is doing is attempting to establish a state church, and advance a theological doctrine in which salvation, redemption, and a utopian reward are possible in the earthly, material realm.
They will not be dissuaded. They can only be defeated, much like Islam.
Gary B| 6.27.12 @ 11:20AM
He's a very useful idiot front man for the international socialism crowd. On his own he can barely put three words together. He's an embarrassing, international laughingstock.
Bob Grant| 6.27.12 @ 9:57AM
Call obama what he is. He is a SUPPRESSER and he's leading us through The Great Suppression.
squalis| 6.27.12 @ 10:05AM
Yet all those who refuse to vote for Romney, because he is not a true conservative or libertarian, can't see a difference between Romney and Obama.
Kwan| 6.27.12 @ 10:12AM
Obama: Suckers, saps, morons lend me your ears; I come to bury capitalism, not to praise capitalism.
First of all the voters have to jettison the fantasy that Obama is a legitimate President. He is trying to implode the economy so that he can install a Soviet-style Command Economy. Obama and the left don't want the economy to grow, to lower unemployment, to decrease government spending. Every program championed by Obama is designed to do the opposite of what he claims it will do. Obama is the ultimate con-man delivering "I will save America" speeches, while he and his minions go about the business of destroying the country.
Stupidity has consequences to repeat the stupidity of November 2008 this November will result in continued regression of the country by the so-called "progressives".
Louis Jenkins| 6.27.12 @ 10:20AM
"Tell it, oh Brother Barak. Stick it to the white man, please give us more of your wisdom, please make it easier on us, and harder on those who campaign against you."
Obama is mandated to be the destroyer. The chink in the armor, the man, as was said yesterday, who slapped Liberty Valence. Essentially, the wage earners are now the slaves, and those who are on the government's gravy train are filled to capacity. Facts and figures do not matter, whether they be 3 trillion, 5 trillion, or 100 trillion, it's all just fluff when it comes to Obama. What's important for him (and Holder) is that they're taking care of their people first. Another four more years? Get used to being treated like dog waste, cause Obama has never met a spending program he didn't like.
MikeBee| 6.27.12 @ 10:23AM
Many moons ago, I was a young, single man in college. One day, I saw a decent looking young woman in the cafeteria, and decided to strike up conversation with her. After about a minute of "weather" talk, suddenly her mouth opened.
Using "We" rather than "I," she began to reveal to me what the far Left in this country really thinks. I don't remember everything she said, as it was very long ago, but I have remembered much of it. She said that "We" think that some countries have become very rich and very powerful, at the expense of the rest of the world's countries. In particular, she mentioned communist Russia and the United States, the two world powers at the time. She said that "We" believe that if all countries in the world have the same power and wealth, particularly economic wealth and military power, then there would be world peace. She said that "We" believe that if all countries have the same power, they will be too afraid to attack each other, for fear of retribution, therefore, world peace would result. (Note the typical liberal belief that all men are good; there is no evil.)
She said that "We" believe that "we" will be unable to increase the wealth and power of poor countries, so "we" need to take down the rich and powerful countries. "We" need to make Russia and the U.S. as poor as other countries are, while ensuring that their (U.S. and Russia) wealth and power are given to poorer countries.
MikeBee| 6.27.12 @ 10:31AM
(cont.) You know, level the playing field so that all countries are equal, economically and militarily.
She then turned to corporations. She said that "we" believe that rich and powerful corporations are bad. "We" wish to take large corporations down. In fact, she said that "we" wish to take down General Motors. (Hmmmmm. Interesting.)
We all know Obama is from the far left in this country. This woman gave me a gift which I will always appreciate: an intimate understanding of what the far Left in this country is trying to do. It is not surprising at all that he is actively working to take the U.S. down. It is no surprise that he presided over the bankruptcy of GM, taking them down. He and some others in the Democrat party have the same goals as this woman whom I met: "They" wish to take down the U.S., to make it a lesser power, to decrease its wealth, all for the goal of equalizing the wealth and power of all nations on Earth. "They" wish to decrease the wealth of larger corporations, and spread this around.
To those who realize this goal of the Left, none of what Obama does lacks sense. Remember what the Left wants always, and simply DEFEAT them.
Kwan| 6.27.12 @ 11:01AM
She was probably a Weather Underground recruiter looking for some dumb sap that wanted to die for the "Revolution".
TLP| 6.27.12 @ 5:33PM
Actually, she was probably one of those Weather Undergrounders, who wanted to Storm the Hospitals, and Kill all the White Babies.
These are Hussein's FRIENDS, White People.
Wake Up!
Jack London| 6.27.12 @ 10:38AM
"These tax rate cuts first quickly ended the 2001 recession"
So why was 2001 the slowest recovery from recession up until 2008? And it barely qualified as a recession, but under Bush it sure turned into more pain that it should of.
George S| 6.27.12 @ 11:14AM
That's an infantile question. Barack Obama had a veto-proof Senate and a 70 seat House majority for almost 2 years. They could have cancelled the "Bush Tax Cuts" or outright raised taxes -- with absolutely no obstruction from the POWERLESS minority Republicans. Why didn't he?
Skippy| 6.27.12 @ 11:54AM
For starters, he's a bully and a coward.
Also, he knew he was ruling in defiance of the majority, and Dem. pols would be slaughtered if they signed on to his most radical policies.
They got killed anyway in 2010.
Looks like the reign of Prince Bambo may be ending soon.
Purp| 6.27.12 @ 11:57AM
Never a veto proof Senate. Not with Ben Nelson and Blanche Lincoln. DINOs.
Bob Grant| 6.27.12 @ 1:31PM
You mean Ben "Cornhusker Kickback" Nelson? He's a DINO who can be a liberal for a price.
Lincoln, a DINO? Voted for Obamacare, Co-wrote Dodd-Frank, pro Amnesty, pro stimulus, pro TARP, ...is that what passes for a DINO in the warped world of the left? If so, we are in trouble.
Butch| 6.27.12 @ 4:32PM
Blanche Lincoln walked the plank for Obama and cast a critical vote in favor of Obamacare. She was slaughtered in 2010 by Republican John Boozman.
Oldefarte| 6.27.12 @ 4:45PM
They are AH's supreme, and the other fools within that party are all now fleeing Charlotte like rats from a fire. The DNC has now been completely radicalized by this group of domestic terrorists controlling same. There's no such thing anymore as a moderate Democrat!!!!!!!!!
Jack London| 6.27.12 @ 12:52PM
When the history books are written, George, they will show GW Bush presiding over one of the most disastrous times economically and on the world stage we've ever had, and Obama taking about as much of the right steps as he realistically could.
George S| 6.27.12 @ 4:57PM
That's what they said about Reagan...
Obama and realistic steps. 256 house seats equals guaranteed tax rate legislation; 60 senate seats equals no filibuster. Democrat president equals no veto, and a 70% approval rating equals no wavering Democrats. Where is the unrealism in introducing legislation that rolls back the Bush tax cuts on "the rich" to the Clinton tax rates?
Here's the reason: the Stimulus was supposed to discredit the so-called supply side economics (the failed policies of the past). There are two scenarios: stimulus alone; stimulus with rolling back Bush tax cuts for the rich.
For the stimulus alone, no doubt the Krugmans and the Romers and the Geithners quietly relied on the business cycle to help things along. This way, when things start picking up -- as they historically have -- then the stimulus was the hero and no need to mention the tax rates of the last eight years. If the business cycle did not cooperate, then proffering things would have gotten worse or the stimulus wasn't big enough were viable political arguments.
Stimulus and roll back of tax cuts: Obama could not risk raising taxes in a recession. If things did not pick up (or get worse) then there were two things to defend against, higher taxes and higher spending. The last thing they needed was defending going back to the Clinton rates and not producing a Clinton recovery because Clinton didn't do a stimulus. Culprit stimulus, ergo Reaganism was right and Keynes was wrong.
Paul Kotik| 6.27.12 @ 10:39AM
I'm partial to simple explanations.
Is it possible that everything Obama says and does is explained by the fact that it is increasing his net worth to a degree a non -productive quack like him couldn't otherwise hope for?
It's as simple as him getting very slightly rich off all this?
MelvinNC| 6.27.12 @ 10:55AM
Obama realizes that the voters are stupid. New Yorker's in Congressman Charles Rangel new district just picked his sorry corrupt ass to be their standard bearer in Novemeber. If that isn't stupid don't know what is.
Purp| 6.27.12 @ 11:11AM
Well, you have John Boner, so ya know. I'm just saying ...
Gary B| 6.27.12 @ 11:24AM
Well, Purp, we agree on something. Boehner is a pathetic empty suit of zero value to conservatives.
Warrior| 6.27.12 @ 11:35AM
We can agree that Boehner is incompetent, however Rangel is a criminal. Rangel gets a pass because of his position and his skin color.
Gary B| 6.27.12 @ 3:29PM
Yup... and his free-loading constituents.
Oldefarte| 6.27.12 @ 4:47PM
I'll take him anyday, anytime, anywhere over plastic and cracked faced old female dog from Baltimore HO HO HO as Speaker!!!!!!
RichTex| 6.27.12 @ 11:07AM
But in spite of it all, Emperor Barack I has shown us the way. The way out of the mess he’s created, that is, even though he doesn’t realize it. Let us suppose that Romney wins the presidency this fall, but there aren’t enough true Republicans elected to Congress to reform the tax and regulatory systems so that the free market is finally able to bring us prosperity.
Just like His Imperial Majesty (peace be upon him) has done with immigration laws, marriage laws, and any other of those pesky things Congress has done which interfere with his transformation of Amerika, the new President Romney can simply announce he will not enforce anything which would prevent the economy from recovering. High tax rates? High capital gains rates? A presidential edict can go forth that the IRS will simply not collect anything greater than the tax rates schedules adopted in the Bush administration. The estate tax? No collection on that at all. Burdensome business regulations? Simply not enforced.
Purp| 6.27.12 @ 11:13AM
When has the free market alone brought us prosperity?
I'm waiting for your answer.
Skippy| 6.27.12 @ 11:58AM
Every time it is tried.
Gary B| 6.27.12 @ 3:31PM
Just as government solutions have failed every time they're tried. What amazes me is why we're still debating this. It's settled science.
4mike| 6.27.12 @ 3:20PM
When has centralized government control and socialism not brought poverty, misery, atrocities and genocide? What command economy has ever increased the wealth of a nation?
Which nation in history has had a economic and political system that you suggest we emulate. The USSR? North Korea? Nazi Germany? Vietnam? Or how about Cambodia, or some African nation. Which one of these sterling examples of prosperity and humanity do you suggest we follow?
You continually advocate the end result economic policies of these command economies and the subsequent loss in rights and human dignity that follow every time. And don't even start on the differences between communism and fascism or socialism they all produce the same end result with the only difference of who killed who to rise to the top.
What each one of these nations and their leaders had in common was that they called for increased power to a centralized government to right all wrongs. To bring about fairness and equality.
You've mentioned the Bible several times but each time you do you use it out of context. Jesus said to render unto Cesar that which is Cesar's and render unto God that which is God's. Yet your argument for every single position you take is that we should render unto the government every thing including what belongs only to God.
JD| 6.27.12 @ 3:32PM
It has never been tried alone, but the closer to it we get, the more prosperous we get, and vice versa.
Butch| 6.27.12 @ 4:51PM
Actually, it pretty much has, the USA 1877-1913, from the end of Reconstruction to the presidency of Theodore Roosevelt, which started Federal Regulation with the Clayton Act and the Federal Trade Commission Act. It was the period during which our unmatched-for-years infrastructure was born, virtually completely unregulated. The energy, communications, steel, transportation, and finance infrastructures were all established, all associated with a so-called "robber baron." The free economic environment was unduplicated for years until Hong Kong.
I think it is the most neglected period of American history, largely because the historians treated American history as American government history: "robber barons" = meanie bad guys; T. Roosevelt = hero. Had the history of that period been taught correctly over the subsequent years, there would not be nearly as many Purps and Jack Londons out there today.
Oldefarte| 6.27.12 @ 4:54PM
There no more "free market" after 11/4/08....it's now the market of domestic terrorism, welfarism, socialism, dumbarsism, etc all brought to you by the DNC radicals. No doubt you call the GM bailout to placate labor union workers by ururping taxpayers money FREE MARKET UNCAPITALISM huh ? What about driving oil companies out of Louisiana's offshore for Africa and Brazil by disallowing them drilling permits? what about destruction of our coal industry by not granting permits? FREE MARKET MY ARS!!!!!!!!!!!!!
Doctor Right| 6.27.12 @ 6:13PM
Since 1776.
Ever heard of the United States of America, dumbass?
The economy IS the free market. And if we could get government off of the economy's back, we'd have an economic boom in this country.
But then, lazy takers like yourself would have to compete, so you probably wouldn't like it...
Anthony| 6.27.12 @ 11:14AM
What more do we need to know about the gross incompetence and ignorance of the Kenyan Muslim Marxist, when he proclaimed last week that America need a bottom-up economy?
So this moron thinks welfare recipients are the engines for America's economic growth?
If this Marxist is re-elected in November, America is finished!!!
Purp| 6.27.12 @ 11:51AM
No, bozo - if millions of people buy products from say Sears or Kroger notice I didn't say WalMart (China's subsidiary), that has a greater effect on the economy and creating jobs than a billionaire investing his money. Giving huge tax cuts to the billionaire doesn't spur the economy. It never has, and never will.
Once you have all you need to live on, any extra money is not spent on current needs, so you don't buy anything more, you don't create the need to produce more goods and businesses do not feel the need to add more jobs to create more product.
And bottom up economics is not outsourceable or offhoreable. You live here, you spend here.
Billionaires and the like invest in overseas and Transnational Corporations - that's why the stock market is up, up, up - the top is doing fine. The bottom needs the help, and they in turn, generate the need for more jobs which ultimately helps everyone - bottom up, trickle up economics.
Simple, see? But your masters have you indoctrinated to vote against your own economic interests, so you won't agree. But it is true.
Skippy| 6.27.12 @ 11:57AM
Slavery is freedom.
Wealth is poverty.
Purp is brilliant.
3 lies for today.
Anthony| 6.27.12 @ 12:59PM
Thanks Skippy, I'm trying to no longer respond to trolls, so I'll use your post as a segue to say, civil unrest appears to be the only way we will rid America of its leftist rot.
The infestation is severe, and so is the remedy.
Von Mises Jr| 6.27.12 @ 1:04PM
I wouldn't even answer twerp. He has about 20% of the posts today getting paid $20 per hour for being a freaking troll.
ChrisChris| 6.27.12 @ 1:59PM
I admire your attempt, Purp, to explain a nuanced economic theory in a complex world. The responses thus far only show how uninterested these people are in rational discussion about how to repair the economics. Visiting this site occasionally helps me answer why republicans think we can get out of this historic recession by repeating the very policies that got us here (answer: What? I forgot the question). How many of them even realize the economy crashed in Bush's 8th year in office, and that the first $700 billion bailout was his?
Von Mises Jr| 6.27.12 @ 2:57PM
Perp/Jefferson/ChrisChris/?/?......You changes your name like most people change their underwear.
Gary B| 6.27.12 @ 3:35PM
No one is denying Bush was part of the problem. Let's restate the problem. It's the ruling class in Washington DC. Only burdensome regulations and taxpayer money come out of there, minus their cut, of course.
Oldefarte| 6.27.12 @ 5:05PM
Okay dummie your "The bottom needs the help, and they in turn, generate the need for more jobs which ultimately helps everyone - bottom up, trickle up economics." is solvable by THE BOTTOM NOT PRODUCING CHILDREN THAT THEY CAN'T FINANCIALLY SUPPORT; BY ATTENDING PUBLIC SCHOOL AND STUDYING LEARNING AND MAKING THEMSELVES EMPLOYABLE OR INTELLECTUALY CAPABLE OF EARNING THEIR OWN FINANCIAL LIVING AND NOT FORCING TAXPAYERS TO SUPPORT THEM; BY INSTEAD OF CONSUMING DRUGS, COMMITTING CRIMES, PROTESTING IN THE STREET....GOING TO CHURCH, BECOMING MORAL IN THEIR ACTIVITIES, WORKING, PAYING TAXES, AND OTHERWISE NOT BEING A '''''BURDEN'''' TO SOCIETY!!!!!!!!!
George S| 6.27.12 @ 5:25PM
Our glorious public educational system on full display.
Who Knows?| 6.27.12 @ 11:51AM
Keep it simple, because STUPID is what most people are.
When Obama had to retract his statement that the private sector was doing fine, the future real world implication is that he will be unable to stop the movement to extend ALL the Bush tax cuts.
Just you wait.
It’s just June, and many Dems are ALREADY exhibiting discretion, over valor. Deserting BHO is becoming quite acceptable.
Do you really think that a Senator who’s decided not to attend the jackass’s convention will change their mind? More likely is that more CYA pols will do the same, and avoid Obama like the plaque he has always been.
Some people are just slow learners.
After Romney wins big, and the House and Senate go Republican, what do you think will happen in the lame duck session?
The 2012 Republican House will stop any shenanigans the losers might attempt, and in January, with control back in the hands of adults, expect some sanity to prevail. Our need is for new and more up-to-speed “doctors”.
Doctor Doom, aka Obama, and his fellow witch doctors, have had their Black Magic time to try to destroy America, and they’ve failed.
Doctor Romney and his fellow physicians will do no harm.
TLP| 6.27.12 @ 5:36PM
"Stupid is what most people are."
Spoken like a true Stupid Person.
Slacker| 6.27.12 @ 1:07PM
I do miss making money and being productive but, Obama has brought about some good things.
Faith in government is low. Lots of regular people distrust, and even downright hate, the government. This development is marvelous and liberating. The left has noticed and it is driving them crazy.
The government is insolvent. Spectacular! Furloughs and layoffs are happening at state and local levels. Au revoir mother fuckers -all you ever did was make everybody miserable.
The social fabric is torn to shreds. Good. It is about time people took notice that many of their fellow citizens are parasites and their politicians are criminals.
ChrisChris| 6.27.12 @ 1:48PM
Oh you guys... The author's rundown of history is fictional. First of all, the 25 year Reagan boom from 1982-2007? What? I don't even know how to respond if you've already claimed the 90s dotcom boom as proof of Reagan's genius. Then offering proof of Bush's great economic policy by profiling economic data from 2000-2007? Huh? Bush was president until January 20, 2009, and I'm quite sure you remember the economic crash of Sept 2008? Yeah, that's one we're still recovering from. Obama hasn't been able to raise taxes a cent on your beloved top income bracket or corporations, and surprise, the economy hasn't changed much since Bush left. If the country is bankrupt and the deficit is so important, why would we continue the bush tax rates that have added $1.8 trillion to the deficit (in order to reward those least affected by the recession)? Tax cuts haven't prevented the recession, and they haven't got us out of one. Did they cause the recession? Not by themselves, but they are part of a larger betrayal of the middle class in exchange for pleasing the wealthiest--a 25 year legacy that Reagan can be proud of.
Drunken Sailor| 6.27.12 @ 2:02PM
yap, yap, yap
Gary B| 6.27.12 @ 3:37PM
Try hating Stalin as much as you hate Reagan and maybe we can talk.
TLP| 6.27.12 @ 5:37PM
He's just saying stuff.
TSD| 6.27.12 @ 4:11PM
Our President is a globalist, plain and simple. He cares more about his people in Africa and his people in Indonesia and his Muslim brothers in the middle east than he does about us evil energy gluttons in the US of A. Everything he is doing is to bring us down to a fair level with the 3rd world people. He will tell us what he can to try to hold control long enough for his puppet masters to have they're way. His intentions are to flood our elections with his people, not US citizens. Just look at his immigration plan. Look at how he performs on job creation. He kills jobs by the tens of thousands. His interests are not our interest.....period. If he is not gone this year our way of life is in deep trouble.
TLP| 6.27.12 @ 5:38PM
Give that man a Nat Sherman Cigar.
He gets it.
Bob S| 6.28.12 @ 1:40AM
It's alarming that the quality of our public education is so deficient that the majority of voters do not see past this president's lies.
You have to get people to realize that this president has done nothing for them and will continue to do nothing for them. Ask them why the economy is doing so badly. They will undoubtedly blame Bush. Then you have to get them to ask themselves a very important question: If Obama doesn't have the skills to "undo" Bush's "mistakes", which he has clearly demonstrated is the case, and he can't restore the country in four years, why does he deserve another four years? What has Obama done to earn another four years? And if they come back at you with talking points, get them to really think about the question. If Obama is not competent enough to fix Bush in four years, why does he deserve four more years?
Seek| 6.28.12 @ 12:43PM
As usual, an excellent piece by Peter Ferrara.
soldiermom11| 6.29.12 @ 1:03PM
As a resident of the Cleveland area, I have been out of work for a year and my husband just got laid off this week. We are college educated, skilled people and everything has just be taken away from us. We have worked hard, done the right things and it looks like we are going to be somewhat dependant on the govt. till we get back on our feet. Can't wait till November, when we can all breathe a sigh of relief that things will be turned around.
BrianR| 6.29.12 @ 1:47PM
Well you can think Democrats that you are still collecting an unemployment check. So when you pay your rent and buy food, I hope you say thanks for extending your unemployment benefits.
BrianR| 6.29.12 @ 1:45PM
" It was Bill Clinton's overregulation that forced financial institutions to abandon traditional mortgage lending standards, in the name of homeownership for minorities and the poor. "
I wish people pretending to be smart would stop making this claim without some evidence. Look at the loans, they weren't primarily CRA loans or even brokered by institutions that fall under CRA regulation. It's ridiculous.
Here's an analysis that looks at the actual bad loans.
http://www.minneapolisfed.org/.....fm?id=4136
Not to mention nothing about the CRA makes banks bundle up subprime mortgages and the sell and insure than as AAA assets. It was the over abundance of insurance on fundamentally bad loans no the loans themselves. I mean look the beta ( http://en.wikipedia.org/wiki/Beta_(finance) ) of these institutions and how completely overleveraged they were. Though he's right that was Clinton's fault for going along with the Republicans to repeal Glass-Steagal.
Also lets not forget there was a global housing bubble not just one in the US.
ReaganConservative4ever| 7.1.12 @ 11:53PM
If anyone believed otherwise, then they are either an indoctrinated useful idiot, or are just so naive and ignorantly stupid, they are a hindrance to recognizing, acknowledging, reversing, and resolving this problem of Obama and his intentional internal destruction of America, via a recessive depressive weak anemic economy, with all area's and avenues of US Energy production stifled and suffocated to the point of little to no supply and operational existence that barely meets the people's immediate needs, on top of an insurmountable National Debt for which he Obama personally intentionally added ont0 the backs of the American people, in addition has burdened America with a massive welfare state obligation, along hollowing out US Military to a shell of it's required strength to for America's National Security needs, to counter the Free World's enemies.
This is exactly what his intention is, to destroy America internally. Why would the American people vote for a man to do this to them and their Nation, is beyond all sane comprehension and rational thinking people.
We the Reagan Conservatives warned the American people about Obama in Oct of 2008, before the election and the banking and housing crisis hit. But they chose not to listen, instead they listened to Obama his propaganda rhetoric of lies.
Consequences of elections can and do have serious repercussions, as the American people are now starting to realize, a little too late.