I received this list of changes that have occurred since January 2009, the month President Obama took office. Unlike most e-mails of this type the list was basically accurate. It then says the President was responsible for these changes.. Of course he wasn’t. Usually the facts are wrong but the conclusion inevitable. In this one the facts are right and the conclusion ridiculous.
The first seven changes referred to is the price of commodities such as corn, sugar, wheat, gold and oil. These items are sold in a competitive market worldwide and price depends on many factors, the most important of which are supply and demand. The price is in dollars and is the same in China, Europe, America or any place else in the world. Only in a socialist economy does government have control over these prices. Although some people would disagree with me we do not live in a socialist country.
The next four items dealt with unemployment. It points out that unemployment was at 7.2% when Obama took office and it is now 9.1%. The author doesn’t tell us that in January 2008, when Bush was president, unemployment stood at 5%, soared during the next year of his term in office to 7.2%, and continued to climb to 10.1. And then as the recession was brought under control, (while Obama was President) fell to 9.1% where, sadly, it remains today.
I do not blame President Bush for the recession and since Obama didn’t become President until a year after the economy collapsed I would think that it is ridiculous to blame him. I believe that the banks, real-estate speculators, Fannie Mae, Freddy Mac, congress, the president and the Federal Reserve and many others all share responsibility for either causing it or failing to prevent it from happening.
I also do not give all the credit to Obama for bringing it under control, although his was a major contribution. The steps to accomplish that began with President Bush and Secretary of the Treasury Henry Paulson (Tarp1) and the Chairman of the Federal Reserve, Ben Bernanke. Their effort was continued under President Obama (Tarp 2, the stimulus bills which included 300 billion in tax cuts( a sop to Republicans) and the continuation of the tax cuts in December 2010). The bailouts of AIG and the automobile companies helped as did the bailouts of Freddie Mac and Fannie Mae which began under Bush and continues to this day. While the Republicans say cutting taxes will reduce unemployment they say this 300 billion dollar tax cut did not produce 1 additional job Tax cuts by Republicans apparently are the only ones that work
The author then goes on to point out that household income declined and the number of people receiving unemployment benefits, food stamps and people in poverty have increased. Duh!! What does he think happens during a recession? He doesn’t tell us that these things began under President Bush and continued to increase until stopped by programs instituted under President Obama
He also points out that money supply increased during the recession. That is of course one tool that can be used to battle economic decline and, surprise, they used it.
He also points to the declining value of the dollar against world currencies. I don’t know to what degree governments can influence this but the President has welcomed this change since it makes it easier for us to increase our exports.
Last he points to our exploding deficit, a subject close to my heart. The deficit had increased by five trillion dollars under Bush as a result of the Bush tax cuts, spending for No Child Left Behind, Medicare Part D and two wars. The deficit under Bush increased on average by over 400 billion dollars a year. This clown says the deficit increased 27 times as fast since President Obama was elected in the middle of a recession, 27 times as fast as any time in our history. Can anyone multiply 27 times 400 billion?
The author is an asshole but still someone sends his nonsense to me and to many others. In this country too many of the “others” accept it as if it were gospel.
After writing this I think that reciting accurate facts and then arriving at a stupid conclusion is worse than making up your facts to support a conclusion you like. Actually both of these are working to devestate our democracy.
The following is the e-mail I have been discussing
THE ANSWER TO THE LAST QUESTION IS- ONE IS TOO MANY!!!