How does Obama plan to make up the lost tax revenue from 3 more years of unemployment over 8% under his watch?
29.January, 2010
Has a president ever had unemployment this high for such a long period under their watch? Is this even worse than Jimmy Carter? How will we make up for all the lost tax revenue from people not working?
well they do compare him to carter and some people think he got this trouble from bush well for this trouble just look to barney franks he said 4 years ago there was nothing wrong with the banking industry and his commitie would not reform the banking industry then the collapse and then he says it was bush the only thing democrats can do is blame someone else for their messes
29.January, 2010 um 2:34 pm
hopefully at some point he can reverse what bush did
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29.January, 2010 um 3:19 pm
Make ****** pay for it all.
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29.January, 2010 um 3:54 pm
well they do compare him to carter and some people think he got this trouble from bush well for this trouble just look to barney franks he said 4 years ago there was nothing wrong with the banking industry and his commitie would not reform the banking industry then the collapse and then he says it was bush the only thing democrats can do is blame someone else for their messes
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29.January, 2010 um 4:39 pm
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29.January, 2010 um 4:58 pm
The Democratic Party establishment has moved so far to the left in adopting progressive liberal policies; government provided healthcare, high taxation on the wealthy, and the elusive global warming issues, that to even consider working with the business community in order to realize economic revitalization would be considered heresy by party elitists.
Whether we like to admit or not the wealthy and the business community are the producers of our society whereas the government does not produce anything. Therefore, you cannot have two competing messages: “We will tax the wealthy and redistribute income for social programs” and “We will work with business community to spur the economy.” Each statement cancels the other out.
The vitality of the economy is driven by the level of business activity so the question then becomes what position should the government take during an economic downturn?
After the stock market crash of 1929, the FDR administration tightened its grip on business by instituting the National Recovery Administration and set price and production controls which stifled competition and kept prices artificially high. The notion being, that corporations and the wealthy would pay the brunt of taxes which would ensure the welfare of the general citizenry.
The effect it created was rampant unemployment for almost a decade averaging 16% and at some points reaching as high as 25%. In order for businesses to stay solvent they had to limit their payrolls, however were further aggravated by strong unions who often went on strike as companies asked workers to do more with less in order to meet production demands.
Only until post WWII did the government loosen its grip on business. During the war families built sizable savings resulting from the lack of consumer products available as most manufacturing efforts were devoted to supporting the war effort. After the war, factories retooled to manufacture household goods and consumers showed up in droves with cash in hand and the economy took off.
Despite this lesson of history, today’s far left democrats applaud FDR’s policies based upon the social programs and government controls that the FDR administration developed. Even though the programs were largely unsuccessful in creating any long term prosperity for its citizens or stabilizing the economy, they are still regarded as successful because it increased the power of the government. o_O
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