It's 3 a.m. and we're in the midst of a once-in-a-century economic crisis. Who do you want answering the phone? Well, let's start by taking a look at where we are after 8 years of Republican economic policies.
The housing market is soft, credit is scarce, foreclosures are at an all-time high, and we're $10 trillion in debt. While labor productivity has risen 13.5 percent, middle class real wages have fallen roughly $1700. At the same time, the cost of healthcare, college, energy, and food have skyrocketed.
Earlier this year, federal taxpayers bailed out one of the world's largest investment banks. Earlier this month, taxpayers bailed out the country's two largest mortgage lenders. Earlier today, another of the world's largest (also U.S.-based) investment banks filed for bankruptcy. And just a few hours ago, John McCain told Floridians that he still believes "the fundamentals of our economy are strong."
To his credit, McCain has conceded that "the issue of economics is not something I’ve understood as well as I should." But as McCain made clear today, he remains not only completely out of touch, but hopelessly ill-equipped to take on the economic challenges we face.
1 Responses (Leave a Comment):
What is so hard for liberals and Republicans alike to understand? If you regulate the hell out of the market, as Obama and McCain (less so because he's not a socialist) both suggest, then it will only cause more crises and inefficiencies in the market. The Democrats chaired committees that gave handouts to Freddie Mac and Fannie Mae. Obama received over 395,600 dollars from Lehman Brothers and as much or more from Freddie Mac and Fannie Mae, and he voted 40% of the time with Bush. Isn't he at least 40% to blame by your flawed logic? Who are Obama or McCain to criticize something they don't understand? Politicians like them screwed up the market by allowing crony capitalism, and now they blame it. Get real, neither candidate understands the free market, but at least a Republican won't tax it into submission with socialism.
Post a Comment