Shitfuck's cluelessness regarding basic economics has brought the country to its worst financial crisis since the Great Depression. Shitfuck inherited a strong economy and an impressive budget surplus from Bill Clinton. He passes on to Barack Obama a shattered mess of economic ruin and massive debts and deficits as far as the eye can see.|
Shitfuck's only economic plan was to reduce taxes on the rich. This worked when John F. Kennedy did it and Ronald Reagan did it and he wanted to have a chance to do something right too. However, marginal tax rates on the ultra rich were already very low, historically, when Shitfuck took office, and so his cuts had less stimulative effect than such tax cuts had in the past. Additionally, Shitfuck needed a lot of money to pay for his two wars and other initiatives. So he borrowed it. A lot of it.
The National Debt doubled during Shitfuck's Presidency. Put another way, Bush borrowed more money during his Presidency than every other President, combined. Basic Keynesian economics says that this type of deficit borrowing should create a stimulative effect but it didn't. Even with big tax cuts AND big deficit spending, Shitfuck could not get that economy going. There were a number factors involved in this. Part of the problem was that the spending Shitfuck did on the war did little to help ordinary Americans. When you pay a government contractor to blow up a building in Iraq, and then pay the government contractor again to rebuild that building, the government contractor may make some money but there is no guarantee is will come back to America. Additionally, Shitfuck's borrowing of such huge sums of money made the American dollar weaker than it had to be, so that Americans had to spend more and more money to acquire foreign goods. Since more and more companies sent their production facilities overseas during Shiifuck's Presidency, a lot more of what Americans bought came from other countries. Losing your job to a foreign competitor, then paying for the finished goods with a weaker dollar, was part and parcel during the Shitfuck years.
Shitfuck also loosed disclosure rules and financial regulations during his term. This lax oversight was coupled with financial institutions selling questionable products, included high-risk mortgages bundled together and sold as a low-risk security. Housing prices rose during Shitfuck's Presidency -- mainly as a result of speculative real estate investment but then the bottom fell out. Millions of Americans owe more on their home than what it is worth. Mortgage defaults soared, the mortgage securities became close to worthless, and the government was forced to print hundreds of billions of dollars in an attempt to save U.S. banks.
The damage done to the economy by Shitfuck is still growing and we will suffer the effects long after he leaves office. The stock market is worth about 15% less than it was when he took office, and job growth has been nearly non existent. He is a total failure and the current recession is proof.
THANK YOU President Obama
for Preventing a Great Depression
We Need More FDR Less Herbert Hoover - Vote Obama
Start | Veterans Affairs |