Great Recession

Interesting Comparison: The Great Depression, The Great Recession, And Bad Weather Patterns For Years

Ronald 2 Comments

During the Great Depression of the 1930s, America witnessed horrific weather, particularly drought, but also extremely hot and cold weather and natural disasters such as tornadoes and floods, in a way not witnessed as commonly earlier in time in American history.

And now, while in the midst of the Great Recession and its aftermath, we have witnessed new evidence of drought, records set for hot weather, plus tornadoes, floods, fires, and other natural disasters.

It makes one wonder why the connection between difficult economic times has been magnified by bad weather, but the author has no answer to this, just pointing it out!

The Condoleezza Rice Boomlet: An Attempt To Take Attention Off Mitt Romney’s Problems With Bain Capital And Tax Issues!

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This author has written before about the speculation that former Secretary of State Condoleezza Rice might be chosen by Mitt Romney to be his Vice Presidential running mate.

While Rice is a fascinating, intelligent, and super qualified candidate to be Vice President, and in theory, President of the United States, one would have to be drunk to believe she will be the nominee of the Republican Party for Vice President.

Rice has great foreign policy expertise, but would constantly be associated with the Iraq War, which was based on false information, and any connection with President George W. Bush right now would be toxic.

But also, it is certain that former Vice President Dick Cheney and former Secretary of Defense Donald Rumsfeld, both of whom often had major internal battles with her and former Secretary of State Colin Powell, would bitterly oppose her, were she on the short list for Vice President. There would be an internal battle within the party, since neoconservatives would be against her, while former President George H. W. Bush would strongly back her, but is pretty much ignored within the party apparatus, while gaining more and more respect and appreciation from the American people as he and his wife, Barbara, near 20 years since they left the White House!

Also, Rice is a socially moderate in a party which is not so, as she is pro choice on abortion, for affirmative action, and for gay rights. That makes her poisonous to evangelical Christians and Tea Party activists, who look down upon a bright woman with a mind, and willingness to speak up for what she believes in!

And underlying a lot of opposition to her is the fact of the thought of an African American woman being in line for the Presidency! What a horrifying thought to the hate mongers in the Republican Party who hate Barack Obama much more than they love America, and would allow the country to go down the tubes, rather than cooperate for the benefit of the millions of victims of the Great Recession brought about by the short sighted policies of the Bush Administration!

Besides all of the above, Condoleezza Rice has made it perfectly clear that running for office is not her thing, and she happens to like her life at Stanford University, including her freedom to speak out and write and be back in the life of the scholar! She would have to be totally crazy to give that up, particularly for a Presidential candidate who is fatally flawed, and loves power too much to wish to give influence to someone who actually is much smarter than him in so many ways!

So why is her name being floated again? The answer is to deflect attention off Mitt Romney’s problems with his lies about his association with Bain Capital, and his refusal to release multiple years of tax returns, which would create problems for him.

This is a man who has said publicly that he has paid all of the taxes required, and NOT ONE PENNY more!

God forbid that he put his country first, and show some patriotism, that his government is not the enemy that he must avoid paying taxes at all costs. He could never spend or utilize all of his vast fortune in his lifetime, or even in the lifetime of his five sons, but he has this obsessive need to keep on having MORE and MORE, and must have power, because he is a control freak who looks down on the American citizenry as people he “can fire” in order to cut government spending, and to enrich himself and his oligarchic class of one percenters!

Condoleezza Rice may be a critic of Barack Obama, but her reputation, already damaged by association with George W. Bush, would suffer further damage if she dared to associate with Mitt Romney, to the extent that she would agree to be his Vice Presidential running mate. Do not hold your breath, as this is NOT going to happen!

The Crux Of The Matter: Barack Obama’s Speech In Cleveland Sets The Standard!

Ronald 1 Comment

President Obama today gave a rousing speech in Cleveland, making clear that he was not willing to give Mitt Romney a massive tax cut, along with other millionaires and billionaires, and that much more important was to give basic security to the elderly, the sick, and those seeking work and suffering from the Great Recession for the past four and a half years!

In a nation in which the average family has suffered a drop in assets of 39 percent in the past few years, including on retirement savings, housing, jobs, and ability to provide college education to one’s children, Obama said the only way to grow the economy was the creation of a strong middle class, based on education, investment in infrastructure projects, and the utilization of technology to find new methods of economic expansion, including energy projects that plan for a world less dependent on oil and coal.

Instead of returning to deregulation and massive tax cuts for the rich, Obama said government can be good and productive and helpful in bringing back the American economy, and that if we are all to be only thinking about ourselves, that will not revive the American economy.

The election is a clear cut choice between two philosophies, and Obama declared that it was a crucial, turning point election that will determine the long term direction of the country.

If one uses common sense, and realizes that the way to move forward is to think of ourselves as “WE”, instead of “ME”, then Obama will win the election in November!

The Problem Of Claiming Social Security At An Early Age: Long Term Disadvantage

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Due to the Great Recession since December 2007, many workers in their late 50s and early 60s, who have little chance of obtaining a living wage job once they are unemployed, are now faced with accepting early Social Security at age 62, lowering their payments permanently, and pushing many of them into poverty.

The longer one waits until starting Social Security, the higher the payment made monthly to the recipient. A cut of 20-30 percent in payments adds up to a lot over a life span on Social Security estimated at 23 years if one retires at 62.

This group just short of normal retirement age is one of the many forgotten groups that add to the suffering and poverty rate in this country as a result of the long term effects of the Great Recession, which supposedly is over, but really is not in reality!

The economic decline that has occurred in the past four and a half years is obvious in so many ways, but the “near elderly” group is one of those hardly noticed, a true tragedy!

The Economy Issue Outweighing Foreign Policy And The Supreme Court: The Ultimate Tragedy For The Nation

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It has often been said that people vote their “pocketbook”, that is, how they are affected economically, including having employment, the inflation rate, the housing situation, and the ability to plan for their children’s college education and their own retirements.

So if the economy is in bad shape, the President or party in office loses the election, and that possibility now rears its “ugly head”, due to the downturn in the stock market this past month, and the slowing of job growth that hints at a stall, if not a reversal, in job growth.

The facts are that all economic conditions are much better than they were when Barack Obama took the oath of office, but since people tend to think of the moment, not of the previous few years, Barack Obama is seen as in danger of being defeated.

The odds are still that he will win re-election, but it is going to be a “nail biter” at best, and that is a true tragedy, considering Obama’s accomplishments in foreign policy, national security, and constitutional issues.

There is no question that, despite Republican propaganda to the contrary, that Barack Obama has accomplished a lot in these areas, but it is being overshadowed by the economic situation, which, no matter who is President, is going to take years to repair after the Great Recession that began under George W. Bush.

If Mitt Romney is elected President, we are not going to see a magical economic recovery! We are, instead, likely going to see austerity that will make things far worse! One can be assured that within six months of taking the oath, Romney’s honeymoon will have ended, and there will be “buyers’s remorse”!

And we will likely see the “necons” take back control of the White House, and decide on a new war with Iran, which will only further damage the deficit and the national debt!

And we will see up to three appointments by President Romney, turning the Supreme Court to the extreme right for a generation, the greatest tragedy of all, as it will set back gays, Hispanics and Latinos, African Americans, women, labor, the environment, and government regulation of Wall Street!

So the economy may be in bad shape, but the country will be in worst shape if Obama loses because of the economy!

“It’s The Economy, Stupid!”: How Obama Is Helped, Despite Economic Slowdown

Ronald 4 Comments

The latest news on the economy is very disconcerting, as we saw the smallest job growth in eleven months, 69,000 jobs, and the unemployment rate inching up to 8.2 percent from 8.1 percent.

According to economists, the Great Recession started in December 2007 and ended in June 2009, and we are now into three years of “economic recovery”. After losing 7 million jobs, we have regained 4.2 million of them in the past three years.

Economic statistics can be used to prove or disprove any point. Obviously, the economy is a big problem, and Republican nominee Mitt Romney banks on that, and keeps on hammering it home, and will do that even more with the new economic figures.

But it is also important to realize that the economic recovery, the slowest since World War II, could also be seen in a different perspective, that the Great Recession has never really ended, and that the Republican opposition, by resisting any jobs legislation in the past year and a half, when they have controlled the House of Representatives, has massively contributed to it.

There is plenty of blame to go around, and Barack Obama and the Democrats must share the blame, but to claim that the GOP has no responsibility is ridiculous, and those who would claim that a President McCain would have had a better economic record must be smoking something that promotes delusions!

And the good aspect of the economic problem is that in seven of the ten “swing states” that the Obama Victory Fund contributes funds from sale of merchandise, the unemployment rate is lower, often substantially lower than in the nation at large.

This includes the following:

Iowa 5.1%
New Hampshire 5.0%
Virginia 5.6%
Wisconsin 6.7%
Ohio 7.4%
Pennsylvania 7.4%
Colorado 7.9%

The unemployment rate is higher in:

Florida 8.7%
North Carolina 9.4%
Nevada 11.7%

It should also be pointed out that in 34 states out of 50, two thirds, the unemployment rate is lower than the national average.

So Mitt Romney using the issue of unemployment in seven of the ten”swing states” is not going to ring as genuine, and if Obama wins those seven states, he can lose Florida, North Carolina, and Nevada, and still win a second term handily!

Struggling Working Class Whites And The Presidential Election Of 2012

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Polls make it clear that President Barack Obama is having a very tough time connecting with struggling working class whites, as he also experienced in 2008 against Senator John McCain.

With the economy still in trouble, although the situation is far better than when Obama became President, the question that arises is why this classification of voters is so anti Obama.

How can these people, who were victimized by the economic policies of the George W. Bush administration, and now see that Mitt Romney wants to go back to the policy of no regulation at all, plus more tax cuts for the wealthy, and who himself is from the “one percent”, wish to vote Republican?

How can they ignore that Barack Obama, while certainly not solving the economic problems in four years since the inception of the Great Recession, has made a lot of progress, and has presided over 4.2 million jobs created over the past 26 months?

Sadly, two factors play a major role:

Pure ignorance, lack of knowledge of what has been happening, and lack of understanding that Mitt Romney, no more than John McCain, or ANYONE, is going to have magical powers to create a quick revival of the economy. It is highly doubtful that the economy would have improved more now if John McCain had been President.

The element of racism, which rears its ugly head too often on conservative talk radio, Fox News Channel, and numerous blogs, including the idea that Obama was born in Kenya, is anti white in his policies, is a Marxist, or a Socialist, or a Communist, or a Nazi or whatever new appellation they can come up with. Demagoguery and the promotion of hate has a great role in promoting this mythology about Barack Obama, and it is very hard to overcome. If a white had been President, this element would not exist, without any doubt, no matter how much conservatives and Republicans will deny it!

It would be extremely ironic if Mitt Romney won, the economy assuredly would NOT get better quickly, and we would go into a new era of right wing conservatism, nastier and more mean spirited than under Bush, and prefaced by the “Bully Governors” in the states who are making life miserable for millions of Americans, while corporations continue their destructive policies, and the top one percent get richer at the expense of these very people, struggling working class whites, as well as people of minority status, who are even worse off!

And what would the GOP say in 2016, after four years of worsening conditions, than they are in 2012? Blame African Americans and Hispanics and Latinos for the plight of the struggling working class whites, continuing the mythology that keeps their support from this group which is being exploited, and does not realize it!

The true champion of the struggling working class whites is Barack Obama, but they do not realize it, tragic as that is!

Mitt Romney And Donald Trump: A Mistaken Alliance!

Ronald 5 Comments

Republican Presidential nominee Mitt Romney has decided to associate himself closely with Donald Trump, a massive mistake!

Trump is an arrogant, condescending jerk, and unfortunately, Mitt Romney already comes across as an arrogant, condescending individual, leaving out the word “jerk”!

Trump is now promoting the “Birther” idea anew, that Barack Obama was born in Kenya, not Hawaii, and Romney spokesmen say that does not mean that Romney endorses what Trump is promoting.

But it is not that easy, as the old saying is that we are “judged by the company we keep.”

There is no way that allying with Trump helps Romney, and one wonders why he cannot see that.

All the connection does is promote the idea of one very rich man supporting another very rich man, with neither having a clue as to the struggles of everyday Americans in the midst of the recovery from the Great Recession!

Romney is casting his lot with a notorious publicity seeker, and will be held accountable for whatever Trump says as his surrogate during the next five months.

And one can be sure that IF Romney somehow wins, the “friendship” between Romney and Trump will deteriorate, and Romney will come to rue the day that he decided to associate so closely with the man who, for anyone who is sane, comes across as a clown!

JP Morgan Chase Loss Of $2 Billion Demonstrates Need For MORE Regulation, More Dodd-Frank Legislation!

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One of the biggest banks, JP Morgan Chase, which happens to be, unfortunately, my bank by default, has engaged in a manipulation of their depositors and stockholders, which has caused a loss of $2 billion.

This just proves further the need for MORE regulation, not less, as Mitt Romney advocates, and his party endorses!

The Republicans want to destroy the Dodd-Frank legislation of 2010, designed to promote regulation, as a result of the abusive financial practices of the big banks and insurance companies on Wall Street, which led to the Great Recession, the worst economic downturn since the Great Depression of the 1930s!

How can the American people not get the point that our big banks, “too big to fail”, are undermining any hope of economic revival, with their reckless and arrogant practices, all endorsed by the GOP, and the spoiled, arrogant, nasty, mean spirited, bullyish Mitt Romney, who does not give a damn about the harm to average middle class Americans, let alone the poor among us?

This is a major issue of the campaign of 2012, the abuse by the top one percent of the other 99 percent, who have had enough abuse, and are sick of being kicked around by Wall Street “bullies” backed by “Mr. Bully” himself, Mitt Romney!

Economic Reality: 4.2 Million Jobs Lost In First Year Of Obama Presidency Totally Recovered, But Public Sector Jobs Down 600,000 Due To “Bully” Republican Governors!

Ronald 1 Comment

Barack Obama came into office during a total hemorrhaging of the job market, due to the Great Recession that began in December 2007.

Therefore, there continued to be a loss of jobs for the first year of the Obama Administration, but that total lost, 4.2 million, has, as of this month, been totally regained, and now we are in positive territory, after 26 months of job growth, with the unemployment rate down to 8.1 percent, from 8.7 percent six months ago,and a high of 9.7 percent in early 2010.

This recovery is miraculous, and only marred somewhat by the Republican Party in Congress refusing to cooperate with the President on public sector jobs, so therefore the Republican “Bully” Governors have helped to cause the loss of 600,000 public sector jobs in the past two years, after the stimulus money of 2009 ran out, and no more was agreed to.

So while certainly, there is a lot left to do to restore a low unemployment rate, considering the circumstances and the political realities, Barack Obama has a lot to be proud of as he formally begins his reelection campaign on Saturday in Ohio and Virginia!