This picture says so much. Hat tip to Jan Flora. This is from the Greater Southeastern Massachusetts Labor Council. The party of NO! wants to blame Obama and the Democrats for the mess the country is in. They mock anyone’s explanation that 8 years of Bush-Cheney policies brought us to where we are today. Obama bears the burden of appointing corporate guard dogs to protect their interests like Timothy Geitner looking out for Wall Street, specifically Goldman Sachs. The Bush tax cuts that are set to expire contributed to this depression. The US was the FIRST country in the history of civilization to go to war AND CUT TAXES!
Bill Clinton and the Republican Congress deregulated Wall Street with the unprecedented Gramm-Leach-Bliley Act of 1999. That bill upended the Glass-Steagall Act of 1933 that successfully protected Americans from depressions for 75 years. Gramm meddled again in the stability of US financial markets with the Commodities and Futures Modernization Act of 2000. Our own Ted Stevens had a hand in that as well. Remember $4 a gallon gas? That was because speculators driving up the per barrel price of oil. “Free-Market” cornerstones like DEMAND and SUPPLY no longer mattered. $4 gas had NOTHING to do with a short supply and everything to do with speculation. Obama’s role is in NOT pushing REAL financial reform.
Here are some disturbing unemployment graphs from CalculatedRiskBlog.com.
This graph shows the job losses from the start of the employment recession, in percentage terms – this time aligned at the bottom of the recession (Both the 1991 and 2001 recessions were flat at the bottom, so the choice was a little arbitrary).
The dotted line shows the impact of Census hiring. In July, there were 196,000 temporary 2010 Census workers on the payroll. The number of Census workers will continue to decline – and the gap between the solid and dashed red lines will be gone in a few months.
This chart is horrifying. This is the result of decades of jobs being shipped overseas under the cover and guise of “free-trade” agreements courtesy of Bush and Clinton and W. Bush. Each recession is more difficult to recover from because THERE ARE NO JOBS! And…the unemployment figures do NOT include discouraged workers-those workers have been unable to find work and are no longer looking.