andesbill

First, Obama didn’t destroy the economy. I never voted for the guy, but the actions of Obama, Congress and the feds, saved the economy of every country in the world. Borrowing $trillion dollars, and allowing the destruction of national parks, the polluting of our air, land, and water, without demanding that the polluters clean up after themselves, just so corporations can increase their bottom line while leaving us to foot the bill for the mess they make, is not creating a booming economy. It’s creating a poisonous mess which we, our children, and grandchildren will have to pay for.
Wake up and smell the stink.

Ooooh that smell, Can’t you smell that smell
Ooooh that smell, the smell of death surrounds you
(Lynrd Skynrd)

SonyBug

I like that. It makes perfect sense. And having employers pick up part of the tab makes sense too. In the old days, my youth of the 60's, employers did help defray education costs. Now, with the never ending quest for profits to fund executive salary and bonuses, (and excessive Board of Director compensation) many of the things that made the middle class are gone. And the Middle Class is much reduced.

SonyBug

It always frustrates me that people make up ****, and then publish it. Here are the deficit numbers off the US gov web site. The very highest deficits were in the Obama years. This proves it...


Deficits in billions
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$458 $1,413 $1,294 $1,295 $1,087 $679 $485 $438 $585 $665 $779
Click for deficits from 1960 to present.

Fotoartist Loc: Detroit, Michigan

A rising tide lifts all boats.

rmorrison1116 Loc: Near Valley Forge, Pennsylvania

My apologies; I will personally see to it that it happens again, often.

rmorrison1116 Loc: Near Valley Forge, Pennsylvania

I don't see how it proves anything. These are statistics and you know what they say about statistics.

andesbill

The early Obama year deficits were a result of the recession which happened in the Bush 2 years. Those deficits helped save the country. The deficit kept coming down during his second 4 years. The last 2 years, the deficit has been increasing rapidly. Next year, the deficit is scheduled to be 987 billion.
Obama used our money to keep AIG, Chrysler, and GM open. The lower interest rate helped fund millions of jobs. He managed to do this without an increase in inflation.
The GOP $trillion giveaway is causing inflation to creep up, which causes the Fed to raise interest rates to cool down the economy. The last time the Fed did this, in 2005-2007, it broke the economy.
The tariffs, aren’t helping either in keeping inflation down. Combined, some smaller businesses will go out of business, and some larger ones will have to raise prices or lay off employees, because of reduced sales. Look for problems next year continuing through 2020-21.

Pinenuts Loc: Genoa, NV

I suspect the the government statistics are a better indicator of the health of the economy than the poor performance of one persons retirement account.

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

So, you only believe statistics that support you biases. Any others you dismiss.

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

That recession was caused in part because the Democrats forced banks to write loans for people who were not credit worthy. The
US auto industry brought their problems on themselves by not anticipating the market. I worked in the industry and know this. They should never have been bailed out, the banks either.

SonyBug

Shel Loc: Lecanto FL

andesbill

And then the tide goes out, as all tides do.
Anyhow, this tide is sinking my boat, not lifting it.

andesbill

In the 90’s Charles Rangel, from NY and Barney Frank from Mass, decided that not enough bank loans were being made to minorities.
The bank heads had a meeting where they were told by some wonk that they could make more money from defaults than than people paying on time.
They started pushing loans that they new couldn’t be repaid.
In 1998 (I think) they changed the law and started allowing banks to gamble.
They started bundling mortgages which were picked up by brokers and then these were somehow bundled again (I can’t follow this s...). Anyhow, for each dollar borrowed, it turned into 3+ dollars owed. The banks and brokerages could only cover a small % of those loans, so...
I needed to borrow a bunch of money for a house I was building, while paying off a mortgage and a ton of credit card debt. I thought that I was a terrible risk, but I got the loan. That was my first clue that we were in deep doodoo.
The Chinese needed us to buy their crap, so they pushed a cheap yen, and bought all the treasuries that the feds could print. Every federal politician from both parties loved this phony cheap money.
Then with a new Fed chairman, Ben Bernanke, they decided to start raising borrowing costs. The Chinese were pushing one way, the Feds were pushing the opposite way.
We know what happened then. I sold my house just before the crash. I knew it was coming.
Trump’s tax cut, and deregulations are essentially the same thing. This time, I do not know when the crash will come, but what goes up...

Shel Loc: Lecanto FL

[quote=This time, I do not know when the crash will come, but what goes up...[/quote]

The tRump will bring us down with his tariffs, making it difficult for farmers to get workers to harvest crops, supporting tyrannical regimes, etc.