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How did republicans create a great depression in only 6 years?
Between Jan 2001-2009 under Republican's policies of deregulation and a 15% tax rate on stock profits for wealthy people:
Budget went from a 236 billion surplus to a 1.2 TRILLION deficit (a 1.4 trillion drop)
National debt doubled from 5.7 trillion to 10.6 trillion (a 5.2 trillion increase)
Dow Jones plunged 25% from 10,587 to 7949
Gasoline tripled from 1.44 to 4.11 per gallon on July 11, 2008
Unemployment doubled from 4.2% to 8.2%
Losing 700,000 jobs monthly
Economy in total freefall
(Republicans try to confuse people by saying democrats took over in Jan 2007 and started the recession, but they can not name one thing democrats did to hurt the economy. All experts state the housing crisis started in 2006 and all subprime loans had already been made under a republican congress and president)
SOURCES:
BUSH OVERSAW A DOW JONES THAT PLUNGED 25% OVER 8 YEARS
(Source: http://finance.yahoo.com/q/hp?s=^DJI)
GASOLINE TRIPLED UNDER BUSH ENERGY POLICY
(Source: US Dept of Energy- Energy Information Administration) (http://tonto.eia.doe.gov/dnav/pet/hist/LeafHandler...
BUSH DOUBLED UNEMPLOYMENT FROM 4.2% TO 8.2% -----(Feb 2001-2009)
(Source: US Dept of Labor - Bureau of Labor Statistics-)
(http://data.bls.gov/PDQ/servlet/SurveyOutputServle...
BUSH DOUBLED OUR DEBT FROM 5.7 TRILLION TO 10.6 TRILLION
(Source: US Treasury Dept - Bureau of Public Debt - http://www.treasurydirect.gov/NP/BPDLogin?applicat...
BUSH TURNED A 236 BILLION BUDGET SURPLUS INTO A 1.2 TRILLION DEFICIT (A 1.4 TRILLION DROP)
(Source 1: CBO - Congressional Budget Office - Historical Budget data - Shows the 236 billion surplus in 2000)
(http://cbo.gov/ftpdocs/108xx/doc10871/historicalta...
(Source 2: Congressional Budget Office - Annual budget and economic report and testimony before Congress on Jan 8, 2009) (Both the report and testimony before congress declare a 1.2 trillion deficit for fiscal year 2009 ---2 weeks before obama takes office)
(http://cbo.gov/ftpdocs/99xx/doc9958/01-08-Outlook_...
(Please note: The fiscal year 2009 started Oct 1, 2008 under president bush. At that time, the 2009 deficit was projected at 600 billion. Then the banking crisis occured in Oct 2008 and bush started a 700 billion TARP bailout program which was added to the 600 billion deficit which left obama with a 1.2 Trillion deficit the day he took office according to the CBO)
13 Answers
- 1 decade ago
I feel sorry for you that you are so ignorant. Odd or sad that you seem only to be able to repeat what others have told you to think. You mention the surplus.....from the Republican Congress under Clinton. I am sure with your incredible education you are aware that the House of Reps laughed at Clintons budget and he signed off on their budget....not the other way around. I am sure you are aware of the 7 year "itch"....where economies have natural cycles every 7 years. I am sure you heard of a little thing called 9 11 which was an unnatural shock to our economy....causing billions upon billions of spending (homeland security among other things) Odd how you don't mention the CRA and how liberals signed legislation to give loans to those who could not afford it and how Clinton had the DOJ make legal threats if the loans were not given. So sad that you are either not educated on these issues or just do not have the capacity to understand them. Now, the Repubs did have an obvious role in increasing the debt....when they got away from conservative ideals. But to ignore the dems huge role is just ignorant.....but it explains why you vote for them. Odd also how you can literally see where the unemployment starts to shoot up right when the Dems budget kicks in. So sad my tax $$$ went to pay for your schooling and you still are uneducated. What else do you want me to pay for? And why avoid talking about how high the Dow got.....until the Dems budget dragged it down? Check mate
- gilliegrrrlLv 61 decade ago
Well, the folks who like to spin/parse these things will say it's a recession rather than a depression. The cause? Unbridled greed subsidized by the US government with policies started in the Reagan (not Clinton) era that allowed the economy to become an enormous pyramid scheme in which the rich got richer and the rest of us got screwed. Ridiculous and unfounded belief in the "invisible hand of the market" "trickle-down economics" and a "self-regulating" market. Refusal to listen to those of us who were warning YEARS ago that things were drastically wrong. But hey, what do I know, I'm just a gainfully employed tax-paying homeowner who just happens to be a "liberal".
- 1 decade ago
They couldn't have done it without Clinton repealing the Glass-Stegal act, nor without a Democrat controlled Congress.
There never was a genuine surplus.. it was projected based upon an unsustainable & artificial tech bubble in the stock market, and the nation being awash in free & easy credit.
All the bums had a hand in this one... time to wash the slate clean & start anew.
Incompetence does not know partisanship.
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- cowsertLv 45 years ago
IMO we could make a assessment I easily tend to think of (D) lean to a socialistic huge-unfold with their perspectives on wealthfare taxing the wealthy a thank you to run your buisness etc. NOw we could take a seem at how some socialistic international locations have executed, we've u.s. now thats what you call a depresion Vietnam guess they desearve somewhat credit, so how can u blame the melancholy on (r) while background has set a precendent that socialism doesnt artwork?
- Brandon SLv 61 decade ago
What you're siting definitely put more gas onto the fire. I think the biggest thing was deregulation.
I think here's another reason: http://search.yahoo.com/search?p=who+is+better+for...
- Anonymous1 decade ago
Ahh, well first of all, I wont waste my time, but sorry to burst your bubble, but were in a recession, not a depression. You liberals love to exaggerate to make people excited dont you?
Number two--- Why are you complaining about our economy troubles when obama wants to spend trillions on top of the trillions of debt we are already in? You *******.g communist bastard. What do you think obama is trying to do?? He is trying to run this country to the ground so we will depend on HIM.
- 1 decade ago
They didn't create it, they merely set the stage for many of these things to happen.
But alot of what fell apart have been issues that have been building up since the Clinton administration.
- MaxwellLv 71 decade ago
with a lot of help from the democratic congress.
in case you missed it, during the GOP run congress/white house, unemployment was at 4%...
- 6Lv 51 decade ago
There has only been one Great Depression (1930s) and that was not caused by Republicans.