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Max asked in Politics & GovernmentPolitics · 1 decade ago

Who do you blame for the economic mess in the U.S.A?

Its funny to me the comments made by many people that Obama is a complete failure, but I'm sure many of them won,t acknowledge that Mr. Bush did not accomplished much in 8 yrs in power. I'm hispanic, and I was happy to see Obama winning the election, now I'm not happy with the decisions that he has made regarding the economy. Obama should have focus completely in the economy, not health care and now immigration, but he deserves credit for trying to fix the health care mess. I bet money that when Obama finishes his first term, he'll do a better job than Bush. Blame politicians that in the last 15 or 20 yrs have let companies to outsource jobs all over the world. I remember a Biomedical Company that I was working with, General Electric bought them, company closed. Same thing happened to another company that I worked with as an Electronic Tech. here in New Jersey, all these took place between 2006 and 2007. Just trying to be fair here with Mr. Obama, I don,t think he deserves much of the blame for this extremely high unemployment across the country, unemployment is around 17%, not around 10%.

Bye now

Update:

lola lola...well..i don,t know you...but i bet money that you not that bright....just look at your nickname.......anyway,,,the economy takes a long time to turn around, for your information the economy has been in bad shape since 2001, no jobs ever since 2001 and now you want Obama or anyone else to turn around this mess in 2 yrs, please go to school.......get some education, so you get common sense, ..cause you got none.

Update 2:

Hi, Mr. Texas..

I disagree with you..will tell you why....usa economy is been going down-hill since 1976 according to economist, this is the product of many presidents, politicians, actions,,etc..etc...you want anyone in power in 2 yrs to get this economy better? I don,t think so....

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  • 1 decade ago
    Favorite Answer

    It's been coming for a long time. And there's enough blame to spread around.

    It started with Ronald Reagan and his great plan to balance the budget by spending MORE and taxing LESS. It was like one of those fad diets where you lose all the weight you want by eating nothing but chocolate and Mexican food. At least, at the time, it had the great charm of never having been tried. But Reagan did try it and it was a spectacular failure. Reagan turned the US from the world's biggest creditor nation to the world's biggest debtor nation. He ran based on a STRONG promise to balance the budget but he tripled the entire pre-existing national debt.

    GHW Bush had called Reagan's ideas 'voodoo economics' but after he saw how popular Reagan was, even AFTER building up this debt, Bush decided to do the same thing himself. He also promised he could balance the budget in 3 years. But like Reagan, once in office he behaved as if debt simply didn't matter.

    Then there was deregulation. To my way of thinking, capitalism can only work with a certain amount of govt. regulation. Too much is as bad as too little. The art is in finding just the right amount. But the Republicans under Reagan had a sort of quasi-religious belief that ANY amount of government regulation is tyranny! They began de-regulating willy-nilly, leaving a path of destruction in their wake. Nearly every industry that was de-regulated had a crisis. At one point, every airline in the US except 2 were in bankruptcy. The S&L collapse happened because of deregulation. And the subprime mortgage mess. But, as I said, this is a quasi-religious principle, meaning that it doesn't matter what bad results happen, deregulation is still the Republicans' biggest belief.

    Now the economic problems moderated slightly under Clinton. He did manage to reduce deficits by cutting the size of government, to lead us towards a balanced budget. AND he gave the Middle Class a tax cut, which Republicans never did. The great irony of our time is that all these perennial Republican promises were kept only by a Democrat.

    But Clinton continued on the path of imprudent deregulation. Why? Because, when it comes right down to it, money has become the most important thing in our politics. Both parties desperately need money, and they both get it from the same sources. So you can't expect their real agendas to be all that different. So Clinton worked for the same sponsors and financiers as Reagan did.

    When GW Bush came to office, he couldn't wait to undo all the good budgetary work Clinton had done. He began by giving away the prospective surplus to the very rich. Then he got us into two very expensive, very unwinnable wars. AND he defended the tax cuts. Really! How are we going to pay for these wars WITHOUT tax cuts? He would ask. We might even need MORE tax cuts, but only for the rich of course.

    Now the Republicans want us to forget that this all happened before Obama came to power. And since the Repubs have no alternatives to offer, they simply obstruct everything Obama tries to do. They are hoping we will end up blaming him and we will vote for -change- once more, and put them back in power.

    This worked for them once before. During the 70s they successfully planted the meme in everyone's mind that it was all Carter's fault. People don't remember (and you will never hear it from a Republican) that we had double digit inflation, interest rates, and unemployment when Carter came to office. A legacy from TWO previous REPUBLICAN presidents. So since it worked with Carter, they're trying to do it now with Obama. And they can't understand why it won't work.

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  • Anonymous
    1 decade ago

    People who think that Obama's critics are all Bush supporters are simply not paying attention. I am not the only one here who has frequently said that Bush was not good but Obama is worse. The culprit in the economic mess we are in is the Congress meddling and trying to control the economy. The economy can be gently guided in a particular direction, but it cannot be controlled. Barney Frank, Maxine Waters and several others are especially complicit in our economic woes.

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  • Anonymous
    1 decade ago

    Bank for lending the money to people who can't even afford to pay back. I don't blame Obama for this because it's not like he borrowed $1 billion dollars and can't pay back so he fled off and hide himself @ his relatives' place.

    Think of Merced, CA....why the hell would you build $400k homes or $600k homes in that ghetto area? So much unemployment, people on welfare, low education, and the level of median incomes don't even equal to half the house they're buying yet they can still get a loan! But unthoughtful people blame it on the president...for what? Did the president PERSONALLY agree to lend the money? No of course stop being a big baby and take your own responsibility.

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  • Anonymous
    1 decade ago

    Our economic mess is the result of our trade deficit, which begain during the Carter years and grew exponentially starting from then.

    Every president starting with Carter has played a role in our downhill slide into this pit.

    Some are easier to defend than others. But they all made moves aligned more with the corporate fascists than with the interests of the ordinary people, especially the middle class.

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  • Anonymous
    5 years ago

    The Federal Reserve.

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  • 1 decade ago

    The pattern of destruction began, according to Bush's former Treasury Secretary Paul O'Neill (Suskind, 2004), with the crazy revenue-destroying (Bill Clinton's SURPLUS DEPLETING, too) unfunded TAX CUTS for the wealthiest 1.5% (we lost the $271 BILLION surplus and also the $690 BILLION in would-have-been revenues that first year alone. Seed planted.

    A factor integral to the economic mess that came to a head in 2006-2007 and 2008 was something the media completely MISSED: the price-gouging on gas that began after the ILLEGAL invasion of Iraq in 2003. Think about the ripple effect throughout our economy, with every single state adversely affected. Shipping costs rose drastically with the sharp and sudden increase to $4 and $5 a gallon for gas (up from $1 to $1.75 in most states), which made goods more expensive in stores, but people had less and less money to spend because they needed to buy gas to get to work, so the economy began to shrivel and shrink as more and more consumers MAXED OUT their credit cards, and their credit scores dropped drastically, meaning they could NOT get loans from banks that were in trouble as far back as 2005 and 2006 (according to NPR). Tourism fell way off in states that depend upon tourist dollars for making their budgets balance, so people were laid off, programs were cut, consumers fell behind in credit payments, eventually in mortgage payments...See the pattern here? Freddie Mac and Fannie Mae had been having problems since back in 2004 (NPR's "All Things Considered" and also "Marsha Rehm") and had been caught up in the derivatives market which had been wrongfully DEREGULATED by the Republicans---and both Wall Street and our banks were risk-taking with investors' and customers' dollars, and LOSING BIG TIME! Don't worry yet about the unemployment---remember that Republicans OUTSOURCED our best-paying jobs to Third-World nations (like India) and then let those foreign markets (American companies, though) FLOOD the U.S. market with cheaply made goods, putting even more Americans out of work and OBLITERATING OUR MANUFACTURING BASE (which happened under Reagan/Bush and Bush/Quayle, too, as did the COLLAPSE of the financial system, the Savings and Loan industry that Bill Clinton had to be elected to fix...Bartlett & Steele, 1991). SUPPLY-SIDE ECONOMICS and DEREGULATION (which is STILL the failed economic policy being pushed by Republicans as their "platform" for this upcoming mid-term election are NOT NOT NOT good for America, but the DEMAND-SIDE (or frrom the bottom on upward and outward) IS what President Clinton used and what the Obama administration has in place to bring our country back to strength and prosperity. Hillary Clinton and President Obama BOTH have been working to get foreign markets to OPEN UP to American-made goods---and then Obama has been really pushing for his alternative energies initiative: wind turbines, solar panels, batteries for hybrids, power grids, wind farms, etc.---all new projects begun in 40 of our 50 states (check out Wixom, Michigan's former Ford Motor plant for example). The second half of the $787 billion stimulus is due to be distributed at the beginning of the fiscal year (October 1, 2010), at which time even more new jobs will be created and our exports to other nations will dramatically INCREASE as the Obama administration succeeds in REBUILDING our GOP-destroyed manufacturing. Financial penalties were imposed last year on corporations that opt to move off of American soil at the expense of American workers and our economic well-being, and to that I say "It's about time!" After eight long years of negligence by Bush/Cheney et al., we finally have a president who CARES about American workers.

    Source(s): Bartlett, D. & Steele, James (1991), "America, What Went Wrong?" Available on amazon.com.
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  • 1 decade ago

    Obama and the socialist left. People, President Bush left office almost 2 years ago. Get over it, stupid.

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  • 1 decade ago

    Clinton, Bush, 0bama. American citizens for trying to live the champagne life style on beer drinkers pockets...

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  • 3 years ago

    1

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  • 1 decade ago

    People.

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