Nel's New Day

October 13, 2012

Good News for President Obama

While Mitt Romney and other Republicans find it vital to point out the fallacies of President Obama’s policies and actions, the conservatives determinedly ignore the way that the current administration is bringing the country out of the disasters that George W. Bush and the other neocons brought onto the United States. Here’s a sampling:

U.S. consumer sentiment rose up from 78.3 to 83.1 this month, its highest in five years, shortly after the U.S. unemployment rate tumbled to its lowest in nearly four years.

During George W. Bush’s rule, the stock market crashed, and trillions of dollars of private wealth were erased with the market bottoming out at 6,547 in early 2009. Now the stocks have rebounded to almost twice that, closing out last week at 13,329.

A boom in oil production within the United States has the country on a course to cut its reliance on imported crude oil to about 42 percent this year, the lowest level in two decades. Republicans claim that the president’s energy policies drive up the prices because of shortages and regulations, but the reason behind inflated prices is speculation. The CEO of Exxon-Mobil, Rex Tillerson, told a Senate hearing last year that this speculation was driving up the price of a barrel of oil by as much as 40%.

For a while Mitt Romney was using the “are you better off than you were four years ago” question to put down what President Obama has accomplished during his term. Here are some differences

When the economy was in a tail spin in early 2009, the auto industry was on pace to sell 9.3 vehicles that year. Now, GM is coming back, Chrysler is solid, and Ford Motors is on a roll; September car sales in the U.S. reached a 14.88-million annual pace.

By the end of the first quarter of 2009, $16 trillion in home equity had been erased through bad bank methods. Now, home prices are heading up, and home equity has rebounded more than $11.5 trillion.

By February 2008, ten days after the current president took his oath of office, the unemployment had shot up from 5 percent the year before to 8.3 percent. In less than nine months, the unemployment rate topped out at 10 percent. Now the unemployment rate is 7.8 percent, still high but consistently declining.

Compare the current unemployment situation to that of President Reagan, patron saint of the conservatives. Ten days before he took office, the unemployment rate was 7.4 percent; nineteen months later it peaked at 10.8 percent in November 1982. By the time, Reagan started his second term, it had fallen to 7.3 percent, just 0.1 percent of recovery in four years. That’s only 20 percent of what the current president has managed in less time.

Obama inherited a deficit of nearly $1.3 trillion from Bush/Cheney the moment he took the oath of office, a deficit that he has dropped $200 billion this year, the smallest deficit in four years, despite the Republican policies that drive the deficit.

Although the conservatives refuse to admit that the 2009 stimulus benefited the country, “facts matter,” to quote VP Joe Biden.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Although the Romney campaign constantly likes about how much the government has spent during the past four years, it is actually the Republican presidents that spend far more. As the chart shows, only Bill Clinton spent less during the last half century.

 

 

 

 

 

 

 

 

 

 

 

The above chart also shows how unemployment claims grew during the last part of George W. Bush’s rule, only to start shrinking after President Obama’s inauguration.

When Bill Clinton left office in 2001, the nation had a large surplus and was on track to pay off the entirety of its debt, roughly $5 trillion at the time, by the end of the decade. After their election, Bush/Cheney went on a binge, charging the costs of two wars, two tax cuts, Medicare expansion, and a Wall Street bailout with no idea of how to pay for them except to accuse the next Democratic president of having an enormous deficit. Sen. Orrin Hatch (R-UT) described the Bush/Cheney era as a time when the GOP decided “it was standard practice not to pay for things.”

It’s against this backdrop that the Romney-Ryan ticket intends to pass trillions in additional tax cuts, increase defense spending, increase entitlement spending, and destroy health care reform, a move that would add hundreds of billions of dollars to the debt. Once again the Republicans want to further bankrupt the United States.

In fact, Ryan has already contributed a grand total of $6.8 trillion to the federal debt during his time in Congress, voting for at least 65 bills that either reduced revenue or increased spending. It’s horrifying to imagine what he would do if he were give more control than he has had as one person out of 435 representatives in the House.

Aside: William Koch is facing a federal lawsuit for allegedly and illegally imprisoning and interrogating an employee. Kirby Martenson, a former executive for a number of Koch subsidiary companies, claims that he was fired, imprisoned, and interrogated for an excessive amount of time at the Old West ghost town replica that Koch built recently. Check out the entire story here.

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