In broad strokes...Republicans want to return to the past to "solve" the very problems that brought us to today's poor economic climate.
House Republicans have now admitted
what we've known for a long time: They intend to bring back the exact
same George W. Bush agenda which drove our economy into the ditch.
Admitted on Meet The Press.
The past lead us to where we are today. Why would they want to go back?
Some Economic History: ( These are facts that can be verified. )
In 1993, President Clinton, a Democrat and Vice President Gore launched their economic strategy: (1) establishing fiscal discipline, eliminating the budget deficit, keeping interest rates low, and spurring private-sector investment; (2) investing in people through education, training, science, and research; and (3) opening foreign markets so American workers can compete abroad. After eight years, the results of President Clinton's economic leadership are clear. Record budget deficits have become record surpluses, 22 million new jobs have been created, unemployment and core inflation are at their lowest levels in more than 30 years, and America is in the midst of the longest economic expansion in our history.
On Jan. 7, 2009, after 8 years of a Republican administration and two weeks before Obama took office, the CBO reported the deficit was projected to be $1.2 trillion. When Bush took office, the national debt, accumulated since the founding of the nation, stood at $5.6 trillion. By the time Bush left office, it exceed $11 trillion. In only eight years, he will have created more debt than all other U.S. presidents combined.
A graph ( http://zfacts.com/p/318.html ) shows the history of our National Debt as a percentage of GDP. A huge spike was created by the second world war which would be expected...but people had jobs. The debt decreased steadily from Truman to Jimmy Carter. As soon as Republican Ronald Reagan took office the national debt took a sharp climb upwards and continued until President Clinton ( Democrat ) took office. In the course of his term in office the debt declined and he built up a cash surplus. When George Bush took office in 2000, the debt took a sharp turn upwards, wiping out the Clinton surplus, and has not stopped yet.
According to Business Week, the average CEO of a major corporation made 42 times the average hourly worker's pay in 1980. By 1990 that had almost doubled to 85 times. In 2000, the average CEO salary reached an unbelievable 531 times that of the average hourly worker. The bad economy is never bad for these CEO's. As profits fall they fire workers and keep a bonus.
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