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CabCurious

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Member since: Fri Aug 3, 2012, 10:10 AM
Number of posts: 954

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2012 (1)
- August (1)

Factual talking points on the economy (UPDATED)

(I will continue updating this as people post information or I find more tidbits)

Bush started with a $128 billion SURPLUS & ended with a $1.4 trillion DEFICIT. Obama was handed that spending during the worst GLOBAL economic collapse in 100 years.

* $600 billion in deficit reduction since Bush's last budget.
* Lowest spending increases since Eisenhower.
* 30 months of private sector job growth, including small businesses.
* 35% of American companies are now hiring.
* Construction is on the rise.
* Record corporate profits & Wall Street values. They sit on $3.6 trillion in cash.
* More millionaires and billionaires every year.
* Lowest real tax rates on the rich since 1928.
* 21 new tax cuts for middle-class families.
* 18 new tax cuts for small businesses.
* First growth in manufacturing sectors in 30 years.
* Americans #1 in worker productivity.
* Household debt reduced by half-a-trillion.
* Gas prices peaked at $4.12 under Bush.

And:
* Obama has proposed $4 trillion in additional debt reduction, but the GOP have blocked him.
* Republicans partisanship in Congress is the primary reason for the downgrade of USA's credit rating.
* Romney has said military spending is off-limits for cutting ($1 trillion a year, including war debts)

But there's a 8% unemployment rate still, right? That's in large part due to the 700,000 government jobs that have been cut, including States cutting 230,000 teachers and 130,000 police/emergency responders.

* 7.5 million jobs were lost in 2008 and 2009. Expecting a quick recovery of equal magnitude is irrational.
* Historically, Democratic presidents have created jobs at a faster rate than Republicans (2m/y vs 1m/y).
* 2.8 million jobs have been added in the last 18 months.
* We're in a recovery, thanks to Obama.

We need more trickle down?

* CorpUSA and the 1% are sitting on $3.6 trillion cash.
* Wages & household income continues to drop in spite of record corporate profits

The overall argument we need to make: The GOP are peddling the wrong kind of (failed) capitalism. It's time to divest from Wall Street and the finance markets. It's time America return to Main Street and manufacturing. As long as we let the finance sector dominate our economy, it's just a matter of time before the society completely collapses.

TOTAL JOB GAIN/LOSS