Tag Archives: Great Depression

BOTT report May, 2012

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English: Barack Obama signing the Patient Prot...

English: Barack Obama signing the Patient Protection and Affordable Care Act at the White House (Photo credit: Wikipedia)

Barack Obama Truth Team report for May 6, 2012.

Barack’s birth certificate, the Fast and Furious scandal, the Solyndra scandal, Obamacare, all these are purely distractions, invented or hyped to give the GOP reasons to attack the President which they intended to do, no matter the circumstances. The real issue this election cycle is the economy and the Republicans have done everything they can to slow the recovery. Today the voters in France and Greece will give their verdict on the austerity that the GOP wants to impose on the US. I’m betting that austerity over there will be voted out, and we don’t want it over here.

Jobs gained in the private economy are being lost in the public sector as cash-strapped states layoff thousands of employees. What this economy needs is more stimulus so that consumers feel confident enough to spend and so that they have money to spend creating demand. In normal times if the GOP were in power, they would be stimulating the economy to win election or re-election. After the election, the GOP usually induces a recession to check inflation at the insistence of the 1%. Then the 99% would suffer through the recession. If the GOP were to win in November and institute austerity, I believe that we will experience the Great Depression 2.

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Romney and the economy

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Mitt Romney Steve Pearce event 057

Mitt Romney Steve Pearce event 057 (Photo credit: Wikipedia)

Mitt Romney is thought by many voters to be a better steward of the economy than President Obama. What would Mitt do differently than Barack? Mitt said that he would let the auto industry go bankrupt costing 100,000s of American jobs. Mitt also stated that the housing bubble should be allowed to deflate quickly and naturally,  allowing home prices to recover sooner rather later.

Assume that we are at point A in the Great Recession. Mitt’s plans for the economy would get us to point B more quickly than the slow recovery under Barack Obama’s leadership, which continues to be hampered by the GOP in Congress. We know what to call the time between points A and B under Mitt’s leadership as President, if elected. We would call the experience the Great Depression 2.

Now Mitt has said he would maintain the safety net and repair it as necessary. The safety net would certainly be required during a Great Depression 2. Could we afford to maintain the safety net? The GOP in Congress are already trying to reduce the availability of food stamp assistance. Do you trust Mitt Romney’s promise to maintain the safety net? If you do, consider voting for him and his vision for the US economy. If you do not trust Mitt to keep his promise, vote for the proven record of President Obama. A Great Depression 2 would be an inconvenience for the 1%, but a disaster for millions of Americans.

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Wild cards

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Bicycle brand playing cards, showing one of ea...

Bicycle brand playing cards, showing one of each type plus the joker. (Photo credit: Wikipedia)

Pay no attention to current polls nor to pundits.  I have listed below some of the wild cards that may influence the November election:

  1. Iran develops a nuclear device.
  2. Israel attacks Iran.
  3. Al-Qaeda attacks US soil again.
  4. Spain or Italy leaves the Euro currency.
  5. Japan permanently abandons Tokyo because of increased radiation levels.
  6. Mother nature produces rash of tornadoes and hurricanes.
  7. Supreme Court rules on Obamacare.

I am sure that there are other wild cards that I don’t know about that should be added to the list. The results in November are likely to fall in one of these three categories:

  1. Democratic sweep leading to faster recovery from Great Recession.
  2. Divided government causing slow recovery from Great Recession to continue.
  3. Republican sweep leading to Paul Ryan budget and the Great Depression 2.

O recession, our recession

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Crowd gathering on Wall Street after the stock...

Crowd gathering on Wall Street after the stock market crash of October 1929. (Photo credit: Wikipedia)

Conceived on Wall Street
Birthed on Main Streets
Fathered by Bush
God-fathered by Nixon
O Great Recession, our recession
What made you great?
I expected you to disappear
Years ago, as your siblings did
Deep or shallow, long or short
Here today, gone tomorrow
Despite official pronouncements
You linger today and threaten
To stay and grow
And change your name
For the millions still in your grip
From Great Recession to Great Depression 2
For your long life
We must give thanks
Where thanks are due
To the Grand Old Party
The Republicans in Congress
And statehouses throughout America.

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Recession and depression

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English: Logo of General Motors Corporation. S...

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For some Americans, the Great Recession is actually the Great Depression 2. In a recession, wages and prices generally stop increasing temporarily. In a depression, wages and prices actually decrease. For most Americans, the price/value of their homes has decreased and prices of some items are falling. For most of us, wages are increasing very slowly, if at all. For some, such as new hires in many industries like the auto industry, starting wages are only 50% of what they once were.

GM is now back as number one in the world and earning mucho dinero, much money. The question I have is, can the new GM employees afford to purchase the cars they are building?  If they follow the generally accepted rule of thumb to spend a maximum of 6 months salary on a car, the answer is no they cannot. Then who is buying all the cars that GM is building and selling? Is it the Chinese in China? Who?

Please see  Job creators

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