By: Dan Reed - American Citizen
I continue to ask myself why U.S. Corporations, Wall Street Bankers, Wealthy People, Conservatives, and "Tea Party People" are so enraged with president Obama's economic stimulus, health care reform, and Wall Street regulations? Is it sour grapes over loosing the election? Is it racist bigotry about a black man in the White House? Or, is this something else?
So I set out to identify and compare Obama's agenda with those of four previous Presidents. I focused my comparison on three area's: Tenure, Economic Philosophy, and Economic performance.
FIRST, I looked at tenure, which represents the time each of our last five presidents spent in office. I learned that conservative republicans have governed our country for twenty of the past thirty years. Furthermore, conservative republicans have governed our country for 96 of the past 122 months!
a. Conservatives believe in classical "Laissez Faire Capitalism", which promotes "Small Limited Government", where capitalism regulates the economy, and government involvement in the economy is unnecessary and harmful! (Reagan, Bush Sr., Bush Jr.)
b. Progressives believe in Keynesian Economics, which believes capitalism "is not" a self-regulating system, and "cannot be trusted to run itself"! Keynesian economists believe government needs to play an active role in the economy! (Clinton, Obama)
THIRD, I reviewed the results of each president's economic agenda during his time in office. This comparison begins in 1981, because the election of Ronald Reagan is considered to be a major turning point in the economic direction of our country. My comparison is focused on each presidents performance in six area's: taxes, spending, deficits, trade, and growth:
Taxes - Reagan won passage of two U.S. tax policy changes in 1981 and 1986. These two conservative tax cuts reduced taxes on upper income's by more than 50% and reduced taxes by over $749 billion the next five years. These two tax laws have remained in place for thirty years! Bush Sr. continued Reagan's tax cuts. Bush Jr. cut taxes again in 2001, significantly reducing taxes on upper incomes by $900 billion over ten years. To avoid raising taxes, Reagan and Bush Sr. used social security receipts as "general revenue". Bush Sr. was forced to raise taxes to avoid the government going bankrupt.
Clinton "raised taxes" and reduced military spending, which produced a $500 billion budget surplus during his eight years in office! Still, the national debt increased 33% from $4.2 trillion to $5.6 trillion. Obama's $800 billion stimulus, plus "inherited war spending in Iraq and Afghanistan", produced a $2 trillion deficit through December 2010. Under Obama, the national debt grew from $12 trillion to $14 trillion.
Trade Deficits - U.S. Trade deficits increased for thirty consecutive years! U.S. Corporations migrated overseas looking for non union, low wage workers, and no business regulations. Bush Jr. eliminated tariff taxes on imports from low wage foreign countries, which created eight years of record setting "Free Trade" deficits.
Economic Growth - Under Reagan, Bush Sr., and Bush Jr., America experienced three major recessions: a 16-month recession between 1981 and 1982, an 8-month recession between 1990 and 1991, and the current "great recession", which began in June 2007. Under Bush Jr., millions of American jobs were outsourced to low wage countries., while Corporations across America terminated over seven million employees! General Motors and Chrysler went bankrupt. The gap between the richest and poorest Americans became the largest in American history.
I began this exercise by asking why certain groups are so enraged with President Obama's agenda? After a careful review, I've concluded that most of their rage is contrived and calculated! I mean; conservative republicans have governed our country for twenty of the last thirty years! Their conservative economic policies were fully implemented during the twelve years of Reagan and Bush Sr., and again during the eight years of Bush Jr! Both times, these economic policies created enormous wealth for: Multinational Corporations, Large Banks, and Wealthy People, while significantly gutting the U.S. Economic Infrastructure!
Why were conservatives so "Silent" during the eight years of Bush Jr's disastrous economic policies, then suddenly "Outraged" about Obama's policies?
I've concluded its "Fabricated Rage"! These Integrated Groups Are On A Mission! The private sector is intentionally practicing "Scorched Earth Economics": banks are refusing to lend, corporations are hoarding trillions of dollars, business's are refusing to hire, conservatives are blocking congress, and tea party people are cooking up political strife! These coordinated actions are calculated to slow economic growth, increase unemployment, and create huge deficits! In short, these groups are using Economic Tyranny against the American people!