economic troubles

$100 Billion Failure

Posted 12/14/08 at 9:23am by jamie

It just amazes me hearing Republicans, like Bob Corker, say that Bush caused our economic troubles. So much has helped lead to it and Bush is at fault on most of it, but so our the Republicans. For example, the Republicans couldn’t spend a whopping $14 billion on the auto industry, yet the Pentagon has totally wasted $100 billion on Iraq’s reconstruction. Every time someone would question these wastes and frauds, they were painted as unpatriotic or as some kind of troop hater by the administration and Republicans.

Of course Iraq isn’t the only thing that helped lead to our economic turmoil, but think if we had that money to use on stimulating the economy, instead of just wasting away in Iraq, and becoming a free ride for contractors. The Republicans have every bit as much blame in this as George W. Bush. Now we need the Democrats to show leadership and remind the Republicans, as well as the American people, about this simple fact.

The Right And Wrong Of Krugman

Posted 3/24/08 at 8:54am by jamie

First the wrong:

On the Democratic side, it's somewhat disappointing that Barack Obama, whose campaign has understandably made a point of contrasting his early opposition to the Iraq war with Hillary Clinton's initial support, has tried to score a twofer by suggesting that the war, in addition to all its other costs, is responsible for our economic troubles.

The war is indeed a grotesque waste of resources, which will place huge long-run burdens on the American public. But it's just wrong to blame the war for our current economic mess: in the short run, wartime spending actually stimulates the economy. Remember, the lowest unemployment rate America has experienced over the last half-century came at the height of the Vietnam War.

Krugman would be right on this, if it was during the Vietnam war. He seems to forget that we now have this new "global economy". Most of our bullets are made in Israel, and now we got our planes being made in Europe. War doesn't benefit our economy the same way it used to. Basically we have outsourced the "benefits of war" to other nations.

McCain Blames Economy Problems On Over Spending

Posted 1/18/08 at 11:55am by jamie

Interesting argument and mostly true, but wasn't it McCain's party that was responsible for most of that spending?

John McCain blamed overspending by the federal government in part for the nation's economic troubles as South Carolina voters Friday received the sobering news that the state unemployment rate had hit 6.6 percent, the largest one-month increase in nearly 20 years.

"As a Republican, I stand before you embarrassed. Embarrassed that we let that spending get out of control," the presidential candidate told voters on the eve of the state's GOP primary.

"The economy is not good. The stock market continues down. And the indicators are not good. I'm not too astonished. ... We let spending get totally out of control, and it continues today, and I'm sorry to tell you this," McCain said at a town-hall style meeting at the Carolina Hospital East Campus in Florence.

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