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Should the President be Blamed or take Credit for the Economy?

Updated on July 21, 2016

Political View from the Underclass


Should the President be Blamed or take Credit for the Economy

The job market is slowly recovering and showing signs of life. There are also signs and indicators of future job lose. The debt ceiling fight is about to start up again and that will last until after the 2012 elections. Before the 2008 election of President Barack H. Obama, millions of private sector jobs were shipped offshore and many manufacturing industries were closed in America. Since the election of the 44th President there have been many first times in the history of an American President. One of the many first is this continued fight over the debt ceiling. NEVER, in the history of debt ceilings has a President not been allowed to raise the debt ceiling while the Nations credit rating was allowed to decline. What is the difference in this President and the other Presidents? For the first time in American history the sitting President’s Presidency has been defunded by the opposing political party. This has added to the nation’s unemployment crisis. For the first time in American history public employment on the federal, state, and local levels are being defunded causing the lost of millions of public sector jobs nationwide. Now with the lost of public and private sector jobs compounding the misery level for the American people, is the President to blame or should the far right wing of the Republican Party be blamed?

There are millions of everyday people who can’t wrap their minds around the complexity of the federal government and its role in their lives. They can’t understand why capitalism and the private sector cannot, will not, and did not survive without federal funds. To keep it simple for them, true liars compare the federal economy with their personal economy, saying things like…You can’t keep spending more than you bring in and neither can the federal government. All the while they are denying taxes which are the government’s main source of income. They said the President’s credit card should be cancelled, that’s another first. Why now? Why throw the emergency brakes on federal spending in the middle of a recession and a down economy? In case you don’t know, I’ll tell you why, to make Obama's Presidency fail. It doesn’t matter what happens to the American people or the Nation’s economy. If the Republican party is successful the working class will pay more taxes and the Rich less taxes____. The Republican President’s credit card will be returned, government spending will be returned to Republican levels, and there will be no health reform or financial reforms.

I think the President should take credit for avoiding another great depression in spite of Republican-tea party, Yellow, and Blue Dog Democrat’s unprecedented challenges. He saved millions of Americans from miseries untold, by making good decisions under abnormal pressures. If the country had gone into another depression, under his watch, he would have been blamed no matter what part the right played in that fact. Because the country didn’t go into another great depression, he is blamed for high unemployment, in the public and private sectors. I can’t help wondering…what if the Republicans had won in 2008, would we be doing as well?

May 17, 2012

junko

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  • junko profile imageAUTHOR

    junko 

    2 years ago

    At last the President is given the credit he deserved for saving America from The Capitalist.

  • junko profile imageAUTHOR

    junko 

    2 years ago

    Don't believe the True lies you are hearing about President Obama ruining the economy. The Truth is The President's leadership saved America's Economy.

  • junko profile imageAUTHOR

    junko 

    2 years ago

    John McCain Blamed President Obama for the Orlando Massacre.

  • junko profile imageAUTHOR

    junko 

    6 years ago

    twosheds1, Corporate welfare and socialism is the bases of Capitalism. Corporations are the only people that needs and deserves Government assistance. Thanks for the comment.

  • junko profile imageAUTHOR

    junko 

    6 years ago

    Angela, thank you for the agreement and for the follow

  • twosheds1 profile image

    twosheds1 

    6 years ago

    Noam Chomsky said, several years ago, that costs and risks are socialized, whereas profits are privatized. I'm paraphrasing.

  • Angela Brummer profile image

    Angela Brummer 

    6 years ago from Lincoln, Nebraska

    I agree whole heartly!

  • junko profile imageAUTHOR

    junko 

    6 years ago

    twosheds1, I don't understand how so many people can be duped with words like socialism, redistribution of wealth. and class warfare,etc. It is so ovious that out of control capitalism has taken most of the capital produced by the government, and refuse to even pay taxes on the money. The American people are paying ever increasing cost of living and the massive redistribution of wealth from the public sector and the federal government by unregulated capitalism is criminal. Thanks for stopping and talking

  • junko profile imageAUTHOR

    junko 

    6 years ago

    Thanks again Mary,encouraging as always

  • twosheds1 profile image

    twosheds1 

    6 years ago

    The economic downturn started under Bush, and it is arguable whether or not Bush caused it, but I think Obama's influence has either be nil or somewhat positive. The stimulus helped, I think, as did the bailouts (which, since the loans were with interest, the gov't made money on), but I think they were simply too little. The real solution, I feel, is to gradually raise the top marginal income tax rate on high incomes, back to the levels they were in the 1960s. I'm reading Robert Reich's book Aftershock, and he argues that the unequal distribution of wealth (via low tax rates for the wealthy, in particular on capital gains) was responsible for the Great Depression and that similar conditions exist today. He argues also that with real wages (i.e. adjusted for inflation) being stagnant, workers are less able to buy the products they make, and aren't pumping as much money back into the economy. Very interesting book. What he says makes a lot of sense.

  • profile image

    Mary Wells 

    6 years ago

    Thank you junko, for always giving clear and precice views of American politics. Keep up the good work.

  • junko profile imageAUTHOR

    junko 

    6 years ago

    Thanks again Saint Leo, I hope to see more of you around here.

  • Leo Ham profile image

    Leo Ham 

    6 years ago from earth

    Yeah you are right on point with this one. Good article

  • junko profile imageAUTHOR

    junko 

    6 years ago

    Thanks, Paulshub for stopping and speaking your mind. I see what you saw, just as you seen it.

  • junko profile imageAUTHOR

    junko 

    6 years ago

    HSchneider, old friend its always good to hear from you. It's a sure sign i'm on the right track.

  • junko profile imageAUTHOR

    junko 

    6 years ago

    Freeway Flyer, thanks for the supportive comment, I needed that encouragement.

  • Paulshub profile image

    Paulshub 

    6 years ago from Washington

    Bush was handed a restored Cadillac when he took office in 2000. By 2008, that Cadillac was a junker and some people complained about the cost and time it’s taking to restore it once again.

  • profile image

    Howard Schneider 

    6 years ago from Parsippany, New Jersey

    You are right, Junko. President Obama inherited a sinking economic ship. He helped to stabilize it and now it is slowly growing. The housing market is still anemic and is dragging everything else down. Once the housing market bottoms out and starts recovering, the economy will really take off. Unless the Tea party Republicans take over, then we will head back into a severe depression or worse. Great article.

  • Freeway Flyer profile image

    Paul Swendson 

    6 years ago

    He undeniably inherited quite a mess, and it is always too simplistic to give any president all of the blame (or credit) for the economic situation of the moment. It can take years to find out the economic effects of political policies, and many aspects of the economy are out of any president's control. Plus, as you point out, Congress often has more of an impact on domestic political policies than the president.

    I also agree with you that an economic crisis is the worst time for major cuts in government spending. Sure, the federal government needs to get its fiscal house in order. But the best time to do this is when the economy is good.

    What also bugs me is that the people who call for laissez-faire policies and government cutbacks are unwilling to take responsibility for the consequences of these policies. So people who argued that President Obama should let the auto industry fail would then proceed to blast him for the resulting rise in unemployment, just as many of these same people blame him for the effects of public sector job cuts.

    Unfortunately, that's just how the political game is played. Whoever is in power tends to get blamed for everything by the opposing party.

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