Friday, September 19, 2008

Democrats v. Republicans on the economy

Americans will be hearing a lot from the media in the next few days about the underlying causes of the financials market freeze-up, but they won't be hearing the hard facts:
  1. When Bush and the GOP Congress started out this decade, they projected a $5.6 trillion surplus from 2002-2011. Instead, we will have a $3.8 trillion deficit. Thanks, GOP, for pissing away $9.4 trillion.
  2. The "credit swaps" legislation passed by McCain's economic adviser Phil "nation of whiners" Gramm directly contributed to the current crisis. Thanks, GOP.
  3. We've enjoyed stronger "fundamentals" under Democratic presidents than Republicans (I mentioned one of these fundamentals a while back -- income inequality)
  4. Republicans are all for "capitalism"...so long as that means letting really really wealthy people make billions, then bailing them out: privatized profits & socialized losses. When the really wealthy power brokers of the GOP are getting hurt, it's time to step in with nationalized finance...but not when people like you and I are.
  5. McCain and the GOP have no clue on health care, the leading cause of bankruptcy in America, causing 1.9 M / yr.
  6. McCain's strong de-regulation emphasis goes all the way back to the Keating 5 scandal, and he has been shown to have been a major player in the S&L crisis that resulted.
  7. On that note, McCain is advised by a bunch of financial lobbyists, while Obama is endorsed by economists 2:1 over McCain.