If the financial system hadn’t been “bailed out” by Republicans and Democrats in 2008 and 2009, we would’ve seen a depression, not a recession. If people find 3.7 percent unemployment and a few bucks more in gas to be infuriating, imagine what 30 percent unemployment would’ve been like.
Furthermore, when trying to instill confidence in the world wide market and stabilize the world economy, it was important to not rock the boat too much. We can argue all we want about the merits of bailouts and bonuses. But if the goal is to stabilize the world economy and begin recovery faster, both the Bush and Obama administrations acted responsibly. Punishing Wall Street executives might’ve made some people feel better, but it would have stifled economic recovery and prolonged economic misery. As we’re all seeing with twitter, business doesn’t like instability.
If we’re truly concerned as a society about wealth inequality, then I don’t know why anyone would vote Republican these days. Sunsetting social security while slashing taxes for upper income brackets and corporations will only exacerbate wealth inequality. I do hope Democrats in the next few years make a go at repealing the Trump tax cuts. That wasn’t possible with King and Queen Manchin and Sinema and won’t be now with the GOP retaking the House. We desperately need to raise revenues in order to finance the needs of our country.
Of course, this is probably all known by those on here. But some posters will continue to ping pong around from subject to subject bitching about everything out there. They’re not serious about actually learning anything about Roe, Obama, or economics. They just want to bitch. When proven wrong, they won’t become introspective but will just double down and ping pong to their next gripe. I predict something related to Hunter’s laptop, race/LGBT issues, and cancel culture will be up next.
www.presidency.ucsb.edu
www.breitbart.com
