Monday, January 16, 2012
Besides Hoover and Bush, which other US Presidents left a catastrophe for their successors?
Reagan/Bush and Bush/Quayle left a huge mess (read Bartlett & Steele, 1991). We lost our manufacturing base (that's our manufacturing JOBS that were all outsourced overseas); we lost all our patents to China (where Bush Sr. had been ambador after no longer in charge of the CIA); the idiotic and abrupt firing of PATCO created a tsunami of union-breaking that went nation-wide as greed-driven corporate leaders decided to rid themselves of all full-time American workers with benefits and replace them with, at first, part-time American workers with no benefits, but then with ILLEGALS who would work for less than minimum wage and not dare to complain...and then...still greedy, the corporate leaders moved their entire operations to Third World countries where they could further exploit the people there. Insurance companies under Reagan/Bush began dropping coverage on premium-payers as soon as those consumers became ill or injured, and blatant bottomless-pit GREED took over the for-profit (thanks to Nixon) industry! Record numbers of homeless families, the BCCI scandal (foreign ownership of banks...not allowed but occuring during the Reagan/Bush years); the Iran-Contra scandal as a leftover from the Bush Sr.-orchestrated "October Surprise" that was designed to undermine President Carter in order to win the election; and the COLLAPSE of the entire savings and loan industry---but only AFTER Bush boys made their fortunes, for which they got a "slap on the wrist" while American people lost their savings. The same FAILED supply-side economics, with tax cuts for the wealthiest 1.5% of Americans, wreaked HAVOC on the U.S. economy, just as it always does...and the DEREGULATION (removal of OVERSIGHT and all CONSUMER PROTECTIONS) that Republicans insist upon doing left a nation-destroying MESS that Democrat Bill Clinton came into office to fix. And fix it he did! Just as President Obama has done, President Clinton put DEMAND-SIDE economic policies into place, re-regulated to provide consumer protections and oversight, and in general did what was needed to create 2.2 MILLION new jobs, PAY DOWN our nation's debt and deficit, and leave office with a SURPLUS (Flynt, 1991) that was promptly WASTED by Bush/Cheney et al. Bush/Cheney did far worse because the GOP was in totalitarian rule from 2001 through to 2007---and this nation was very very close to destruction because of the same failed trickle-down (supply-side) and deregulation policies (Krugman, 2008; Picker, 2009).
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