How and why are the Republicans to blame for America’s current financial crisis?


Bush’s tax cuts for the rich, which caused the rest of us to pay a larger proportion of our income toward all taxes than we had in the 80s. Then, along came the Iraq War (unnecessary), and military spending in Afghanistan (necessary). Directly because of the wars in Iraq and Afghanistan, the price of crude oil began to rise due to fears of shortages, and market manipulations made investors fearful of the future of oil supplies. Massive war spending caused increasing indebtedness on the part of the federal government, and states began to raise taxes to fund necessary programs. Then, with falling tax revenues, the federal government began to borrow money from China and other countries to meet its financial obligations. Then, with incomes declining, people began to use credit to maintain the same standard of living they were used to during the 90s. People began to pay their surplus incomes toward debt rather than toward present consumption. Then, declining consumption caused inventories began to build up, and businesses began to lay workers off. Unemployment began to rise, causing consumption to fall even further. People who bought Adjustable-rate mortgages were suddenly hit with doubling payments, eating up a majority of their disposable incomes. Foreclosures began to rise as those homeowners found out that the &quot:housing bubble&quot: (unrealistically-inflated prices of new homes) burst, causing many to be unable to sell their homes, and even if they found a buyer, they owed more than the house was worth. Banks started falling short of funds, so they tightened up credit, causing businesses to be unable to meet payroll. Businesses started laying off more workers. Meanwhile, this being an election year, both the present administration and the incoming president-elect began to argue about what, if anything, should be done. Out of all the disagreement out what should be done, no one is looking out for the &quot:little man&quot: the middle class. This situation is still unresolved.

When Bill Clinton left office, we had a budget surplus. The first thing Bush did when he moved into the Whitehouse was give the surplus back to the taxpayers and lowered taxes for the rich. And then we went to war: we are currently spending 10 billion $ per month in Iraq. Where is this money coming from? The CHINESE. The Chinese are loaning us billions to fund our wars. Bush also created the Medicare part D program, a great plan that pays for medication for people on medicare and Medicaid. The problem with launching that program was: there was no plan for funding it. That’s how the Bush administration operates: spend first, and hope the next guy will figure out a way to balance the budget again. Peace!

Very long query yet I examine it. I even tend to believe you. I additionally think of we would desire to furnish Obama greater effective than a month to help us. i think of that the disaster became an prolonged time coming. I stay in Michigan and we’ve considered it for years while no one else had to look. i’m a company believer that the financial industry, have been it no longer for his or her greed, would have staved off the worst of it yet chosen to cover their very own butts. now we would desire to constantly bail them out. and that they nevertheless are not doing what they’d desire to be doing. a minimum of the motor vehicle agencies is a private loan. I additionally blame Republicans as they controlled the rustic for 8 years and did no longer something to repair the regulations that the financial industry became abusing. I additionally blame the certainty that we’ve allowed our production to be taken over by skill of foreigners. NAFTA isn’t working. And to those who say that vehicles made by skill of the former huge 3 are in part or quite often made in different international places, submit to in strategies that as quickly as you purchase an American motor vehicle the money is going staright back to an American company. purchase a foreign places motor vehicle and the money is going back to that united states of america however in the event that they have plant life right here.

Not Republicans, but the rich and greedy. The rich and greedy have great power in both parties, but have far greater power in the Republican party.
One reason why is if you attack the rich as a Republican, the other rich Republicans will kick you out. If you attack the rich as a Democrat, the other rich Democrats will try to stop you, but they can’t kick you out.

8 years of Bush and his policies like the invasion of Iraq which was totally unnecessary and under his Presidency the deficit has doubled. Our military is stretched out to the limits and we are fighting to avoid a depression

They aren’t.

Both parties are playing politics at the citizens’ expense. They are both equally to blame for the condition of our country.

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