Republicans Tear Down U.S. Economy Yet Again

If you have been listening to the news lately then you perhaps have some idea about the new economic crisis that is gripping the U.S. economy and the consequences for the American taxpayer. It is estimated that it will take about 700 Billion dollars to bail out the country's most major financial institutions such as fannie Mae and freddie Mac and lenders like AIG and Washington Mutual and there are likely many more to come. The city of new York has estimated that its economy this year will shrink by more than 1.5 billion dollars forcing yet another property tax increase on a city that it is already almost impossible to live in economically. It is no great shock that this disaster comes at the end of a republican administration. It has happened this way before in history.
In 1987 under President Reagan the stock market went into meltdown and lost nearly a quarter of its value in one day after nearly 7 years of republican freewheeling and deregulation of financial institutions and an orgy of military spending that the country could not really afford. The consequences to the economy lasted for years. It was not until the mid 1990's that there was a turn around and then a boom period under President Clinton.
If you want to go even further back you can go to 1923 when Republican Calvin Coolidge became president upon the death of Warren G. Harding. Under harding the "roaring twenties" were already well under way and so were a good many scandals that gripped his administration. Coolidge continued these policies of deregulation and maintained the usual republican stance of keeping a hands off attitude towards capitalism and wall street and letting them just go unregulated. The stock market crashed only a few months after he left office after refusing to seek another term and it left fellow republican Herbert Hoover holding the bag historically. Hoover got blamed in history for all of it.
Usually after a republican period of excess that leaves the country in a mess there is a democrat that rides to the rescue. In 1932 it was Franklin Roosevelt and his new deal and alphabet soup of new organizations that he created to help get Americans back on their feet. Despite his efforts it took years to recover. The U.S. actually did not recover until the arrival of World War 2 in the 1940's really.
In 1992 Bill Clinton came into power and within about 3 years the "dead" economy that he had inherited from both Reagan and George H.W. Bush was humming again and prospered in the late 1990's. It has been estimated that 23 million new jobs were created under Clinton during his presidency.
Now perhaps the stage is set for another demcratic hero in Barak Obama. He is saying the right things. Things like this country has got to get to a place where it starts taxing the wealthy again in order to get them to carry their fair share of the burden proportionally which under republican administrations they are always avoiding. He has also said that the war in Iraq should end which would save U.S. taxpayers currently about 13 billion dollars a month which is money that could be spent on health care and education back here in our own country among other things. If John McCain is elected he has basically said that he is at heart "A De-regulator" and you can expect policies towards wall street that will look very Bush like and we as a country will then be able to go completely over the cliff. The stage is set for Obama to come in and start to turn this thing around. It will take many years for him to achieve this even if he is elected and begins to impliment policies to do it. In November we will see if the working class Americans in this country are going to be smart enough to overlook the color of his skin and focus on the content of his character and make the right move to save the future of this country both for themselves and their children. It is true what they say that history repeats itself but if people are not paying attention to it then the lessons of history are lost.