Obama and Bush--our economy and debt

I always hear from GOP how great Bush economy was--and yes unemployment was low until 2007 and Obama came into office with a deficit and bad job loss numbers--BUT GOP FORGETS ABOUT THE RECESSION and what it did to our spending and deficits and debt--plus Bush's debt record is erased by GOP

The financial crisis was a housing and credit bust that broke our economy and cost 8 million jobs to be lost which led to lower tax revenue and more spending in Obama's administration AND THE END OF THE BUSH ADMINISTRATION--2007-2009

unemployment went up as jobs were lost

job losses meant less workers paying taxes and increased spending for government---unemployment insurance//medicaid//food stamps etc

IMPACT OF JOB LOSSES ON ECONOMY

home foreclosures lead to greater instability in the market and lives of those who lost their homes and savings and jobs

So thats the recession that hit in 2007 until 2009 and still affects our economy today---we are having a slower recovery because our Wall st crash lead to a worldwide freeze in credit 

these are just some basics as to why we are in this economy right now----then there's the whole taxes and debt debate---

TAXES need to go up on the rich---this is a picture of the ""47%"" who pay no income tax---but look at those who DO pay income tax and look where it stops---$200,000 a year---Middle Class bears the tax burden in this country---the poor dont make enough and the rich get special treatment!!!!!

ORIGINAL GRAPH

 

My comments on the above graph

The Top rate used to be a LOT higher, in fact the JFK tax cut was brought up in debates in the 2012 election, JFK "cut taxes, he lowered the top marginal tax from 91% to 65%." link

THE RICH NEED TO PAY MORE IN TAXES!!!!!!

http://onpoint.wbur.org/2004/01/30/perfectly-legal

http://www.youtube.com/watch?v=irHgknaS2jA

http://economix.blogs.nytimes.com/2013/01/08/tax-increases-and-bull-markets/

http://www.businessinsider.com/america-taxes-charts-2013-1

AND finally the debt!!!!! who created it?? it was started in 1776 when we became a country--the states unified their Revolutionary War debt and used it to borrow money to finance our economy (FOR MORE SEE book)

The debt was relatively stable from 1940 except for World War 2 until Reagan comes into office--then Clinton starts to lower it as he ends his 2nd term

BUSH TAX CUTS WERE NOT PAID FOR BUT GOP HAD NO PROBLEM ENACTING THEM

TAX CUTS LEAD TO DEFICITS

Obama's ""spending problem""

VOTE DEMOCRAT!!!

VOTE DEMOCRAT!!!!!!

VOTE OBAMA!!!