Question by Ask A Doc!: Do most people even realize what has happened since the Democrats took power in Jan 2007? (We had a 4.8% unemployment rate before the Dems took the house and Senate) #1 More than 42 million Americans were on food stamps during the month of August. That is a new all-time record, and that number is 17 percent higher than it was one year earlier. In fact, the number of Americans on food stamps is up more than 58 percent since August 2007. #2 The number of "persons not in the labor force" in the United States has set another new all-time record. The United States has not had such an extended bout of mass unemployment since the Great Depression. The "official" unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months. #3 More than 1000 people now live in the 200 miles of flood tunnels that exist under the city of Las Vegas. Once one of the most prosperous cities in the United States, Las Vegas is now little more than a shiny, glittering corpse that it rapidly decaying. #4 Poverty is absolutely exploding and it is hitting those who are the most vulnerable the hardest. According to one recent study, approximately 21 percent of all children in the United States are living below the poverty line in 2010. #5 In the past 60 days alone, the price of cotton is up 54%, the price of corn is up 29%, the price of soybeans is up 22%, the price of orange juice is up 17%, and the price of sugar is up 51%. #6 One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government. #7 The American Bankruptcy Institute says that there will be about 1.6 million consumer bankruptcies in 2010. That would represent a huge increase over 2009. #8 According to one recent survey, 28% of all U.S. households have at least one member that is looking for a full-time job. #9 The individual U.S. states are mostly flat broke. For example, it is being reported that the 15 largest U.S. states spent on average over 220% of their tax receipts over the past decade. Clearly this is not even close to sustainable. #10 The U.S. government is completely and totally broke. After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a "fiscal gap" of $ 202 trillion dollars. #11 In an attempt to keep our financial system solvent, the U.S. Federal Reserve has announced plans to create $ 600 billion out of thin air and pump it into the U.S. economy. The Fed is calling this "quantitative easing," but what they should really be calling it is "cheating, debasing and inflating." #12 Many of the major trading partners of the United States are expressing deep resentment regarding the new quantitative easing policy announced by the Fed. Ambrose Evans-Pritchard recently described the growing animosity this way.... Li Deshui from Beijing's Economic Commission said a string of Asian states share China's "deep bitterness" over dollar debasement, and are examining ways of teaming up to insulate themselves from the tsunami of US liquidity. #13 For many analysts, the economic collapse of the United States comes down to cold, hard math. For example, the former CEO of the tenth largest bank in the United States says that it is a "mathematical certainty" that the U.S. government will eventually go bankrupt. #14 According to a recent article on CNBC, the financial world is already buzzing about QE3.... "They're already talking about QE3," said Dave Rovelli, managing director of US equity trading for Canaccord Adams. "Eventually we're going to be printing so much money the dollar is going to really go down and everybody's going to try to deflate their currency against us. I just don't know how this could end well."? So is that all the Federal Reserve has left? Are they just going to keep pouring bags of money into the economy until things get back to "normal"? Are we going to have "Quantitative Easing 3," "Quantitative Easing 4," and "Quantitative Easing 5"? It has been a long-running joke, but perhaps by the end of this thing Ben Bernanke will literally go up in a helicopter and start shoveling out huge piles of cash over the countryside. The era of great prosperity that we have all enjoyed for so long is coming to an end. It would be advisable to use the remaining period of economic stability that we still have to prepare for what is ahead. Best answer for Do most people even realize what has happened since the Democrats took power in Jan 2007?:
Answer by Ken
When President Obama took office the economy was at near collapse. He was handed a God-awful mess and did some pretty good work against unfair, unwarranted, unreasoned opposition from every Republican congress member in both the House and the Senate. Despite this mindless contempt from the GOP, the DOW closed above 11,100, jobs are up, GNP is positive, American forces are coming back from that senseless war in Iraq, the rotten, greedy, credit card companies can’t jack up your interest rate and sick little kids can no longer be denied health coverage. Not a bad two years in my book. http://simplifythepositive.blogspot.com/2010/03/100-accomplishments-of-president-barack.html
Answer by Mr. Wolf facts don't lie
This past recession started at the end of 2007 the Democrats took control of congress at the beginning of 2007. The circumstances that created this past recession was years in the making under a Republican controlled congress. I'm not saying it was the Republicans fault but I am saying saying it happen because the Democrats took control of congress is nothing but foolish Republican rhetoric.
Answer by Gen [<3 my animals]
It didn't take me long to realize that all of this info came from Fox News. If you seriously think that's the most reliable and unbiased news source, that's sad. You Repubs sure like cutting & pasting your "facts"
Answer by Chewy Ivan 2
Yes. We also realize what happened before the Democrats took power, which is why we blame Republicans for the economic collapse. It's not fair to blame Democrats for our economic boat not floating so high in the water when Republicans were the ones drilling holes in the hull.
Answer by Big Peter
Ya, Americans are pretty ignorant not to realize that Ronald Reagan and Newt Gingrich with the Republican majority of 1995-2006 sold America down the drain for the sake of their Corporate Masters.
Answer by g
lol... since the dems took power in 07? this has been going on since the 80s? you don't really think the could all happen overnight? if you actually read what you posted, you would realize that it's IMPOSSIBLE for all that to happen since 07? so, why do you ask it in a question directly related to that? oh, because you don't really believe what you're saying and you're trying to scare people to get political points... if you REALLY belived this... you wouldn't frame it in such a comical manner...either that or you don't even understand what you wrote... why are your points 11, 12, 13 and 14 almost exactly the same? did you think people just look at the numbers and don't read them... lol?
Answer by apeman605
TLDR. Cut and paste questions generate little interest here. FYI
Answer by black_lotus94
The Country went into a Recession in 2007, The democrats went into office that year, yet none of their policy's had time to take effect until after the recession hit. There is no way policy could move that fast. You think all this happened in a matter of a few months or weeks people went from living good to under a bridge? You think this might not have anything to do with the loosening of regulation that happened since Bush was elected?
Answer by Will
I'm guessing you and Fox didn't get the memo. It's the economy stupid. And it didn't just happen in 2007.
Answer by checkmate
America, this is how the world operates for many others. It's nice when the chickens come home to roost!
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The U.S. government is about to reach it's $ 14.3 trillion debt ceiling by the early spring of 2011. Yesterday, the White House Council of Economic Advisers Chairman Austan Goolsbee made a strong case that the debt ceiling would have to be raised or the economy in the United States would be catastrophic and worse than anything we seen in 2008. This sounds very similar to when the U.S taxpayers were frightened into supporting the Troubled Asset Relief Program(TARP), by bailing out the 'too big to fail' banks such as Goldman Sachs Group Inc.(NYSE:GS), J.P. Morgan Chase & Co.(NYSE:JPM), and Citigroup Inc.(NYSE:C) just to name a few.
What would really happen if the debt ceiling was voted down by the new Congress? Would America just crumble and become a third world country? The nation would probably feel some short term pain as many government jobs would be eliminated and spending cuts would be forced to be made.
What people don't realize is that this is exactly what this nation needs. This country needs an enema to flush out all the waste and garbage that it has been consuming for over 30 years. If the debt ceiling is not raised the United States would be able to finally face the hard reality that the endless credit card spending is over. If a family or an individual spend all their money and use up all their credit they have to face changes and stop spending. Look at the current mess that this country is in with high foreclosures and unemployment. Foreclosures and unemployment is the result of spending more than you have and using excessive credit. Why are things so different for the U.S. government? Perhaps, it is because the U.S. taxpayer will continue to foot the bill and bail out the reckless spending.
First, the U.S. taxpayer bailed out the large major banks that were too big to fail. Well, guess what? These large major banks are now even bigger. These banks should have been able to fail. Then the banks would have been broken up into a hundred pieces in bankruptcy court. The parts that function and were solvent would still be around today and able to function as intended. The rest of the business would have went by the waste side and written down as a loss. These days the banks have phony accounting where the liabilities are now assets. What's wrong with this picture? Did we not learn from Enron, Global Crossing, Adelphia, and other companies that used fraudulent accounting?
Second, the U.S. taxpayer had to bailout insurance giant American International Group Inc.(NYSE:AIG), and government sponsored mortgage giants Fannie Mae, and Freddie Mac. Surprisingly the mortgage giants Fannie and Freddie are still costing the taxpayers billions of dollars. In fact, the large major banks are selling their bad mortgages to Fannie Mae and Freddie Mac. What kind of scam is this?
Today the U.S. national debt is now over $ 14 trillion dollars. When is the United States going to get it's economic house in order? There is not a doubt in my mind that the debt ceiling will be raised again, and again by the politicians until it finally cannot be raised anymore. Right now is when the new Tea Party congress can make a stand and do what the American public voted them in for. Will they just become a new group of puppet politicians like all the rest of them regardless of party. We shall see soon enough.
Nicholas Santiago
www.InTheMoneyStocks.com Recommend U.S. Debt Hits Trillion And Counting Articles
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