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Politics : The Obama - Clinton Disaster
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To: GROUND ZERO™ who wrote (52177)7/4/2011 10:45:08 AM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "They're still blaming the economy on Bush..."

Actually, I would say the problem is THREE PART:

1) The deep recession was occasioned by a global FINANCIAL COLLAPSE, (and not by a normal cyclical downturn). Recessions spawned by financial bubble/bursts are ALWAYS the worst... and, (as Rogoff's work conclusively demonstrates), average at least twice the depth and length of the 'average' business cycle recession.

2) Our tax codes have been allowed to become corrupted with massive amounts of unproductive and growth-depressing special interest loopholes and special interest provisions... all of which (taken in-toto) keep economic growth far below par. We are *decades* past the time the entire code should have been gutted.

3) The failure (for most of the past thirty years) to effectively combat the ever growing deficits and national debt load... we instead pretended (both the public and the politicians) that we lived in an economic fairytale land where we could have our cake and eat it too... that we could over and over again cut revenues without simultaneously cutting spending and, (like Cheney famously declared) that "deficits don't matter". Poppycock such as that leads inevitably to a state of crisis.
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