Sunday, October 24, 2010
Jobs, Jobs and More Jobs
It’s no secret that jobs are the major issue for this election. Unemployment is high and not going down for a while unless some policy changes are put in place. It is fashionable for the Obama administration to blame the “previous” administration, but a close look at the statistics demonstrates that Democratic control of Congress and the election of Barack Obama are the real culprits for the jobs collapse. In 2008, the last year of the Bush Presidency, the unemployment rate was 5.8-percent. In the eight years he was President the highest rate ever was 6-percent and the average over eight years was 5.2-percent. In the year Obama took office the rate rose to 9.5 percent. The mainstream media tried to talk down the Bush economy for his entire Presidency. They kept predicting that the economy would falter. They put negative spin on every job statistic and hinted it was only a matter of time before the Bush economy collapsed. But any fair analysis demonstrates George W. Bush kept unemployment low and it has skyrocketed under Barack Obama. The Bush economy collapsed when the 2006 Democratic-run Congress under Speaker Nancy Pelosi forced the Mark-to-Market rule on the investment industry, which included banks and insurance companies. The effect of the rule led directly to the collapse of the banking system and the mortgage market. Americans have had to stand by and watch the U.S. Treasury looted and our National Debt increased by $3.7 Trillion. These are things to remember on Election Day.