33 Shocking Facts Which Show How Badly the Economy Has Tanked

[Doppel]

Boomerang's profession seems to be of little relevance here.

The US was going down the toilet when Obama took office. Some of those stats are very disconcerting.

Number of people with full time jobs down by 6 million is not good. The debt stats suck, too.

That gallon of gas stat makes me bleed, though. A similarly stupid one is saying the highest price of gas during Obama's administration is thus far lower than the highest during Bush's. Citing the price of gas after a market crash that coincided with him taking office is thoroughly ridiculous.

 

[Matt1970]

I can pretty much tell how full of bullshit a list is if they put 2 specific things on it. First, if they mention the accumulation of debt under Obama yet ignore that he was handed the single largest budget deficit in American history and has decreased it by more than half. And the second is if they mention increase in gas prices under Obama but ignore than 7 months earlier the average gas price was the highest it's ever been in American history and was down when he took office due a historically bad economic collapse.

This list had both those things.

What's bullshit is trying to say Obama decreased the deficit by more than half and fail to mention that the defict he reduced was a one time emergency spending deficit by the previous administration. 7 out of the last 8 years the deficit averaged $400 billion and was as low as $170 Billion. The deficit in 2009 was $1.4 Trillion and 2010 was $1.2 Trillion.

 

[Jhhnn]

What's bullshit is trying to say Obama decreased the deficit by more than half and fail to mention that the defict he reduced was a one time emergency spending deficit by the previous administration. 7 out of the last 8 years the deficit averaged $400 billion and was as low as $170 Billion. The deficit in 2009 was $1.4 Trillion and 2010 was $1.2 Trillion.

So, uhh, why did we need an "emergency spending deficit", and what makes you think that the "emergency" only lasted one year?

 

[Zxian]

https://www.youtube.com/watch?v=CKCvf8E7V1g

There was a study recently that raising the minimum wage for every Walmart employee to $12/hr would cost the average customer $0.48 per visit. Somehow, I don't think this would ever happen with a completely free market. The Walmart heirs have the same net worth as 40% of the population. When the cards are already that stacked, there's not much that the lower and middle class can do.

 

[Darwin333]

When that's the only flavor of economic policy we've had for three decades running, it isn't that difficult to identify the problem.

So its still "conservative economic policies" when it has been done, by your own admission, during Democrat presidencies of the last 3 decades as well?

 

[Matt1970]

So, uhh, why did we need an "emergency spending deficit", and what makes you think that the "emergency" only lasted one year?

Because if you call it emergency spending, then that means it’s temporary. The spending level we are at will now be is not temporary. We will now just keep spending at the level we are at now and then when revenue finally catches up we can call it deficit reduction.

 

[Matt1970]

https://www.youtube.com/watch?v=CKCvf8E7V1g

There was a study recently that raising the minimum wage for every Walmart employee to $12/hr would cost the average customer $0.48 per visit. Somehow, I don't think this would ever happen with a completely free market. The Walmart heirs have the same net worth as 40% of the population. When the cards are already that stacked, there's not much that the lower and middle class can do.

I am so glad there are these people telling the largest corporation ever how to run their business. With people lining up to shop there and work there they are clearly doing it wrong.

 

[mizzou]

Clinton instituted TANF
- Thread

 

[Zxian]

I am so glad there are these people telling the largest corporation ever how to run their business. With people lining up to shop there and work there they are clearly doing it wrong.

The annual earnings of people like me are hundreds, if not thousands, of times greater than those of the median American, but we don’t buy hundreds or thousands of times more stuff. My family owns three cars, not 3,000. I buy a few pairs of pants and a few shirts a year, just like most American men. Like everyone else, we go out to eat with friends and family only occasionally.

I can’t buy enough of anything to make up for the fact that millions of unemployed and underemployed Americans can’t buy any new clothes or cars or enjoy any meals out. Or to make up for the decreasing consumption of the vast majority of American families that are barely squeaking by, buried by spiraling costs and trapped by stagnant or declining wages.

Did you watch the video? How is that $90B in the hands of six people helping turn the wheels of the economy? People buy there because it's cheap. People start working there because it's a job. 70% of them then leave within a year.

 

[Gintaras]

Why do youi blame Obama for?

Is he the one that everything in US depends on him?

Before elections - FUNDRAISING - it is a LEGAL BRIBERY in US.

Do you think, that someone gives money to someone running for president just because they like him/her? because of looks?

Maybe just stupid people do that...not big "fundraisers" - Corporations...

Do you think, it's still a Capitalism? Wher are all mom/pop stores instead of malls?

We live now in a Corporatism, no more Capitalism - forget about...

Corporations do bribe(well, fundraising) both republicans and democrats....
And who do you think WINS IT ALL?

After call...Do you suggest Obama to go against those, who did "fundraising"

Well, why don't you fight those, who did bribe Obama instead of you go against Obama?

Most people are so called "Monetary Slaves" and step from "monetary" to REAL SLAVE, when all currency system is turned OFF...

There comes so wanted New World Order...

What a Fairly Tail....

 

[Matt1970]

Did you watch the video? How is that $90B in the hands of six people helping turn the wheels of the economy? People buy there because it's cheap. People start working there because it's a job. 70% of them then leave within a year.

Because $90B in the hands of the Government is even worse. Oh, by the way, it's their money to do with how ever the hell they choose. And if you must know, the buy houses, cars, planes, boats, clothes, furniture, computers, etc, etc with that money which all must be built by someobody. If 70% of the people leave in their first year, that means they found something better.

 

[Jhhnn]

Because if you call it emergency spending, then that means it’s temporary. The spending level we are at will now be is not temporary. We will now just keep spending at the level we are at now and then when revenue finally catches up we can call it deficit reduction.

Project often? Reference another thread on this page that shows the deficit going down...

Righties always go on about spending, when that's only half the story. Revenue is the other half.

The other part of it all that sets Righties off into foaming denial is that the Welfare State is the inevitable result of the failure of American Capitalism to live up to the promises of deregulated trickle down economics. There is no down in trickle down- only up. If Capitalism fails to provide jobs & income for the masses, then an alternative will be found, one that maintains domestic tranquility & keeps kids fed, clothed & sheltered. It also keeps commerce alive in many poorer places in this country, particularly rural areas of Red States.

The worst possible thing that could happen to many Red State voters would be for them to get what they say they want. If it weren't for the misery it would cause, we could try an experiment in, say, Mississippi. Residents pay no federal taxes & receive no federal money, either, other than SS, which is something that people pay to get.

Their economy would crumple like Dick Cheney's hunting partner with a face full of birdshot, triggering a mass exodus kinda like Oklahomans fleeing for California during the dust bowl. All the little towns & villages would likely get boarded up as they sank into the Delta ooze.

It's not like the Job Creators! would come to their rescue, is it? Hardly- they'll send out vultures to repossess their shit & foreclose on their mortgages.

 

[ElFenix]

What's bullshit is trying to say Obama decreased the deficit by more than half and fail to mention that the defict he reduced was a one time emergency spending deficit by the previous administration. 7 out of the last 8 years the deficit averaged $400 billion and was as low as $170 Billion. The deficit in 2009 was $1.4 Trillion and 2010 was $1.2 Trillion.

you know that the majority of that "one time emergency spending" wasn't spent in one fiscal year, right?

 

[Matt1970]

Project often? Reference another thread on this page that shows the deficit going down...

Righties always go on about spending, when that's only half the story. Revenue is the other half.

The other part of it all that sets Righties off into foaming denial is that the Welfare State is the inevitable result of the failure of American Capitalism to live up to the promises of deregulated trickle down economics. There is no down in trickle down- only up. If Capitalism fails to provide jobs & income for the masses, then an alternative will be found, one that maintains domestic tranquility & keeps kids fed, clothed & sheltered. It also keeps commerce alive in many poorer places in this country, particularly rural areas of Red States.

The worst possible thing that could happen to many Red State voters would be for them to get what they say they want. If it weren't for the misery it would cause, we could try an experiment in, say, Mississippi. Residents pay no federal taxes & receive no federal money, either, other than SS, which is something that people pay to get.

Their economy would crumple like Dick Cheney's hunting partner with a face full of birdshot, triggering a mass exodus kinda like Oklahomans fleeing for California during the dust bowl. All the little towns & villages would likely get boarded up as they sank into the Delta ooze.

It's not like the Job Creators! would come to their rescue, is it? Hardly- they'll send out vultures to repossess their shit & foreclose on their mortgages.

Thanks a lot Gump. I didn't realize it involved both spending and revenue. And I have news for you, there was welfare long before trickle down economics. Is there anything you won't blame on Reagan?

 

[buckshot24]

So, uhh, supply side trickledown Reaganomics aren't what nutcases like incorruptible claim they are? The top 1% share of income doubled in 30 years at the expense of the lower 50%?

Your policies get us closer to Cuba than anything resembling a utopia.

Job Creators! All they need is another tax cut, less govt interference & more Freedom! to create a Capitalist Utopia! Honest! True Story, Bro!

There is more to the problem than just tax rates. You know damn well that if you tax something you get less of it. Please explain how more people will be able to find work if the businesses who hire them have to pay more for these workers? I know I'm pissing in the wind expecting an answer from you but hopefully you may surprise me.

It's just a Utopia for them, of course. What do the rest of us get, other than Cornholio?

If you want income equality then you are welcome to move to Cuba. There I'm sure you'll get what you're worth which is about 30 bucks a month.

 

[buckshot24]

Thanks a lot Gump. I didn't realize it involved both spending and revenue. And I have news for you, there was welfare long before trickle down economics. Is there anything you won't blame on Reagan?

Lefties subsidize failure and wonder why there is so much of it.

 

[Incorruptible]

So, uhh, supply side trickledown Reaganomics aren't what nutcases like incorruptible claim they are? The top 1% share of income doubled in 30 years at the expense of the lower 50%?

Some of us figured that out 30 years ago. Some of us are so well indoctrinated that they never will.

Job Creators! All they need is another tax cut, less govt interference & more Freedom! to create a Capitalist Utopia! Honest! True Story, Bro!

It's just a Utopia for them, of course. What do the rest of us get, other than Cornholio?

When have I ever supported reagan? You're a liar and this is typical of scum like you. You're the biggest nutcase on here constantly blaming reagan for your problems.

Instead of bitching on the internet how about you get a job? Oh wait I forgot who I am talking to.

 

[Fern]

Originally Posted by Matt1970 View Post
What's bullshit is trying to say Obama decreased the deficit by more than half and fail to mention that the defict he reduced was a one time emergency spending deficit by the previous administration. 7 out of the last 8 years the deficit averaged $400 billion and was as low as $170 Billion. The deficit in 2009 was $1.4 Trillion and 2010 was $1.2 Trillion.

you know that the majority of that "one time emergency spending" wasn't spent in one fiscal year, right?

You know that 100% of that ""one time emergency spending" was accounted for as an expense in only one year?

When it was spent has no relevance to governmental accounting practices.

It may also interest you to know that the 'extra' spending by Bush, bailouts and whatnot that were loans, were repaid during Obama's term and count as negative expenses. This makes Obama's spending look less that it actually was.

Fern

 

[OverVolt]

I can pretty much tell how full of bullshit a list is if they put 2 specific things on it. First, if they mention the accumulation of debt under Obama yet ignore that he was handed the single largest budget deficit in American history and has decreased it by more than half. And the second is if they mention increase in gas prices under Obama but ignore than 7 months earlier the average gas price was the highest it's ever been in American history and was down when he took office due a historically bad economic collapse.

This list had both those things.

It wouldn't have mattered who was president, thats one of the points.

 

[ElFenix]

You know that 100% of that ""one time emergency spending" was accounted for as an expense in only one year?

When it was spent has no relevance to governmental accounting practices.

It may also interest you to know that the 'extra' spending by Bush, bailouts and whatnot that were loans, were repaid during Obama's term and count as negative expenses. This makes Obama's spending look less that it actually was.

Fern

is the .gov borrowing money well before it's needed?

 

[Matt1970]

Your policies get us closer to Cuba than anything resembling a utopia.
There is more to the problem than just tax rates. You know damn well that if you tax something you get less of it. Please explain how more people will be able to find work if the businesses who hire them have to pay more for these workers? I know I'm pissing in the wind expecting an answer from you but hopefully you may surprise me.
If you want income equality then you are welcome to move to Cuba. There I'm sure you'll get what you're worth which is about 30 bucks a month.

Nevermind the fact that since the Reagan tax cuts the actual revenue collected from those upper earners has gone up. Never before has such a smaller percentage of earners paid such a high percentage of the taxes paid. That isn't good enough for the lefties like Jhhnn, they need to see a higher percentage to make themselves feel good. They like to ignore the fact that we have had dramatically higher tax rates on the upper class and the revenue from them was lower, we still had deficit spending and still had people living in poverty.

 

[Attic]

is the .gov borrowing money well before it's needed?

Set aside into funds as I understand it.

 

[Jhhnn]

Nevermind the fact that since the Reagan tax cuts the actual revenue collected from those upper earners has gone up. Never before has such a smaller percentage of earners paid such a high percentage of the taxes paid. That isn't good enough for the lefties like Jhhnn, they need to see a higher percentage to make themselves feel good. They like to ignore the fact that we have had dramatically higher tax rates on the upper class and the revenue from them was lower, we still had deficit spending and still had people living in poverty.

Lovely spin. If my income doubles & my tax rate falls by a third, I'll be paying more taxes than ever before, but at a lower rate. And, of course, if I'm a member of the Rentier class, my income will continue to explode through passive ownership rights. When my share of income starves that of working people, they can't afford to pay taxes at the same rate as before.

The rest? Hogwash. The national debt stood at less than $1T dollars when Reagan took office. After 12 years, it stood at $4.4T. That was due to a lot of militaristic Keynesian spending, and also to shifting the tax burden down the scale with reduced top rates & increased payroll taxes, the surplus from the latter becoming part of the debt.

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm

http://www.motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph

Inconvenient facts that I'm confident you will continue to ignore. Why change now, when you'd have to re-evaluate, to actually think rather than just spout?

Questioning one's own beliefs scares conservatives more than anything, and rightfully so. Their worldview would collapse like a Jenga tower if they moved the wrong piece.

 

[fskimospy]

Nevermind the fact that since the Reagan tax cuts the actual revenue collected from those upper earners has gone up. Never before has such a smaller percentage of earners paid such a high percentage of the taxes paid. That isn't good enough for the lefties like Jhhnn, they need to see a higher percentage to make themselves feel good. They like to ignore the fact that we have had dramatically higher tax rates on the upper class and the revenue from them was lower, we still had deficit spending and still had people living in poverty.

That is a ridiculous argument. The reason they pay more is because almost all the income gains have gone to them. So as inequality has gotten worse, the rich pay more. Are you claiming the shift on income percentages since the 1970s as a good thing?

This would have some merit if economic growth were correlated with lower taxes on the rich, but it isn't. At all.

 

[werepossum]

Your policies get us closer to Cuba than anything resembling a utopia.
There is more to the problem than just tax rates. You know damn well that if you tax something you get less of it. Please explain how more people will be able to find work if the businesses who hire them have to pay more for these workers? I know I'm pissing in the wind expecting an answer from you but hopefully you may surprise me.
If you want income equality then you are welcome to move to Cuba. There I'm sure you'll get what you're worth which is about 30 bucks a month.

To him Cuba IS a utopia.