Friday, January 9, 2009

Like Father Like Son

The unemployment numbers for December 2008 were released by the labor Department today showing that unemployment has topped 7% under the failed policies of the Republican George W. Bush Administration. Who was the last President to preside over failed policies that led unemployment to top 7%, yes of course it was George H.W. Bush.

Although George W. Bush has made it a point that his Administration was not a continuation of the George H.W. Bush Administration it certainly seems to have been. Besides stocking the Administration with armies of personnel from the Bush Sr. Administration, Bush Jr. also followed his Father's footsteps in invading Iraq. At least Daddy Bush knew better than to attempt to occupy a Country like Iraq or Afghanistan. Irregardless they both invaded Iraq with no defensive purpose and no benefit to America.

On the economic front although they both reached the same results through different policies they accomplished the same outcome, higher unemployment, more people living in poverty and a diminishing middle class. If ever there is a Country on Earth that is progressing too rapidly the best solution is to get a member of the Bush Family to administer their government, progress will not only stop but it will reverse course.

In a recent interview George H.W. Bush wistfully stated that he had hoped Jeb Bush could be elected President. The last thing America will ever need is another Bush in the White House EVER!!! In 7 -10 years when we begin to raise our heads above the muck and mire of economic collapse that George W (C Student ) Bush has led us into, I am hoping that the History Books will name this era properly, The George Bush Depression Era. The only problem is that President Obama will have to deal with the worst of the results of the Bush Administration failures, because although the unemployment numbers were bad they were not disastrous. However, unemployment numbers are a lagging indicator, they tell you what has happened not what will happen. The numbers released today by the Labor Department that can give insight into what will happen are the average hourly work week which has sunk to an almost unprecedented level at 33 hours per week. Basically what this number suggests is that there is higher unemployment to come and if the work week shrinks by the next report we are almost guaranteed to see real unemployment at or above 12% in the near future. It took the Republican Bush Administration eight years to accomplish their destruction of the American Surplus and thrust the Nation into the deepest recession since the Great Depression, so President Obama does not have much hope of turning anything around very soon.

One thing that will not turn anything around is the continued unrestricted Bailout of Financial Corporations which swindled the Nation's Wealth from the Treasury. Continuing the unrestricted funding of these Corporations must stop. Most of the Financial Corporations that received the largest Bailouts like Citi Group have major foreign ownership, does it make any sense to Bail Out Foreign investors while the American Middle Class is collapsing and the Poverty Rates are skyrocketing and those in Poverty are slipping into despair. Is President Obama going to reverse this course and direct the assets of the United States Treasury towards the American People and stop Bailing Out Arab owned Banks and Financial Institutions in the United States?

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