The most pressing issue in this election, simply put, is the economy, but to properly judge its present state, it must be compared to what it was at the end of 2008.
What got us here? The economic trend of the past three decades shows a series of booms and crashes, each becoming more significant than the previous. Savings and loans in the 80s, DotCom in the 90s and housing and the banks in the 2000s. The last was the most devastating blow to the economy since the Great Depression and much can be attributed to decades of supply-side economic policy that was exacerbated specifically in two ways: Clinton’s repeal of Glass/Steagall, which allowed commercial banks to act as investment banks; and Bush legislation that further deregulated the derivatives market and ultimately gave banks the right to borrow unlimited funds. These conditions gave the industry a way of making ungodly amounts of money, all while accumulating ungodly amounts of debt. Hence, a bubble. Its effect was worsened with two costly wars and the championed Bush tax cuts.
Who’s to blame? To blame any one president for crashing our economy would be foolish. Neither Clinton nor George W. single handedly created the volatile situation we now see. I blame three decades worth of politics (from both sides) that turned our economy from one that made things and favored the worker and the consumer to one that makes deals and favors the employer and the company. The theory behind this strategy is simple, if you support the employer, they will support the worker. This, sadly, is not how the modern world of Wall Street works, and globalization has only created more holes in the trickle down economic theory. Its failure is illustrated with companies like Exxon, which produced record profits while cutting American jobs.
Where are we now? We are in one less war, the private sector is slowly but steadily growing , the American Car industry avoided bankruptcy, health care is more accessible to millions of citizens, and the most comprehensive financial reform legislation (Dodd-Frank) since FDR’s New Deal was signed into law with bipartisan support. The Dodd-Frank legislation, in particular, illustrates the difference between this administration and its predecessor. It is, in fact, the change we asked for.
Who can lead us out? I believe in President Obama, and it’s not because he’s the lesser of two evils. He’ll compromise even when supporters like me protest and he’ll represent the working class by doing what’s best for the people affected most by this recession. As for the opposition, Romney thinks government should run like a business and his qualifications rely heavily on his private sector experience. What he fails to see is that government’s primary responsibility is to protect and serve all citizens, not just the bosses and companies they work for. Unlike Romney’s business strategy, the country cannot be repackaged and forced into bankruptcy for the sake of a few dollars.
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