• During the 2008 financial crisis, gas prices skyrocketed, overwhelming the payrolls of many businesses. Political leaders like Sarah palin blamed environmentalists who wouldn’t let the US drill offshore or on public lands.
• In reality, Wall Street speculators were making huge, unregulated bets on gas just as they had done on mortgages.
• Wall Street was allowed to make these bets because Phil Gramm inserted an amendment into the Commodity Futures Modernization Act that was written by lobbyists for Enron, Goldman Sachs, and the Koch Brothers (funders of the Tea Party.)
• The legacy of Ronald Reagan and deregulation is that Wall Street has taken us through a steady 25-year spree of criminal behavior; savings and loans, tech-stock bubbles, accounting fraud, and mortgage industry collapses.
• Reagan’s message of “Government Bad, Private Sector Good” became so ingrained that by the time Bush came to office, Wall Street was immune from prosecution.
• The Tea Party is largely concentrated in the nation’s poorest states which are most easily harmed by high gas prices. The Tea Party is also funded by the Koch Brothers, who are among the world’s top speculators responsible for artificially driving up gas prices. Yet the Tea Party protests against the kind of regulation that would rein in the Koch Brothers and stabilize prices.
• Wall Street speculators created artificially high prices that Republican politicians blamed liberals and environmentalists for. Then they argued for expanded drilling and the Keyston Pipeline, projects that will do nothing to bring prices down.
The results of the analysis suggest that changes over the past 65 years in the top marginal tax rate and the top capital gains tax rate do not appear correlated with economic growth. The reduction in the top tax rates appears to be uncorrelated with saving, investment, and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie.
However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.
The empirical relationship between tax cuts for the top 10% percent and job creation is negligible in magnitude, statistically insignificant, and much weaker than that of equivalently sized tax cuts for the bottom 90%.
• George Bush was a historic failure with the worst economic track record in modern history.
• His 2001 tax cuts for the ‘Job Creators’ that were passed amid big promises led to the worst job creation record since record keeping began. But it did deliver a staggering windfall to the richest 1%.
• Since JFK, Democratic Administrations created 42 million jobs, compared to the Republicans’ 24 million, even though the Democrats held office for less time.
• Over the past 50 years, Republicans presided over the largest decline in wages.
• A JP Morgan study found that the economy grows fastest when Democrats control the White House as well as Congress.
As of Friday, a $10,000 investment in the S.& P. stock market index would have grown to $11,733 if invested under Republican presidents only, although that would be $51,211 if we exclude Herbert Hoover’s presidency during the Great Depression. Invested under Democratic presidents only, $10,000 would have grown to $300,671 at a compound rate of 8.9 percent over nearly 40 years.
• Obama reduced taxes more than any president since Eisenhower.
• The US has the lowest revenues and spending as a percentage of GDP of seven industrialized countries surveyed (US, Japan, Canada, UK, Germany, Italy, France.)
• 2% of Tea Party members know that Obama has lowered their taxes and 44% think he raised their taxes.
• While the Tea Party demands tax cuts for billionaires, Obama was busy cutting their taxes more than Reagan or Bush.
• Mitt Romney’s campaign of fiscal responsibility is hypocritical considering he made his immense fortune by saddling others with massive amounts of debt.
• Romney made $250 million by loading up companies with debt, then extracting million-dollar fees for ‘advice’ on how to finance the debt he burdened them with.
• When companies are saddled with this kind of debt, two things can happen: they can fire workers and slash benefits to make the payments, or they can go bankrupt. Corporate raiders like Romney make money either way.
• That he could make his fortune by using taxpayer-subsidized debt to enrich billionaires and then campaign on the evils of debt is representative of the sociopathy that has taken root in Wall Street.
• Conservative deficit scolds always argue that the US has a spending problem, not a revenue problem; all while providing cover for the rich tax cheats who avoid paying their fair share.
• Withheld revenue, in the form of tax avoidance by the rich, is the true problem and collecting it could pay off the deficit.
• Individual and small business tax avoidance costs us $450 billion.
• Corporate tax avoidance is between $250 billion and $500 billion.
• Tax haven losses range from $337 billion to $500 billion.
• Polling results reveal a very populist streak that will make it hard for entrenched leaders on both the right and the left to maintain their preferential treatment of bankers.
• 93% believe its important to regulate financial services.
• 80% support the creation of the Consumer Financial Protection Bureau.
• 80% believe inequality is a problem.
• 80% oppose Citizens United.
• 97% would support a federal law that imposes tough, new anti-corruption laws for politicians, lobbyists, and Super PACs.
• 77% say they have seen little or no effect from the recent growth in the US stock market.
• 66% believe financial institutions are making it harder to find good paying jobs in the US.
• 64% believe the economic rules in this country unfairly favor the rich.
• 68% think the Republican party is out of touch with the concerns of most people in the US today.
• People with poor reasoning abilities don’t like complexities in life and are more prone to prejudice.
• Less intelligent people are drawn to conservative ideologies because they provide structure and order in a complicated world.
…we found that lower general intelligence in childhood predicts greater racism in adulthood, and this effect was largely mediated via conservative ideology.
• The economic struggles of the middle-class since the late 70s are not just the result of globalization and technology.
• The corporate and financial sectors have organized and financed a long series of changes that tilt government policies in their favor: tax laws, deregulation, corporate governance, the safety net, etc.
• In the past three decades big business mobilized on a massive scale to become more active in Washington, consolidating political clout and eroding the government’s ability to respond to the middle-class’ needs.
• This tiny group of monied interests thrived during the last recession (which they created), while the rest of the country suffered.
• The right wing tried pushing the lie that the Wall Street hustlers who brought the world economy to its knees were the innocent victims of government programs and poor people.
• The CRA only encourages banks to lend in all areas in return for those banks getting government-backed deposit insurance (something the banks aren’t forced to accept, but they enjoy having.) There are no mandates or penalties for non-compliance.
• Fannie and Freddie were created by an act of Congress but had become a private, for-profit entity long before the meltdown.
• More than half the subprime loans were made by independent lenders not subject to any federal supervision.
• Conservatives have long argued that increasing home ownership among low-income people was the “free market” thing to do… the very people they’re trying to blame for the crisis.
• George Bush repealing habeus corpus and posse comitatus.
• Bush jr, Bush Sr, Reagan, Nixon, and Eisenhower expanding the government.
• The five members of the Supreme Court installed by republicans giving Bush the presidency.
• Dick Cheney setting the energy policy in secret with the nation’s wealthiest energy companies.
• Bush governing by secret executive order
• Cheney outing a covert CIA officer during wartime. Also known as treason.
• The Bush Adminstration admitting Bush was AWOL.
• The Patriot Act being passed.
• Letting Bin Laden escape.
• WMDs found to be a lie.
• The Osama-Saddam link being a lie.
• The yellow-cake uranium being a lie.
• Iraq obviously not being a threat.
• Spending more than $600 billion in Iraq
• $10 billion “disappearing” in Iraq.
• US soldeirs being replaced by badly trained civilians at a higher price.
• Those civilians massacring innocent Iraqis.
• Iraq contractors sending hugely inflated bills to the government.
• Torturing innocent people.
• Bush turning a record surplus into a record deficit.
• Bush more than doubling the national debt.
• The Afghanistan and Iraq wars being called “emergency spending” to keep it off the books.
• Illegal wiretapping.
• Awful conditions at Walter Reed (by a for-profit company).
• Veterans needing food stamps.
• George Bush blowing off warnings about Al-Qaeda.
• Bush letting New Orleans drown.
• Bush taking almost three years out of eight on vacation.
• Your income falling while the income of the top 5% tripled.
• Mohammed Mossadegh was an Iranian national hero, Time’s Man of the Year in 1952, and the popularly-elected leader of Iran’s budding democracy.
• BP, then known as the Anglo-Iranian Oil Company, controlled Iran’s oil reserves. They shared little of the revenue and kept workers in slave-like conditions.
• When BP refused to negotiate a solution, Mossadegh nationalized the oil company.
• The CIA aided the British in overthrowing Mossadegh in 1953 and installed the Shah so BP could reclaim Iran’s oil.
• The coup forever changed the course of Iranian politics from liberal democracy to religious extremism; it paved the way for the 1979 Iranian Revolution, the hostage-taking, the 1983 Beirut bombing, and all the anti-American sentiments that followed.
• At a Tea Party convention, Sarah Palin criticized Obama’s diplomatic efforts by saying we should exert our power and punish adversaries.
• She preaches the kind of imperial arrogance practiced by the British that the original Tea Party fought against.
• British hawks in colonial times responded exactly as Palin wants America to act: forgoing diplomacy in favor of power and dominance, convincing ourselves it’s justified because we’re a power for good.
• America didn’t become a nation until Britain started acting the way Palin and the Tea Party want.
• Today’s republican party is going throught the classic fundamentalist response to the modern age. They are going backwards in areas of social tolerance and feel resentment for being left behind.
• Their reaction parallels the dysfunction of Islamists who cannot cope with modernity, and therefore, they surrender even more to the medieval past.
• The right’s hatred of Obama could be explained as their resentment of a man who has succeeded where they have not – by making a place for himself in a changing world.
• George Bush Jr claimed our high energy prices were due to not having a national energy policy and tried to blame that on Clinton.
• But it was Jimmy Carter, with his 1977 speech, who established America’s first national energy policy, leading to the strategic petroleum reserve, the modern solar power industry, and the insulation of millions of homes.
• The nation was still recovering from the Arab oil embargo years earlier. Carter realized that without developing other sources of energy, the only way to maintain our lifestyle was to rape the planet and seize control of oil-rich nations in the Middle East.
• Around the same time, the Bin Laden family was bailing out George Bush Jr’s failing oil business.
• Reagan made a deal to sell missiles and other weapons to the mullahs of Iran if they would hold the American hostages until after the 1980 election.
• One of Reagan’s first acts was to tear down the solar panels on the White House and reverse Carter’s policy of energy independence.
With the exception of preventing war, this is the greatest challenge our country will face during our lifetimes.
– Jimmy Carter, 1977
• Republican revisionists falsely claim that Reagan was successful because he cut taxes and reduced the size of government.
• Reagan raised taxes 11 times, including the largest tax hike since WW2 and the largest corporate tax increase in history.
• Reagan increased the size of government by 61,000 workers, while Clinton cut 373,000 federal jobs.
• Reagan tripled the deficit.
• The modern republican party loves to call progressive taxation socialist, but it was originally championed by republican Theodore Roosevelt.
• Roosevelt felt that transferring enormous fortunes through inheritance was a ‘socialist’ idea because it would put idleness on an equal level with industry.
• He also believed that progressive taxation of the rich would preserve ‘equality of opportunity’ for the generations of entrepreneurs to come.
• The right wing loves to characterize middle-class tax cuts as ‘welfare’ while complaining that corporations pay the highest income tax in the world.
• They’re wrong on both counts when you look at the effective tax rate; what is actually paid after ALL taxes are added up and all loopholes deducted.
• When ALL taxes are added up, the middles-class pays a higher percentage than billionaires do.
• When all loopholes, sudsidies and deductions are subtracted, many huge corporations pay almost nothing in taxes, some even get rebates.
• The right wing ignores this corporate welfare and continues to push a narrative they know to be completely false; that American corporations face oppressive taxation.
• The racial hierarchy of America ceased being enforced by law in the 60s.
• Ever since, conservatives have turned to shorthand like ‘socilaist’ and ‘communist’ to smear minority leaders who posed a threat to their preferred social order.
• Obama represents the latest example to the right wing of blacks “rising above their station.”
• The right has even argued that for Obama’s parents, a mixed-race couple, to get together in the 60s, they MUST have been communist.
• This narrative informs other conservative arguments: instead of blaming the mortgage crisis on Wall Street, they put the blame on minorities upsetting the natural order by becoming homeowners.
• In the early 1900s, the richest 1% owned 18% of the nation’s income. This prompted the creation of the modern income tax to prevent America from becoming an Old Europe-style aristocracy. Today, the 1% own 24%.
• The post-war boom saw the Great Compression; an egalitarian period which saw top tax rates between 70-90% and all classes did better economically.
• The 80s saw the beginning of the Great Divergence; an inegalitarian period where Reagan cut taxes on the 1% down to 25%. From 1980-, more than 80% of the increase in income went to the 1%.
• Americans haven’t paid attention to inequality because of the enduring myth about social mobility in the US.
• But the US has become less socially mobile than countries we used to regard as class-bound Old Europe: France, Germany, Sweden, Denmark, and Spain. Newer nations like Canada and Australia also exceed us.
• The US is becoming a banana republic; Our income inequality is starting to resemble Latin American countries we used to call failed societies.
The coup was aimed at toppling President Franklin D Roosevelt with the help of half-a-million war veterans.
The plotters, who were alleged to involve some of the most famous families in America, (owners of Heinz, Birds Eye, Goodtea, Maxwell Hse & George Bush’s Grandfather, Prescott) believed that their country should adopt the policies of Hitler and Mussolini to beat the great depression.
• Larry Kudlow tried blaming the financial crisis on liberals wanting to put poor, first-time buyers into homes.
• Most of the loans of the sub-prime crisis were not first-timers, but refinances, due to the investment firms and banks pushing the idea that people should treat their homes as investment income.
• In the early 80s, republicans, with the help of John McCain, Alan Greenspan, and Phil Gramm, deregulated the S&L industry, resulting in the collapse of 747 S&Ls and a loss to taxpayers of $1.4 trillion.
• The republicans delayed the S&L bailout until after the 1988 election of George HW Bush. If they had addressed the problem earlier, it would have cost $20 billion.
• In 2000, Phil Gramm, supported by Greenspan, slipped the Commodities Futures Modernization Act into the budget, which prohibited the SEC and the CFTC any oversight of new financial instruments called credit swaps. This led to America’s greatest financial disaster since the Great Depression.
• Gramm also included provisions that prevented regulation of energy trading markets, which led to the Enron collapse.
• Republicans want the government to stay out of business until the fallout of their greed requires a bailout.
• The Tea Party thinks they are fighting elite power, when they are actually being manipulated by it.
• Their funders, the billionaire Koch brothers, run many polluting businesses; they would like to pay less tax, keep more profits, and have fewer regulations as well as receive fewer fines and penalties.
• The Koch brothers’ astroturf organizations fool Tea Party members into conflating corporate freedom with personal freedom.
its members mobilise for freedom, unaware that the freedom they demand is freedom for corporations to trample them into the dirt.
• Most conservatives believe American Exceptionalism means that we have divinely ordained superiority over other nations.
• In fact, we have been exceptionally lucky. America was born rich: vast expanses of cheap land, moderate climate, rich soil, millions of immigrants, slave labor, and being separated from potential enemies by two oceans.
• America benefited greatly from foreign wars: conflicts between France and England helped us win independence and two world wars left us largely unscathed, giving us a big head start in the post-war boom.
Actual ways America is exceptional compared to other first-world countries:
• CEO pay
• Extreme income inequality
• Military spending
• High incarceration rates
• High murder rates
• High health care costs
• High infant mortality
• Low social spending
• High levels of child poverty
• US productivity rose 97% and median wages rose 95%
• Labor’s share of national income was 50%
• The three largest employers were high-wage and unionized: AT&T, GM, Ford
• 1/3 of labor was unionized
• US productivity rose 80% and median wages rose 10%
• Labor’s share of national income is 43%, a record low, while corporate profits are at a record high
• The three largest employers are low-wage retail: WalMart, YUM! and McDonalds
• 6.6% of labor is unionized
• The Reagan ‘Revolution’ has come home to roost and we live with its consequences in our current economic nightmare.
• Supply-side republicans weren’t a majority in the early 80s, but they got a boost when Reagan realized he could balloon the deficit and sell the debt to China. The idea that you could cut taxes any time for any reason became ingrained in the republican party consciousness as dogma.
• Reagan deregulated the S&L industry and ended New Deal-era restrictions on mortgage lending. This gave us the S&L crisis where the bankers’ gambling was insured by taxpayers’ money, as well as set us up 25 years later for the worst economic crisis since the Great Depression.
• Increases in productivity only benefited the rich. The increase in public debt was dwarfed by the increase in private debt as working people’s income decreased.
• Under Reagan, ‘free trade’ was a policy to only benefit corporations and banks, shipping jobs to other countries instead of goods.
• Reagan’s policies changed America from the largest creditor nation to the largest debtor nation.
• As productivity increased, only the rich benefited with wealth concentrating intensely at the top.
• Working people’s share of income was reduced, forcing them to live on savings and go into debt.
• American Founding Fathers were men of the Enlightenment; Deists and freethinkers who believed in reason, not faith.
• The idea that America is a christian country founded by christians for christians is an outright lie spread by christian revisionists.
• The reason the Declaration of Independence was revolutionary is because up until then, most countries’ rulers were kings anointed by God; whereas the government of the US rules by consent of the governed.
• The terms ‘Jesus Christ’, ‘Christianity’, ‘Bible’, ‘Creator’, ‘Divine’, and ‘God’ never appear in the Constitution. Mentions of ‘Nature’s God’ and ‘Divine Providence’ in the Declaration are the language of Deism, NOT Christianity.
• Half a century after the country’s founding, US clergy lamented that up to that date, none of their presidents had been christians.
It was everywhere contended that no Christian ought to vote for me because I belonged to no church, and was suspected of being a Deist.
He was an avowed and open infidel, and sometimes bordered on atheism. He went further against Christian beliefs and doctrines and principles than any man I have ever heard.
– Lincoln’s first law partner, John T. Stuart
Whenever we read the obscene stories, the voluptuous debaucheries, the cruel and torturous executions, the unrelenting vindictiveness, with which more than half of the Bible is filled, it would be more consistent that we call it the word of a demon than the word of God. It is a history of wickedness that has served to corrupt and brutalize mankind.
All national institutions of churches, whether Jewish, Christian or Turkish, appear to me no other than human inventions, set up to terrify and enslave mankind, and monopolize power and profit.
Lighthouses are more helpful than churches.
The way to see by faith is to shut the eye of reason
In the affairs of the world, men are saved not by faith, but by the lack of it.
Religious controversies are always productive of more acrimony and irreconcilable hatreds than those which spring from any other cause.
Of all the animosities which have existed among mankind, those which are caused by the difference of sentiments in religion appear to be the most inveterate and distressing, and ought most to be depreciated.
In every country and in every age, the priest has been hostile to liberty. He is always in alliance with the despot…. they have perverted the purest religion ever preached to man into mystery and jargon, unintelligible to all mankind, and therefore the safer engine for their purpose.
Christianity neither is, nor ever was, a part of the Common Law.
Have you considered that system of holy lies and pious frauds that has raged and triumphed for 1,500 years?
This would be the best of all possible worlds, if there were no religion in it.
The purpose of separation of church and state is to keep forever from these shores the ceaseless strife that has soaked the soil of Europe in blood for centuries.
Religious bondage shackles and debilitates the mind and unfits it for every noble enterprise.
• Clinton believed the demand side was just as important. He raised taxes on top earners while Reagan and Bush cut them.
• Under Clinton, every single income group did better and the growth was more even. Under Reagan and Bush, growth was much more uneven, mainly benefiting the rich.
• Republicans call it ‘class warfare’ only when everybody benefits.
• A psychological study has concluded that conservatism can be explained as a set of neuroses characterized by “fear, aggression, dogmatism, and intolerance of ambiguity.”
• The report listed sufferers of the condition, which include Hitler, Mussolini, Ronald Reagan, Rush Limbaugh, and George Bush.
• Bush was studied for his intolerance to ambiguity, which could have led him to ignore any evidence that contradicted his preferred views during the build-up to the Iraq invasion.
This intolerance of ambiguity can lead people to cling to the familiar, to arrive at premature conclusions, and to impose simplistic cliches and stereotypes
• In 1982, Reagan proposed the largest peacetime tax increase in American history. In 1993, Clinton proposed another major tax increase.
• Both times republicans predicted disaster. Both times they were completely wrong and the exact opposite happened.
• The same republicans who complain about democrat spending voted for every republican pork-barrel project as well as the Medicare Part D $17.2 trillion give-away to Big Pharma.
• Clinton ran the largest surplus in American history. When Bush took over, republicans ran the largest explosion of debt in American history.
• Republicans never complained as Bush wasted money on failed policies, raised the debt ceiling seven times, and crashed the economy.
• Republicans don’t care about fiscal responsibility or reducing the deficit. They think huge deficits are a good thing because they want to “starve the beast.”
• Starving the beast is the conservative effort to dismantle the legacy of FDR and the New Deal. Republicans create a huge deficit, then pretend to care about fiscal responsibility by arguing that we need to cut social programs.
• Starving the beast also involves trying to make the middle and lower classes resent government, so they don’t see the government as their ally. Which is why republicans raise taxes on working Americans while cutting them on the rich.
• Republicans asked the non-partisan Congressional Budget Office to look into what policies would create more jobs.
• The CBO responded with the most effective policy being Aid to the Unemployed, and the least effective being Tax Cuts.
• Republicans ignored the CBO.
• After an adjustment period following the 2001 and 2003 tax cuts, revenue does not return to trend. It follows the old revenue curve at a permanently lower level.
• If trickle-down worked, the revenue curve would have surged above trend growth.
Are you really going to tell me that the mildest recession in post-war history was so bad that it lead to persistent underperformance of revenue…?
• Sociologist Karl Mannheim argued that political generations are formed by what historical disruptions occur during their ‘plastic years.’
• An entire generation of Millennials entered their plastic years during the Bush era and experienced all the drawbacks of a deregulated government and a destroyed economy. This has shaped the vast majority of Millennials to lean far left on economic issues.
• While the Occupy movement may appear to have fizzled, the sentiment of economic unfairness runs strong with Millennials and will most likely influence their politics far into the future.
The great protest movements of history … did not expand in the shape of a simple rising arc of popular defiance. Rather, they began in a particular place, sputtered and subsided, only to re-emerge elsewhere in perhaps a different form…
– Frances Fox Piven
• The data shows that America is far more progressive on most issues than conventional wisdom indicates. On cultural wedge issues, the trend is even further to the left.
• Conservatives are losing badly to progressives on social issues like gay and reproductive rights. This serves as a bellwether for losing the battle on many other issues in the future as well.
• Polling over time reveals a growing desire in the majority of Americans for increased government action towards: a strong safety net, income inequality, increased minimum wage, raising taxes on the rich and corporations, cutting defense spending, gun control, protecting the environment, alternative energy, and health care.
• Their father’s company was funded early on by building pipelines for Josef Stalin. He later became one of the original members of the fringe John Birch Society.
• David Koch ran for VP in 1980 on a Libertarian platform of abolishing the FBI, CIA, SEC, DOE, FEC, USPS, EPA, FDA, FAA, DOT, OSHA, consumer product safety, public education, Medicare, Medicaid, Social Security, minimum wage, gun control, and all forms of taxation. They also called for privatization of the national highway system and all inland waterways. William F Buckley called their movement “Anarcho-Totalitarianism.”
• The Kochs’ platform received 1% of the vote. They realized that they had to influence “seemingly independent” academia in order to bend American governance the direction they wanted.
• They’ve poured over a hundred million dollars into ‘think tanks’, foundations, and astroturf groups to make it appear that their ideas have ‘independently’ percolated to the surface.
This right-wing, redneck stuff works for them. They see this as a way to get things done without getting dirty themselves.
• The Koch brothers fund a vast network of ‘think tanks’, foundations, and astroturfing groups geared towards pushing Libertarian ideals and vilifying any centralized government action.
• Their businesses take in millions of dollars in government money; all while using their misinformation network to limit government spending on anything that doesn’t maximize their own personal profits.
• They love to preach the benefits of laissez-faire capitalism, but many of their businesses rely on taxpayer subsidy – the very thing their misinformation network argues is bad for everyone else.
Simply put: the Kochs have no problem with socialism — as long as they’re in on the action.
No Republican President … has ever created more jobs, or created jobs at a faster rate, than his Democratic predecessor. It’s not even close.
… On average, job growth under Democrats is more than twice that under Republicans.
… after 60 years it’s hard to argue that the Democratic presidents are just lucky.
• The Republican support for ‘small business’ is a bait-and-switch; allowing them to look like champions of the little guy against big government, when in fact they’re really just doing the bidding of the rich.
• The ‘small businesses’ they refer to are ‘pass-through’ business types like S-Corporations that merely pass through all the profits to the owners, who then report the profits on their personal returns. S-corps evade paying hundreds of millions this way.
• The only qualification making an S-corp a ‘small business’ is that it has less than 100 owners.
• Bechtel is the largest engineering firm in the world, with 49,000 employees, revenues of $31 billion a year, and yet it still calls itself a ‘small business.’
• Since 1929, Democrats and Republicans have each controlled the presidency for 40 years.
• Money invested solely under one party vs the other gave a six-fold return for the Democrats: $300,671 vs $51,211.
• Republicans do that well only when you exclude Hoover. When you include Hoover, it’s a near 26-fold return for the Democrats: $300,671 vs $11,733.
• The Census Bureau Report showed that on every major measurement, the country did poorly during George Bush’s term; on the same metrics, the country improved (often substantially) during Bill Clinton’s.
• This is symbolic of a greater trend. Since 1900, the economy and the stock market have done dramatically batter under Democratic presidents. It’s not even close.
• Republicans continue to perpetuate the myth that they are great stewards of the economy; all while Reagan triples the debt, Bush doubles it, and Democrats vastly outperform them over the past century.
• Bush only created 3 million jobs over eight years, only slightly better than his father’s record of 2.5 million (over four years.)
• Bill Clinton created 23 million jobs over the same time period.
• George Bush has the worst record since records started being kept in 1939.
• George W Bush had the worst job creation record since data collection began 70 years ago
• Most economic activity happened in the unsustainable housing and financial bubbles, amounting to what many economists call a ‘Lost Decade.’
• The government was running a surplus when Bush took office, but was soon running deficits that were partially fed by the tax cuts of 2001 and 2003.
• The Texas
Miracle Myth comes from a misunderstanding of how population growth affects the economy.
• Texas’s job growth is being driven by population growth; many of the people moving to Texas are attracted by the low cost of living and cheap housing (the result of a tightly regulated housing market.)
• The population growth-driven creation of low wage jobs coupled with slashed regulations represents a race to the bottom approach that is unsustainable on a national level.
• Texas is supposedly a symbol of how conservative policies can be successful.
• Texas has not weathered the recession very well, with high unemployment and a steep budget shortfall.
• They were spared the worst of the housing crisis because they have strict regulation in that area.
• During the New Deal, the government hired 60% of the unemployed to build and renovate the nation’s infrastructure.
• Historical revisionists on the right would like to count those working for the WPA as ‘unemployed’ in their absurd attempts to prove the New Deal was a failure.
• The right likes to argue that the New Deal extended the Depression; but if so, it’s doubtful Roosevelt would have been reelected three more times.
• Alaska is the number one most subsidized state in America, as well as being number one in pork barrel spending.
• Each Alaskan is paid $3,200 a year from state oil revenues.
• Sarah Palin apparently sees no contradiction between her usual anti-socialist rhetoric and Alaskans collectively sharing Alaska’s wealth while being the most dependent state on federal money.
• Reagan’s budget director, David Stockman, called out the republican party for tax cut “theology”, denying the fervently held belief that tax cuts for the rich pay for themselves and are necessary for economic growth.
• The former architect of Reagan’s fiscal policy criticized his own party for pushing the faulty logic that tax cuts work for every problem in every situation.
“After 1985, the Republican Party adopted the idea that tax cuts can solve the whole problem, and that therefore in the future, deficits didn’t matter and tax cuts would be the solution of first, second, and third resort.”
• Polling shows clear majorities for the progressive agenda regarding: government regulation of business, health care, progressive taxation, infrastructure spending, and gay and reproductive rights.
• Demographic trends show conservatives are aging and declining in numbers, with the population of whites becoming less than 50% of the population by 2042.
• Every year, 4.5 million members of the Millennial Generation become eligible to vote. They are far more racially diverse than the bedrock of conservative voters, and their experience has given them more progressive values.
• Hispanics and Asians are the fastest growing group of minorities and they lean strongly progressive.
• Demographically speaking, everything that is growing trends progressive, while everything that is shrinking trends conservative.
• Republicans tried to push the false narrative that Fannie and Freddie created the housing bubble/meltdown by pushing loans to low-income buyers.
• Only a few years prior, republicans were attacking Fannie and Freddie for not promoting enough borrowing by low-income buyers.
…the Republican position is that Fannie and Freddie caused the bubble by doing what we said they should be doing… but denounced them, at the peak of the bubble, for not doing. Got it?