Category Archives: Economics

What Balls They Have! GOP claims credit for last years economic growth.

These jerkwads just took possession of the House this month and yet to listen to them tell it, the Party of No can claim THEY are the ones that ‘did it all’ when it comes to last years small but significant economic/job growth. The GOP, who refused to support anything that was put forth in the 111th Congress, except for the Tax Cuts from Hell in the lame duck session in December, have the nads to grab credit for Obama’s hard earned work. From MediaMatters’ site, PoliticalCorrection.Org(emphasis and links all theirs):

Appearing on Fox News’ Happening Now, House Rules Committee Chairman David Dreier (R-CA) credited “positive numbers” on the economy to House Republicans’ newly held majority status and their pursuit of “pro-growth policies.” 

 REP. DREIER: The notion that many pundits and people on some of those other cable channels throw out regularly that we want to bring an end to health care for people is just preposterous. We are determined to ensure that with a market-oriented approach we can have the kind of chance for people to have access to insurance and we can get our economy growing. And we’ve gotten some positive numbers. I think it’s in large part because we won our majority and we’re pursuing pro-growth policies. I think we can make it happen.

Dreier didn’t specify which “positive numbers” he’s been looking at, but perhaps it was the January 7th release of BLS’s December 2010 unemployment rate, which at 9.4% was the lowest it’s been since May 2009. Or maybe he’s referring to the addition of over 100,000 private sector jobs in December alone.

It’s hard to understand how Dreier can justify giving the not-yet-implemented policies of the House Republican majority credit for economic growth that occurred when both houses of Congress were dominated by Democrats, but apparently this is a strategy Republicans have decided to embrace. ThinkProgress caught Sen. Jon Kyl (R-AZ) pulling a similar maneuver. Calling the Obama administration “highly anti-business,” Kyl credited the December extension of the Bush tax cuts for private-sector business growth that had occurred in the 11 months prior to the passage of the extension.

One ‘positive number’ you probably won’t find Kyl or Dreier slinging around is the addition of over 1.1 million private sector jobs since health care reform became law.

It’s fucking amazing ain’t it??? These bastards have no friggin shame…they will lie, cheat and evidently..steal. They are Grifters all, and at this point..hell is too good a place for them.

What does America manufacture? Debt…

Kevin Phillips was a conservative superstar back in ‘the day’. He helped to create and bring into power the extreme right wing of the Republican party.

He is now one of their biggest foes. His newest book entitled: Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism, lays out how America’s manufacturing plants have died off and been replaced by….wait for it…

The Mall. Yes, the Shopping Mall where we the people spend our money, and if we don’t have any..we use our credit cards to buy things we don’t need but we covet. Mr. Phillips isn’t the only human being to see the writing on the wall. Danny Schecter has made a movie about it which he calls; In Debt We Trust. Mr. Schecter’s take on our society’s credit addiction:

Over the past 25 years, America has moved from a society based on production to a nation driven by consumption; from a country that once shared its resources with the world to one deeply in debt to foreign banks and countries-to the tune of trillions of dollars. As the growing number of bankruptcies and foreclosures testifies, our national debt is mirrored by a skyrocketing consumer debt, with an increasing number of individuals and families unable to cope.

Back to Kevin Phillips’ book. The Financial Industry now makes up roughly 21% of the U.S. GDP(Gross Domestic Product) — the largest sector of the private economy. Does this bother you? It should. Manufacturing has shrunk to only 12% of the GDP. Read that again, only twelve percent of our GDP is now Manufacturing. To put it very succinctly..that is a massive timebomb that is waiting to blow. Individuals that adore the American capitalist system will undoubtedly say Phillips is full of bat guano, but I am not one of those. From the book, via a NYT review:

By 2007 total indebtedness was three times the size of the gross domestic product, a ratio that surpassed the record set in the years of the Great Depression. From 2001 to 2007 alone, domestic financial debt grew to $14.5 trillion from $8.5 trillion, and home mortgage debt ballooned to almost $10 trillion from $4.9 trillion, an increase of 102 percent. A crisis in the mortgage market in August 2007 brought the party to an end. Since then we have been living in a twilight zone of what a security analyst quoted in the book calls “one of the slowest-moving train wrecks we’ve seen.”

To Continue reading, please click here.

Crossposted at Bring it On and UnCapitalist Journal