frflyer

The Honeymoon Is Over: Gauging the Market with an Obama Presidency

Yes is is a matter of record who damaged the economy.
When Reagan was elected the federal deficit was $1 trillion.
It's now $10 trillion, with all the additional $9 trillion coming under the past three Republican administrations.
The election was not just a repudiation of Bush. It was a repudiation of Reaganomics, which has had over 25 years to prove itself. It has failed 80% of Americans.
The savings and loan scandal, and the current mess with credit markets is the result of Republican policies.

According to a study by the Pew Foundation, between 1983 and 2004, the top 1% got 33% of the growth in wealth. The next 4% got over 25% of the growth for a combined 60% or so. The bottom 80% of us got only 11% of the growth. A middle age worker today makes 12% less than his father in real buying power. Union membership has been cut in half. Meanwhile corporate executives make 10 time as much as in 1978, as compared with their workers.
Regressive tax schemes have never worked and never will.
I also question the claims that Reananomics created vast amounts of wealth. What created the growth in wealth (which all went to the top 20%) was the revolution in technology. -computers, biotech, internet, telecommunications etc.

Afraid of windfall taxes for oil companies? Since the estimated tax credits and subsidies for oil and gas is $84 billion annually, I think this is a non issue. Last year's democratic proposal to take $21 billion from oil company tax credits and apply d them to alternative energy would have only amounted to 1% of oil company profits.
Of course Republicans voted against it, as they voted against renewable tax credits eight time this year. Then they lambast Pelosi for not reconvening congress during the summer vacation to vote for more offshore oil drilling. Drill baby drill is a ludicrous and absurd mantra. More oil drilling is less than a bandaid for the current energy crisis. Nuclear energy is not sustainable in any way shape or form and is not clean, regardless of what they tell you. Republicans just don't get it. They want to replace one non renewable energy source with a worse one. In twenty years we would be facing a new crisis- peak uranium. Don't believe me? Read the Lean Guide to Nuclear Energy pdf online. I have a new blog at
energysolutionswecanbe...

Regardless of the economic mess, we have to invest in renewable energy if we want to solve the problems facing us. It will kill three birds with one stone,- energy, economy, environment.
Oil is killing our economy and our environment.