Why are so many voters, so clueless?

Atlanta GA

Description

About 90 years ago voters started holding our Presidents accountable as to how our economy was doing. The 1920's was referred to as the roaring 20's, because of the big economic and industrial gains we made after the first world war and recession it brought. In the 1920's jobs were plentiful, pay was good, and workers' rights and federal safety standards were evolving. Credit was easy and everyone wanted a car, or a vacuum cleaner. Due to prohibition alcohol was illegal, but yet a lot of people spent a lot of money in bars partying. In 1927 the national savings rate average was -2%. Then we had a recession that turned into the Great Depression. In 1933 the Glass Steagall Act was passed to rein in the too big to fail banks and financial companies that mostly caused the Depression. In 1999 the Glass Steagall Act was gutted by the Graham Leech Bliley Act. By 2001 real estate agents were bragging they could sell an unemployed dead man a house, and get him a mortgage. In 2007 the national savings rate was -2%. Then the worst recession we have ever seen showed up. I am amazed at how people believe our economy can magically change on January 20 every 4 or 8 years, depending on who gets elected. It doesn't work that way. I know a lot of people completely blame Biden for the inflation and supply shortages we have seen the last 1 year. They actually believe if Trump would have been re-elected everything would still be the greatest economy ever. They are wrong. If someone wants to blame Biden because he was vice president when Obama extended Quantitative Easing in 2011, I'll agree with that. Or if you want to blame Biden because as a Senator he voted for Reagan's supply side economics in 1982, I'll agree with that. The inflation we are seeing now has been put off by excessive federal spending for at least 10 years. The $29 trillion national debt you have started 40 years ago. Obama should have stopped QE slowly between 2011 and 2013, and allowed interest rates to go back up to their historical standards, 3% for savers, 6 to 10% for borrowers but he did not, and republicans only pretended to complain. If Obama would have done the fiscally responsible thing, we would have had a small rebound recession in 2012 or 13, and he knew it. No president wants that, but it is also a sign our economy is healthy, and holding its own. Republicans publicly complained constantly about Obama's deficit spending, but behind the scenes they enabled it. Obama's Cash for Clunkers and shovel Ready Jobs were a huge waste of money, and overall our national debt went up 95% under Obama. Finally, Obama's last 2017 budget "only" had a $600 billion deficit. When Trump took office he immediately increased Obama's 2017 budget deficit another $300 billion, and republicans did not say a word. He continued printing money to pay for his generous tax cuts for us wealthy and corporations. Trumps 2018 and 19 budgets both had over a $1.1 trillion deficit, and McConnell and Cruze and Purdue and Loeffler and Graham and etc suddenly did not care about your national debt. Basically Trump's economy was Obama's economy, but with tax cuts you could not afford. I give Trump credit, his tax cuts did increase the standard IRS deduction from $6,200 to $12,000, which helped middle class people. And that increase was the biggest crumb off the table the middle class have gotten since Reagan started his Trickle Down Economics. Believe what you want, but the economic problems we are seeing today starting with inflation have been put off for at least 10 years due to excessive federal deficit spending and artificially low interest rates. If Trump would have been re-elected, we would still be in the same spot. We know that because a real pandemic in 2020 well into 2021 could not be stopped by excessive federal spending. So, now it is time to pay the piper.