I don't think you can blame the high unemployment and and lower tax receipts on them when they inherited a broken economy.
In October 2007, the unemployment rate was less than 4.5%. That's not what I'd call inheriting a broken economy.
Things may have looked good on the outside, but under the hood was a different story. Just because unemployment was below %4.5, doesn't mean the economy was healthy and sustainable.
So it's the 2007 Democrat Congress' fault that an unsustainable housing bubble burst...
Actually, it was Chris Dodd and Barney Frank. See, they blocked the billS. 190:
Federal Housing Enterprise Regulatory Reform Act of 2005 from ever leaving committee. Here is what John McCain said about it on May 26, 2006:
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190,to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
So, um.. it wasn't Republicans.
There have been other bills that have been introduced and subsequently killed by the Republicans too. Really, you can blame both parties. Freddie Mac/Fannie Mae issues go all the way back to the 60s; this wasn't something that happened overnight. I don't think this situation deserves to be simplified into "The Democrats did this in 2007" just like it shouldn't be simplified into being Bush's fault.
several companies "too big to fail" failed causing the worst recession since the Depression (and arguably almost another Depression if nothing had been done about it)?
I guess you don't remember the late 70's. I don't care what Obama says, Carter's recession was much worse that we have today.
The recession of the 70s may have felt worse to the public because of the gas shortages, but that doesn't mean it was a worse recession. You're entitled to your opinion though.
So it's the 2007 Democrat Congress' fault that an unsustainable housing bubble burst and several companies "too big to fail" failed causing the worst recession since the Depression (and arguably almost another Depression if nothing had been done about it)?
I don't think you can blame the high unemployment and and lower tax receipts on them when they inherited a broken economy. Yes, they haven't fixed the high unemployment, but they didn't cause it either. Yes, the economy seemed to be doing well under GWB and the Republican congress, but in hindsight it seems that economy caused more harm than good. 2 years isn't enough time to fix something of this magnitude.
People need to stop being so short sighted and demanding of quick solutions. There's nothing wrong with demanding accountability, but show a little patience.
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