The news that General Motors Co. reported a second consecutive quarterly profit on Thursday is just one more reason why we should not give the keys back to the party of no in November that ran the economy into the ditch.
GM’s reported a $1.33 billion profit in the second quarter, but we need to remind people that the majority of Republicans were against the government loans that kept thousands of American workers employed and the economy growing after the Bush recession, the worst since the Great Depression.
The simple fact is Republicans have absolutely no plan for the economy, and when pressed for any idea at all, other than no, they basically want to go back to the disastrous Bush polices that almost threw us into a depression. They even want to go back to Bush’s awful plan of privatizing Social Security, and some teabagger Republicans actually want to do away with Social Security and Medicare.
Social Security is the major source of income for most of the elderly, and nine out of 10 individuals age 65 and older receive Social Security benefits. Republicans want to do away with it? I guess that’s not surprising from a party that blocked unemployment benefits for workers while giving huge tax breaks to the richest 1 percent.
I can’t think of a single reason to vote for a Republican in November.
It was Democrats and President Obama who may have diverted another depression. There is no way that can be known for sure, but Economists Alan Blinder of Princeton and Mark Zandi of Moody’s Analytics say Democrats diverted a depression.
According to the Associated Press, when “Obama was campaigning for president in 2008, the country was mired in the worst economic downturn since the 1930s.A crisis with subprime mortgages created panic dominos in the real estate, insurance, banking and auto industries, and credit markets virtually froze around the globe. Home values slid by $3.3 trillion in the last three months of 2008, Zillow Real Estate Reports said. The iconic Dow Jones industrial average plummeted from a high of 14,164 on Oct. 9, 2007, to a 12-year low of 6,547 on March 9, 2009. An average of 620,000 Americans lost their jobs every month from October 2008 to May 2009, and unemployment spiked from 5 percent in January 2008 to 10.1 percent in October 2009. The U.S. economy, as measured by gross domestic product, contracted by an annual rate of 6.3 percent in the last quarter of 2008 and 5.7 percent in the first three months of 2009.”
“Today, by contrast, home prices have stabilized, though unevenly by region; the economy is growing again, albeit at an anemic 2.4 percent in the second quarter; stocks are up more than 60 percent; joblessness remains at a painfully high 9.5 percent.”
The goal today, thanks to Democrats, is to keep the economy moving and increase employment, not to save the country from economic ruin because they already did that.
There is no way Republicans should get the keys to the car back, and we do not need to go back to the failed Bush policies.