bush recession

Audrey kicked her boyfriend – she could call him that, right? Three months wasn’t too soon for the b- word, was it? – under the table and his head shot up. He had been staring at his plate with a morose look on her face for the last ten minutes. Luckily, Audrey was pretty sure no one but her had noticed, given that all eyes were on James animatedly imitating Lily standing on his porch in the rain with a ukulele for the benefit of their whole extended family while the real Lily in the present day blushed and gave him the stink eye.

“What’s wrong?” she mouthed across the table.

Henry shook his head and smiled, a brief, tight smile that did nothing to reassure Audrey that she hadn’t completely freaked him out by inviting him to meet her entire family only a few months in. For the rest of the meal, Audrey couldn’t help but keep sneaking glances down the table, hoping that her Aunt Nell wasn’t talking Henry’s ear off, hoping that her father’s tendency to go crazy on the jalapeno peppers wasn’t making Henry gag, hoping that he would catch her looking and give her that wide smile that still managed after all this time to make her stomach do flips.

 —

His hand slipped into hers as the stepped off the front stoop of her childhood home, pulling her aside to the quiet recess of bushes where Audrey had hidden from her siblings as a child during games of hide and seek.  She stopped and looked up at him, waiting for him to say something, anything. Anything except that it was over, that tonight had been too much. Maybe it would be better if she said something. Maybe she should say…

 “I can’t play ukulele. And my singing voice is shit.”

Audrey blinked. “ I’m sorry? What… what are you…”

Henry looked down at their clasped hands and sighed, “I just… hearing James and Lily tell the story of how they got together, I couldn’t help but think that I should have done something like that for you. All I did was ask if you wanted to get tea sometime. I couldn’t even think of a grand speech to make before I kissed you the first time.”

Audrey laughed, the relief bubbling up inside her. “That’s why you’ve been weird all night? Oh my god, thank god. Henry, believe me, I am so glad we are not Lily and James. Don’t get me wrong, I love Lily now and I couldn’t be happier for them. But the whole love-hate five years of sniping at each other and then finally realizing their true feelings when it’s almost too late? I’m sorry, but my brother is kind of ridiculous. Henry, I didn’t want a grand romantic gesture. ” She wrapped her arms his neck and stood up on her tiptoes, leaning in, nose to nose. “I wanted tea dates and corny magic tricks and marathons of Buffy. I wanted you. You big dork.”

Five minutes later, Audrey and Henry emerged from the bushes, slightly ruffled but smiling broadly. As they walked hand in hand towards Henry’s car, Henry lightly nudged Audrey in the side and at her questioning look, said, “So, corny, huh? Thought I wouldn’t notice that, didn’t you? No more napkin tricks for you, ma principessa.”

AN: My head canon says that Audrey spends the next month leaving magic coins and decks of card around Henry’s apartment, trying to convince him to do a trick for her. He finally gives in after she starts leaving stuffed toy rabbits around the house. The dogs are really disappointed when he makes these “toys” disappear.

“The larger story, when the books are written, will be how Republican leaders in Congress appear hell-bent on returning the nation to the economic crash that began under the last Republican president, as so many recessions and depressions have begun under Republican leadership.”

Brent Budowsky in Brent Budowsky: Republicans Are Driving America to an Economic Crash

Ronald Reagan, who was elected president in [1980], proceeded to increase the defense budget of the United States in dramatic fashion, which—along with, beginning in 1982, the worst recession in the United States since World War II— produced record -breaking federal budget deficits. In fact, as measured in current dollars, U.S. federal budget deficits under Reagan were higher than all the deficits accumulated by all previous presidents.
— 

James L. Ray  

American Foreign Policy and Political Ambition (Kindle Locations 568-571). SAGE Publications. Kindle Edition.

Just remember that the next time that a Republican talks to you about budget deficits. Ronald Reagan not only had larger deficits than all Presidents combined from George Washington to George W Bush (the book was published in 2007) but he also Presided over the worst recession since the Great Depression, obviously not including George W Bush’s Great Recession.  

Sorry +Fox News  but the numbers don’t lie! The economy is roaring back to life after the Great Bush Recession. Tune in to tonight’s State of the Union (9 pm ET) to hear Pres. +Barack Obama’s newest proposals to help America’s middle and working classes so that this growth can be broadly shared.
Image by +Occupy Democrats  ‪#‎SOTU‬ ‪#‎POTUS‬

“Middle-class incomes stagnated under President Bush. During the recovery of the 1990s under President Clinton, middle-class incomes grew at a healthy pace. However, during the jobless recovery of the 2000s under President Bush, that trend reversed course. Middle-class incomes continued to fall well into the recovery, and never regained their 2001 high.”

– Income Inequality and the Great Recession, a report by the Senate Joint Economic Committee.

The Stimulus Myth: Debt Is Not Our Problem

A tale was created for the 2010 elections by Conservatives to create a “tax and spend” myth about Obama. The debt was projected by the CBO well before Obama took office in 2009, but Republicans needed to deflect attention away from the real causes: Bush recession killing the economy, Bush tax cuts killing revenues, Bush bailouts spiking the debt.

The myth manufactured was that a trillion dollars in stimulus spending had somehow caused the huge increase in the deficit in 2009. However, stimulus spending in 2009, was just over 100 billion according to the CBO’s Oct 7, 2009 monthly budget review - not one trillion 

The stimulus was 1/3 tax cuts which left roughly 500 billion in spending that was ‘divided up’ & went out over several years.

Before Obama took office in 2009, the deficit was already projected at 1.186 trillion & spending at 3543 billion. However, after Obama took office, 3518 billion was spent, which was 25 billion less than had been projected under Bush.

The increase in the deficit to 1.413 trillion by the end of the fiscal year 2009 when compared to the projection of 1.186 trillion made by the CBO before Obama took office, was from 252 billion more in lost revenue from the collapse, not additional spending.

Stimulus spending did not cause the large increase in the deficit in 2009 & deficits declined each year after 2009, even with some additional stimulus spending, because stopping the collapse allowed [tax] revenues to recover. 

From death panels, to birth certificates, to deficits - not one single thing the Tea Party protested against was real.

Some facts on our debt:

The interest cost of our debt is 1% of our GDP which is easily managed.

The federal government can borrow for 30 years at less than 4% interest with no collateral.

The Federal Reserve buys our debt and when it does all the interest is refunded to the Treasury.

Given these FACTS, why is our debt a problem? We have been in debt for over 80 straight years and that has NEVER been a problem for us

The Tea Party was never about fiscal responsibility and they were never honest about the stimulus. The fact is, the stimulus worked and should have been bigger to get more people back on their feet.

Millennials were robbed from having a fair shot at starting off due to Republican austerity and “a black President will never tell me what to do” Tea Party racism.

The Crime Of The 21st Century

So let me make the obvious point, just in case anyone missed it: the “pivot” of 2010 — when all the Very Serious People decided that the danger from debt trumped any and all concern for job creation — was an utter disaster, economic and human. It was even a disaster in fiscal terms, because a permanently depressed economy will cost far more in revenue than was saved by slashing the deficit by a few percent of GDP in the short term. - Paul Krugman

Will the American public ever understand that there is a difference between a fiscal deficit largely caused by recession and their own credit card account balance? We have a reactionary political movement, deceitfully calling itself “conservative/Tea Party”, devoted to making sure the ignorant stay ignorant (and angry).

Cruelly, the 2010 Republican debt-panic propaganda’s true evil is that the debt and anxiety was created by the 2007 Republican recession under Bush.