Editor’s note: The first half of this blog was taken from the blog of Senator Bernie Sanders (D-VT)
The current financial crisis facing our country has been caused by the extreme right-wing economic policies pursued by the Bush administration. These policies, which include huge tax breaks for the rich, unfettered free trade and the wholesale deregulation of commerce, have resulted in a massive redistribution of wealth from the middle class to the very wealthy.
The middle class has really been under assault. Since President Bush has been in office, nearly 6 million Americans have slipped into poverty, median family income for working Americans has declined by more than $2,000, more than 7 million Americans have lost their health insurance, over 4 million have lost their pensions, foreclosures are at an all time high, total consumer debt has more than doubled, and we have a national debt of over $9.7 trillion dollars.
While the middle class collapses, the richest people in this country have made out like bandits and have not had it so good since the 1920s. The top 0.1 percent now earn more money than the bottom 50 percent of Americans, and the top 1 percent own more wealth than the bottom 90 percent. The wealthiest 400 people in our country saw their wealth increase by $670 billion while Bush has been president. In the midst of all of this, Bush lowered taxes on the very rich so that they are paying lower income tax rates than teachers, police officers or nurses.
Now, having mismanaged the economy for eight years as well as having lied about our situation by continually insisting, “The fundamentals of our economy are strong,” the Bush administration, six weeks before an election, wants the middle class of this country to spend many hundreds of billions on a bailout.
The wealthiest people, who have benefited from Bush’s policies and are in the best position to pay, are being asked for no sacrifice at all. This is absurd.
Second Half
The very same scum bags who vehemently decried regulation are now crying for it, bellowing from the rooftops from which their golden parachutes will safely glide them down.
The duplicity and malfeasance of the robber barons of Wall Street, aided by their sycophants in Congress (namely Phil Gram), have put all our futures in very serious jeopardy, perhaps triggering another Great Depression.
So when you’re debating what wild animal you’re going to eat for sustenance or what trash can you’re going to light for warmth, just remember that it is all “in your head,” so says Phil Gramm (a.k.a., the heavyweight champion of financial deregulation.) While Sarah Palin is pretending to know an iota about foreign policy, McCain should consult Charles Keating on the economy. Neo-liberal, laissez-fairest economics is proving to be quite a bitch. I blame not Wall Street, but dumbass Main Street, for they reelected privatization of every sector in 2004.
Three cheers for F.U.B.A.R!
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