Someway, somehow, someday: One of the biggest economic myths was launched in perpetuity.
The myth is that so-called fiscally minded conservatives are the best guardians of the economy. The Democrats — in particular progressives liberals — are nothing more than big government tax and spenders.
Never mind, historically speaking, the most severe and catastrophic economic meltdowns — Great Depression, the Great Energy crisis of the 1970’s, 1987 Wall Street collapse, and The Great Bush Recision — happen on their watch.
This popular myth is widely believed as fact in middle-America.
Middle-America, to this day, revere Ronald Reagan and his trickle down Reaganomics. The reality of how calamitous this Ponzi scheme economic charade has been for the American middle-class is epic.
Yet, middle-class America continues to double down on stupid. Sort of like, the already spanked fraternity pledgee in the iconic Animal House movie bending over (all ass out) and crying out to his tormentor:
Thank you, sir! May I have another?
Well, the rest of us residing in Real World, America — where the Saint Ronnie Reagan myth has long been debunked — understand how true the following story is:
Over the last seven years, the economy has been consistently one of the main issues in American politics. Despite what the right wing media often reports, the financial outlook of the country is more positive today than when President Obama took over for Republican George W. Bush.
In the fall of 2008, during the final days of the presidential election, the economy took its worst hit since the Great Depression of the 1930s. The stock market crashed, major U.S. banks were forced to be bailed out by taxpayers, as mortgages went underwater. These issues were discussed during a Dec. 24 interview on Fox Business Network with Treasury Secretary Jack Lew.
Lew pointed out that during the first year of the Obama administration, unemployment reached nearly 11 percent, while 750,000 jobs were lost during the month he was sworn into office. Fast forward to present day, and the improvement is striking. “Where we are now, we’re seeing steady growth, we’ve seen enormous job creation over this period of time,” Lew said. “We’re seeing the unemployment rate around 5 percent, and we’re seeing that growth in spite of the fact that there’s a lot of headwinds from a slower global economy.” read more