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Economists Predicted Long U.S. Presence In Iraq= Recession
thinkprogress.org — Before the war, economists were predicting that oil prices at just $75 a barrel could potentially send the U.S. economy into a recession. Therefore, the current economic situation should not come as a complete shock to the Bush administration.
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- morningmatters, on 01/24/2008, -4/+14To be fair, the current plunge in US economy are caused by the sub prime mortgage woes and the sinking housing market. However, had the Bush admin focused less on the war and spent more on domestic improvements our economy definitely would be better.
- ElAssoWipo, on 01/24/2008, -2/+4It's caused by everything. There's not one single aspect of the American economy right now that isn't made to lose money.
You could've afforded this war on its own, same for the mortgage crisis, same for losing a quarter of your economy to China. But all together: recession.
You can't spend domestically anymore because the workers profiting from your economy live half way accross the globe. The money leaves the country but never comes back. And your competing with people who agree to make 100$ a month, working full time. Usually wars are good for the economy, they stimulate it. This time, other economies are being stimulated, while America just plain loses money.
The worst part is, the people controlling the economy keep heading the same way. That part I don't get. They impovrished themselves through the promotion of globalization by helping third world countries to compete against them; they keep getting poorer, and keep promoting globalization?!
And even the public is still very hostile to Isolationism. They've managed to beat it in the heads of the masses that Isolationism is bad, so they keep selling themselves out, protest against that, but still protest against Isolationism. Conflictual to say the least.- khail250, on 01/24/2008, -0/+1I have a company in china, their wages went up 40% alone this year to keep up with competition. has there ever been a 40% raise in the US? granted last year they made about 100USD (with a better exchance rate) this year I Need to pay them over 200 USD per month, this may seem like nothing to you, but its a huge jump! for me it was 100%
- 3tcp, on 01/24/2008, -4/+1A percentage of just the manufacturing sector of the economy has moved overseas but this is also the result of a boom in other parts of the economy. The changes didn't occur instantaneously, as the economy has grown and evolved over the years the distribution has changed so that the manufacturing sector represents a smaller portion of a much bigger pie so. We now have a service based economy and firms from other countries also purchase these services from us. The country as a whole is much better off as a result of globalization.
- ElAssoWipo, on 01/24/2008, -0/+5Your dollar lost 40% of its value in the last 5 years, you are about to get into a recession and you still make the argument that globalization is helping the economy?
How? - mightydavefish, on 01/24/2008, -0/+2What a baseless load of crap.
You have no clue what you are babbling about.
- ElAssoWipo, on 01/24/2008, -0/+5Your dollar lost 40% of its value in the last 5 years, you are about to get into a recession and you still make the argument that globalization is helping the economy?
- ElAssoWipo, on 01/24/2008, -2/+4It's caused by everything. There's not one single aspect of the American economy right now that isn't made to lose money.
- yodaj007, on 01/24/2008, -2/+16A shock to the administration? Why would it shock them? They don't give a *****. So why would they be shocked?
- aliengoods, on 01/24/2008, -0/+2It's shocking because they thought they would be out of office when it happened and their successor (probably a Democrat) would be blamed.
- Grumps, on 01/24/2008, -0/+1Its true! For all he care, he's leaving the office by the end of the year. The trouble will be left for us, he won't give to *****.
Bush got into the office to serve "Democracy", but not America!
- simplicityiskey, on 01/24/2008, -7/+6It is worth keeping in mind that recessions are a naturally occurring part of our economy.
- aliengoods, on 01/24/2008, -0/+7Define naturally occurring. Because with the fed and the banking interests, there is nothing natural about our economy. It's manipulated from the top down.
- mightydavefish, on 01/24/2008, -2/+2Some may be, this one is not.
This is the result of ***** spending and sub prime criminals.
- foxhaze, on 01/24/2008, -0/+7This isn't shocking. Our economy has been entering a whole new world of ***** for years. There have been few, if any, good economic decisions made in recent years, and this is the result.
- chronically420, on 01/24/2008, -0/+5has the bush admin. ever done anything good for the economy?
seriously...- Dumbledorito, on 01/24/2008, -0/+1For the entire economy? No. For those already benefitting from it? A few.
But just about everything he's touched has turned to *****, so it's not a suprise.
- Dumbledorito, on 01/24/2008, -0/+1For the entire economy? No. For those already benefitting from it? A few.
- chicofaraby, on 01/24/2008, -4/+5This isn't a problem. The Chicago School of Economics assures us that the market is magic and will always fix itself. A few more tax cuts for Paris Hilton and all will be well.
- 2dumb2care, on 01/24/2008, -2/+1The economy can't go up forever, but hopefully it stops falling or at least slows down.
- 3tcp, on 01/24/2008, -0/+4The failures of the Bush administration in the economy are not just the damage done to it by the Iraq war but the complete disregard for the long term economic consequences of all the deficit spending that has occured since 9/11. Special interests saw this and the political enthusiasm for a 'war on terror' as a blank check for anyone who can justify their products as promoting security. Politicians have seen this as well.
They've also failed to do anything to address the long term problems with the social security program and medicare. Politicians are too afraid of the political consequences of people who don't like the changes that are made so they're putting it off until it cripples this country so badly that people won't punish politicians for doing something unpopular even if it's necessary.
Dugg for Joe Stiglitz, here's a direct link to the article they're talking about http://tinyurl.com/2yby37 - Birdoftruth, on 01/24/2008, -0/+4Time for me to move to Switzerland.
- funsac22, on 01/24/2008, -3/+1Too many choice words to use here... I'll just say this, bring back Reagan. He's the only President that's done anything good for the US in 30+ years! Actually, bring back Reagan circa 1983, not the Reagan of 2008 :) Man, can I create my All Madden US Gov't?
- mightydavefish, on 01/24/2008, -1/+2I was wondering when someone would say something retarded.
- mightydavefish, on 01/24/2008, -1/+2I was wondering when someone would say something retarded.
- suzywang3000, on 01/24/2008, -3/+1these so-called economists have it exactly backwards. Our presence in Iraq is what has prevented us from entering a recession. If we "stabilize" the Middle East, foreigners (eg China & India) will continue to trade their goods and services for pieces of paper called US gov't bonds. If we were to spend the money on, oh, say, healthcare for fat lazy Americans, then foreigners wouldn't find the deal quite as justified.
"It is only when your power wanes—as the British learned after 1945—that owing a fortune in your own currency becomes a real problem. As opposed, that is, to someone else’s problem."
http://www.hoover.org/publications/digest/2939401. ...- khail250, on 01/24/2008, -0/+2if we stabalize the middle east? you mean kill everyone? nothing has been stable since Terrorist bush entered office
- theNazz, on 01/24/2008, -0/+5But there will be $600-$1200 in tax refund checks cut this year to make people forget the fact that their money lost 40% of its value since 2002... and it will work like a charm.
- khail250, on 01/24/2008, -0/+2you don't need to be an economist to understand this.
stuff that explodes has no resale value. dead people are expensive for insurance, breaking things cost money.
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