Donna Rook, a supporter of The Heartland Institute, wonders why the Democrats are blaming George Bush for the financial problems facing us all.
By Donna Rook
Civics 101: Congress passes laws on taxing, spending and regulation. We have had a Democratic Congress since 2006. Democrats refused to rein in (regulate) Fannie Mae and Freddie Mac in 2003 when President Bush and Senator McCain raised the issue.
The Community Reinvestment Act, passed during Jimmy Carter’s presidency and strengthened by President Clinton, forced banks to make loans to subprime borrowers.
The Federal Reserve flooded the economy with money, encouraging speculation by both lenders and borrowers.
The stock market reflects investors’ view of future economic health, or lack of it. Today’s market is rejecting Democratic moves toward a socialized economy.
The theory of government spending to revive the economy has been discredited by Roosevelt’s New Deal, Carter’s stagflation and Japan’s zombie economy of the 1990’s. Europe, where socialization has been tried for decades, has an unemployment rate in the teens, while the US is still under 10 percent.
Tax cuts, as shown by Presidents Kennedy and Reagan, are the proven cure for an ailing economy.
Do Democrats want to help the economy, or are they conducting a War on Prosperity to provide an excuse to increase government control in the name of “helping?”
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