Home > Cande = Conjecture & Exaggeration, Fande = Fact & Evidence, The Economy > George W. Bush and Dick Cheney steal Trillions of dollars from the People of the United States in order to fund a false war in Iraq for the majority benefit of politically connected military contractors, like Halliburton, as well as to distribute Tax Cuts for the majority benefit of the SuperWealthy, while allowing little-to-no regulation of Wall Street during SUBPRIME that requires a $700 billion bailout with taxpayers’ money in September 2008 for the majority benefit of rich bankers…well, then the result is the majority of Americans suffer the economic consequences for years afterward. Oh yeah, why isn’t Corporate America using its record $2 Trillion cash-on-hand to hire American workers, instead of squeezing more hours and productivity out of its downsized labor force? What happened to “The Majority Rules” in this country?

George W. Bush and Dick Cheney steal Trillions of dollars from the People of the United States in order to fund a false war in Iraq for the majority benefit of politically connected military contractors, like Halliburton, as well as to distribute Tax Cuts for the majority benefit of the SuperWealthy, while allowing little-to-no regulation of Wall Street during SUBPRIME that requires a $700 billion bailout with taxpayers’ money in September 2008 for the majority benefit of rich bankers…well, then the result is the majority of Americans suffer the economic consequences for years afterward. Oh yeah, why isn’t Corporate America using its record $2 Trillion cash-on-hand to hire American workers, instead of squeezing more hours and productivity out of its downsized labor force? What happened to “The Majority Rules” in this country?

The easy math…
 

George W. Bush = $2.7 Trillion Price Tag

$1 Trillion = “illegal” and unnecessary Iraq War that mainly benefited military contractors, like Dick Cheney’s Halliburton

-$1 Trillion = Bush Tax Cuts for SuperWealthy

-$700 billion = 2008 TARP bailout of Wall Street banks due to Republican mismanagement of our economy, aka the Subprime Mortgage Meltdown

* The TARP (Troubled Asset Relief Program) was supposed to be used by the banks to buy up “troubled assets,” such as houses with subprime-mortgages…but the Wall Street banks gave their employees bigger bonuses than the year before instead. And no, very little was done to help the American homeowner, as TARP was originally pitched by then Secretary of the U.S. Treasury, Henry “Hank” Paulson, former CEO of Goldman Sachs. So the Wall Street banks and their enablers double-crossed the majority of Americans on the $700 billion bailout.

 
Teachers and school staff will bear the brunt of the layoffs this summer, as hundreds of thousands will likely be laid off around the nation. The national job numbers should reflect the hit in July and September.

It’s not uncommon for state and local governments to take longer to emerge from a recession. But usually by then, businesses have ramped up their hiring. This time around, private sector hiring has remained soft, making government cutbacks that much more painful.”

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Read more: https://fandecande.wordpress.com/?s=corporate+america+record+cash+on+hand

“Corporate America sat on a record $2 Trillion cash-on-hand, but decided against increased hiring of workers, so that real unemployment remained above 10 percent.”

Read more: http://dealbook.nytimes.com/2010/08/24/sorkin-are-mergers-back-well-sort-of/

“Coupled with the cheap cost of capital, the enormous amount of cash on corporate balance sheets estimated at $2 trillion to $3 trillion, is a heady cocktail that may augur more deals.”

Read more: http://www.nytimes.com/2010/12/02/business/economy/02fed.html

“At home, from March 2008 to May 2009, the Fed extended a cumulative total of nearly $9 trillion in short-term loans to 18 financial institutions under a credit program….

Even bedrock corporations like Caterpillar, Harley-Davidson, General Electric, McDonald’s, Toyota and Verizon relied on a Fed program that supported the market for commercial paper….

So did the California Public Employees Retirement System, the nation’s largest public pension fund, and several insurers and university endowments.”

* We gave the corporations cash in order to cover their “troubled assets,” so that the corporations could then hire people back to work. Now the corporations are double-crossing us by not increasing hiring, so that roughly 10 percent of our nation’s working-age people are unemployed and almost 20 percent  are underemployed (working part-time or employed through short-term contract work because they are unable to find full-time employment).

Read more: http://finance.yahoo.com/news/Feds-Fisher-Lots-of-liquidity-rb-4035502982.html?x=0&sec=topStories&pos=1&asset=&ccode=

EXCERPT:

“‘What would more liquidity do? It’s not being used. It’s sitting on the sidelines. The gas tanks are full,’ [Dallas Federal Reserve President Richard Fisher] said.

Fisher said he expects economic growth to accelerate in the second half of this year to an annual rate of about 3 percent to 4 percent and said businesses were poised to hire.

‘We are lean and mean, our balance sheets are in great shape in America,’ he said. ‘There is a lot of liquidity out there. I am eager to see the trigger — I don’t know what it is — for that money to be spent putting Americans back to work.'”

Read more: http://finance.yahoo.com/news/Companies-pulled-back-on-job-apf-2109262646.html?x=0&sec=topStories&pos=1&asset=&ccode=

EXCERPT:

“Job growth slowed sharply in May [2011], according to the monthly employment report released Friday. Employers added a net total of only 54,000 positions in May, down from an average of 220,000 per month in each of the previous three months. The unemployment rate rose to 9.1 percent from 9 percent. That report raised concerns among many analysts that without more jobs, the economy will remain anemic for much of this year.

Openings fell across most sectors in the economy. There were fewer positions advertised in education and health care, at hotels and restaurants, and with professional and business services — accountants, engineers and legal services. Job openings rose in retail and construction.

Tuesday’s report, known as the Job Openings and Labor Turnover survey, or JOLTS, suggests that the pace of hiring won’t pick up any time soon. Companies can take anywhere from 1 to 3 months to fill a job opening.”

Read more:

http://www.washingtonpost.com/blogs/ezra-klein/post/what-the-gop-didnt-learn-from-the-bush-tax-cuts/2011/05/19/AGXlyHLH_blog.html

EXCERPT:

“Posted at 02:53 PM ET, 06/07/2011

What the GOP didn’t learn from the Bush tax cuts

By ….
 
Bush wasn’t a big fan of regulations either. So we got a test of the low tax/low regulation approach in the Aughts. And how did it work out? ‘That business cycle was the first one in the postwar period where the income for a typical working-class family was lower at the end than at the beginning,’ says Larry Mishel, president of the Economic Policy Institute. You can see a comparison of the Clinton economy, which took place amid tax increases, and the Bush economy, which followed massive tax cuts, in this graph: And that’s the more important lesson. Suggesting that tax cuts increase federal revenues is foolish. Suggesting that tax cuts and lower regulations could boost growth isn’t. But anyone making that argument needs to deal with the failure of the Bush tax cuts to give us more growth, lower deficits or higher median incomes.”
 
 
EXCERPT: 
 
“The only real beneficiaries of Pain Caucus policies (aside from the Chinese government) are the rentiers: bankers and wealthy individuals with lots of bonds in their portfolios.And that explains why creditor interests bulk so large in policy; not only is this the class that makes big campaign contributions, it’s the class that has personal access to policy makers — many of whom go to work for these people when they exit government through the revolving door. The process of influence doesn’t have to involve raw corruption (although that happens, too). All it requires is the tendency to assume that what’s good for the people you hang out with, the people who seem so impressive in meetings — hey, they’re rich, they’re smart, and they have great tailors — must be good for the economy as a whole.But the reality is just the opposite: creditor-friendly policies are crippling the economy. This is a negative-sum game, in which the attempt to protect the rentiers from any losses is inflicting much larger losses on everyone else. And the only way to get a real recovery is to stop playing that game.”Read more: http://finance.yahoo.com/news/Unemployment-falls-in-fewer-apf-4004442567.html?x=0&sec=topStories&pos=1&asset=&ccode=EXCERPT:

“Only 22 states reported a net gain in jobs in May [2011], while 27 states lost jobs. That’s much worse than April, when 42 states gained jobs.

California, New York and Pennsylvania reported large job losses, partly reversing gains earlier this year. California said employers cut 29,200 jobs last month, with big losses in professional and business services, which includes accounting, engineering, and temporary services. The construction sector also lost jobs.

New York said employers cut 24,700 jobs and Pennsylvania reported a drop of 14,200 jobs.

Florida, meanwhile, reported the biggest job gains. Employers in the Sunshine State added a net total of 28,000 positions. The state’s unemployment rate dropped for the fifth straight month to 10.6 percent. The gains were mostly in education and health services and in leisure and hospitality, which includes amusement parks, hotels and restaurants.

Earlier this year economist had expected much stronger job growth. But a payroll tax cut enacted in December hasn’t spurred the additional consumer spending that many economists expected. And Americans have had to spend most of the extra money to pay higher prices for food and gas.

The economy grew by only 1.8 percent in the January-March period, a sharp slowdown from the 3.1 percent annual pace in the October-December quarter.

Nevada had the highest unemployment rate among the states, at 12.1 percent, though that was down sharply from April’s 12.5 percent. California had the second-highest rate, at 11.7 percent, down from 11.8, followed by Rhode Island at 10.9 percent, which was unchanged.”

Read more: http://www.nytimes.com/2011/06/17/business/energy-environment/17oil.html

EXCERPT:

“Lukoil and many of the other international oil companies that won [Iraqi] fields in the auction are now subcontracting mostly with the four largely American oil services companies that are global leaders in their field: Halliburton, Baker Hughes, Weatherford International and Schlumberger. Those four have won the largest portion of the subcontracts to drill for oil, build wells and refurbish old equipment [in Iraq].”

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