The American Dream is belief in the freedom that allows all citizens and residents of the United States to achieve their goals in life through hard work. It was a phrase best coined by James Truslow Adams in his 1931 book The Epic of America.But that dream has been laid off.
The number of people who have been laid off this year is a staggering 8.5 million people.
According to a new poll by CBS News, 89% of Americans think that the Iraq War has contributed to the country's economic problems. That’s 9 out of 10 people think the Iraq War is causing our economic downfall. There are those of us who believe that this entire fiasco we call the Iraq war is about the oil.
While hard working folks are getting laid off, paying astronomical prices for gas, losing their homes, and paying higher costs for food, Exxon’s profit for this year alone was 11.7 Billion Dollars!!! and Chevron’s profit was 18.7 Billion Dollars!!!
How much did you make this year???
There are people who are barely making 10,000 a year. Think about that every time you go to a fast food restaurant. Earning that kind of wages, it’s a wonder how they can even afford to live let alone being able to afford food, gas, rent, child care, and any other bills they may have. They can’t even THINK about having health insurance.
Now get this...President Bush currently earns $400,000 per year, along with a $50,000 expense account, a $100,000 nontaxable travel account, and $19,000 for entertainment. The current salary (2008) for rank-and-file members of the House and Senate is $169,300 per year. It makes me sick to my stomach.
Our government is in denial that we are in a recession. Here is the definition of Recession: a stage of the business cycle in which economic activity is in slow decline. Recession usually follows a boom, and precedes a depression. It is characterized by rising unemployment and falling levels of output and investment. Well, I don’t know about you, but I think we’re there. Even Democratic Presidential Nominee Barack Obama has no doubt we are in a recession.
Ok, so now what??? Well the Bush Administration thought it would be a great idea to send us “Stimulus Checks”. Will it actually help?
We still have a housing crisis, and our fuel costs are still rising. Today’s average cost of gas is $4.11.
Seven years of the Bush presidency, aided and abetted by Bush’s Republican allies in the Senate, have led to:It just goes to show, the Stimulus Check didn't even TOUCH our problems. We STILL have a problem!!!!
· Higher college education costs. College education costs have risen by over 60 percent since the 2000-2001 academic year. Average tuition, fees, room and board costs at four-year private universities have increased by $10,067, from $22,240 in the 2000-2001 academic year to $32,307 in the 2007-2008 academic year. Tuition, fees, room and board charges at four-year public colleges jumped from $8,439 for the 2000-2001 academic year to $13,589 for the 2007-2008 academic year – an increase of $5,150, or 61 percent. The cost of a college education is rising faster than inflation and family income, but key federal tuition assistance programs such as the Pell Grant program have failed to keep pace with the rising cost of college. (College Board; Analysis of Department of Education data)
· Increased healthcare costs and more uninsured Americans. The cost of family health insurance has skyrocketed 78 percent since 2001. Meanwhile, the number of uninsured Americans has increased every year since President Bush took office, from 39.8 million in 2000 to a record high of 47 million in 2006. (Kaiser Family Foundation; U.S. Census Bureau)
· Skyrocketing energy costs. The rising costs for gasoline, electricity, and natural gas have strained the budgets of middle class Americans. Prices at the gas pump have jumped 107 percent since President Bush took office in January 2001. In 2008, the average household with children will spend about $4,487 on transportation fuel costs, an increase of 136 percent or $2,584 over 2001 costs.
Natural gas and electricity prices are also straining the pocketbooks of middle-class Americans. Since President Bush took office, the cost of heating a home with natural gas during the winter has increased by 90 percent ($465 to $884) and the annual electricity costs for an average American home has increased from $972 ($81 per month) in 2001 to $1,148 ($96 per month) in 2006.
The record oil prices that have hit the American economy have also further strained the economy. In a recent three-month period, the price of oil spiked by approximately 24 percent. This is important to the economy because empirical evidence suggests that the cumulative effect of just a 10 percent increase in oil prices during a three month period would reduce economic output by 1.1 percent. Therefore, all else being equal, the recent 24 percent oil price spike would/could have reduced economic output by at least 2.2 percent. (Energy Information Administration)
· A volatile housing market. Due in part to the irresponsible and predatory mortgage lending practices that have been allowed to flourish in recent years, the country is facing a mortgage crisis that threatens not only the American dream of homeownership, but the entire domestic – and international – economy. As many as two million Americans may be at risk of foreclosure as their home loans adjust to higher rates, far beyond their ability to pay, which would represent more than $160 billion in lost equity. Worse, millions more will see their property values drop, to the tune of nearly $1.2. trillion nationally, as their neighbors lose their homes, and millions of others will be unable to obtain home loans due to the resulting credit crunch. (Center for Responsible Lending; Joint Economic Committee)
· Declining incomes. America’s families are working harder and earning less today than they were at the start of the Bush Administration. Median household income, adjusted for inflation, has declined $962 from $49,163 in 2000 to $48,201 in 2006. (U.S. Census Bureau)
· Higher unemployment and fewer job opportunities. In December 2007, the unemployment rate shot up to a two-year high of five percent, with nearly 500,000 more Americans looking for work than in the previous month, private employers cutting payrolls for the first time in more than four years, and destructive job losses in manufacturing, construction, financial services, and retail sectors. This is a significant increase from the 3.9 percent unemployment rate in December 2000, before President Bush took office. (Bureau of Labor Statistics)
· Record deficits and debt. Bush Republicans turned record budget surpluses into record deficits, increased the national debt by over $3 trillion. Foreign-held debt also has exploded. It took 42 presidents 224 years to run up a trillion dollars of foreign debt, but President Bush has more than doubled that amount. (Office of Management and Budget; U.S. Department of Treasury; U.S. Department of Treasury)
Did you know, that even our pets are being effected by our economic crisis???????? You didn't know??? Well, here where I live, our Animal Shelters are being effected. They are being affected where you live too. Folks who used to be able to afford to take care of their pets, no longer cannot. As an advocate to "Pootie Diaries", I am appalled!
The government doesn't take into account of all that is at stake here. We are heading to a place where we were in 1929, The Great Depression. Or something far worse.
(Disclaimer: I apologize in advance for the horrible pictures you will be seeing in this video)
It just keeps getting worse and worse. Hopefully, when the new president comes into office, things can finally get turned around.
And here we go......Will they bail US out????