Look at the chart below to see the declining economy under every Republican president since Richard Nixon started manipulating oil supply in the 70s. Background to the oil price hoax
The quadrupling of oil prices from $20/barrel to over $100/barrel under the Bush reign had a disastrous effect on the economy. How Bush Pushed Gasoline Prices Sky High
and The Why of Chokingly High Oil Prices: Bush Together with Saudi Arabia Spells Disaster for America
US Budget Deficit or Surplus from 1960-present
Comparing Oil price increases during a similar time period shows an interesting correlation with the declining economy. Note the periods between 1979-80; 1990-91; and the time of the Bush reign to present on both charts. When oil prices increase the economy suffers (at least on Mainstreet).
Monthly Crude Oil Prices 1946-present
Consider the increased cost of goods due to increased oil prices, deregulation of safeguards for consumers, banks luring consumers into high credit borrowing with low interest rates...then switching to unregulated high rates and unbridled fees, and we find ourselves in an untenable situation.
Mainstreet Americans are suffering a severe budget deficit while CEOs, former Senator(s) who helped unravel regulations protecting our economic system, and other unscrupulous individuals hoard the "surplus" somewhere (perhaps in the UBS safe from scrutiny and taxes).
In addition to being asked to bail out failing financial institutions, taxpayers are also being robbed by individuals who are funneling money into Swiss Bank accounts to avoid paying taxes. Thank goodness President Obama is addressing this issue.
Darksyde's diary You and the UBS yesterday was an eye-opener regarding the methodical deregulation and subsequent robbing of America. If you missed it and want a clearer understanding of how we got into this mess read it and follow the links within the diary. Darksyde has revealed the smoking gun in a clear analysis of this complex subject.