Fun facts to consider before voting:
Over the last 50 years Republicans have occupied the White house 27 years, Democrats 23. During that time the US economy has created approximately 46 million jobs during the Democrats time, 23 million during the Republican occupation.
From 1948 to 1973, American worker’s productivity increased by 100%. During this period, the average worker’s hourly compensation ( wage plus benefits) increased by 100%. This period witnessed the largest growth in wealth ever in the history of humanity, as well as the largest expansion of the American middle class. With tax rates higher than current rates.
From 1973 to 2006, the year before the recession officially started, American worker’s productivity increased 80.1%. During this period, American worker’s average hourly compensation increased 10%.
The other 70% of weatlh generated during this period increased the wealth of high-income individuals and corporations, while tax rates went lower and lower, and the middle classs shrank.
The average American worker hasn’t seen a real gain in her or his purchasing power in over a decade. The way Americans have gotten by over the last 4 decades is by putting a second bread winner to work and borrowing more.
The last three recoveries from Recession has been ‘jobless.’ The Stock-Market has recovered; corporations have done well, and the jobs that have been created have been low paying jobs.
Americans work more hours, and spend less time with their families, than anyone else in the developed world, except China.
There is not one example in history that I can find where austerity measures alone stimulated an economy and increased tax revenues. In the one case most commonly cited, Ronald Reagan’s presidency, President Reagan cut taxes in 1981, then, when the deficit soared he raised taxes in 1982. It’s that tax increase that spawned the famous ‘Read my lips, no more taxes,’ statement by Bush Sr.
I suppose the other fact demonstrated here is that people don’t vote based on facts.
That’s one of the ‘flaws’ of Democracy, and one that I am willing to live with. The US experiment in Democracy is a leap of faith, a belief in something like Christian Charity, or the Islamic principle that you have a moral obligation to feed and shelter your fellow traveler.
Will we live up to our religious principles?