. It was Bill Clinton’s China Trade Agreement that set the stage for millions of US jobs to move to China after year 2000.
G W Bush's economic policies were successful. Tax Relief 2003 was enacted in May of 2003. June of 2003 was the first of 52 consecutive months of positive job growth. 8 million jobs were created in 4 years. The 2001-2007 Economic Expansion was the 4th longest in history.
Next, in mid-2007, the Democratic Congress increased the minimum wage 40%. That ended the 4 years of job growth. It brought about a recession beginning at the end of 2007, and resulted in huge deficits. Democrats had been blocking proposed regulation of Fannie and Freddie. F&F committed massive fraud, and the Financial Crisis followed in late...
Translation: He didn't have enough Republican votes to pass it, and Democrats were going to salute and vote no -- even though it was Pelosi's idea just a few months ago. Ugly:
Cantor says no vote tonight. #fiscalcliff
— Chad Pergram (@ChadPergram) December 21, 2012
No action in the House until after Christmas, I'm told....
BHO did not stabilize the economy. DJIA fell 20% in his first 6 weeks and it was called "the Obama Bear Market". Obama's expensive stimulus was later determined by economists to be ineffective. It actually made the economy grow more slowly than would have been the case without it. What really happened began in March 2009 when the Federal Reserve Board announced it would implement aggressive monetary policies. The program, called TALF injected massive amounts of liquidity into the credit markets. It made a recovery possible.
The economy grew 3.0% in 2010 largely because of the Fed’s aggressive policies in 2009. The economy slowed to 1.7% in 2011. In 2012, fewer jobs are being created than in 2011. Next year, 2013, is...