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The bailout: Caused by a 'Bush'el of problems
Ron Quiroga
Issue date: 10/14/08 Section: Commentary
As most Americans have found out, the economy has boiled over, and not in a good way. The ignoring the economic issue has reached the tipping point and is quickly spewing questions about the future of social security, retirement and most importantly for students, the availability of jobs. What started as a housing crisis has become a nationwide economic recession that, frankly, does not seem to have an end in the near future. Is there any way to put a stop to this imploding economy? Well, the people can only wait and see. But there is the question of what caused this monstrosity of an economic snowball, the answer being the negligence of the Bush administration to control the growing economy in the past eight years, and now the people are paying the price for it.
The current presidential administration is attempting to address the issue by giving a bottomless pit of money to the same companies that have buried the national economy, when they should be concerned with creating more jobs and getting the money back into the peoples' pockets. President Bush has become the quintessential "lame duck" as UConn Political Science Professor Lyle Scruggs said. The situation has grown to a point that the "bailout bill was to be passed because [the administration] was freaking out and something had to be done," Professor Scruggs said.
President Bush's approval ratings since September 2007 have not risen above 35 percent and according to Americanresearchgroup.com, 19 percent in September 2008. At that time, President Bush ranked among some of the most unpopular president to be in office and consequently has felt the pinch even from his own party. The voting of the initial bailout bill, which was a bipartisan bill, was originally rejected because of the lack of votes, but it is surprising that those votes needed to pass the bill were Republican ones.
For the last two presidential terms, Republicans have had a firm grip on the executive branch of the U.S. government, but now as it comes to an end, they are preparing to leave us with massive debt, busted credit and the possibility of exponentially increasing inflation. An open-market, laissez-fair economic agenda is what the nation has in place, but it is now obvious that some regulations need to be formulated in order to prevent these kinds of meltdowns.
The current presidential administration is attempting to address the issue by giving a bottomless pit of money to the same companies that have buried the national economy, when they should be concerned with creating more jobs and getting the money back into the peoples' pockets. President Bush has become the quintessential "lame duck" as UConn Political Science Professor Lyle Scruggs said. The situation has grown to a point that the "bailout bill was to be passed because [the administration] was freaking out and something had to be done," Professor Scruggs said.
President Bush's approval ratings since September 2007 have not risen above 35 percent and according to Americanresearchgroup.com, 19 percent in September 2008. At that time, President Bush ranked among some of the most unpopular president to be in office and consequently has felt the pinch even from his own party. The voting of the initial bailout bill, which was a bipartisan bill, was originally rejected because of the lack of votes, but it is surprising that those votes needed to pass the bill were Republican ones.
For the last two presidential terms, Republicans have had a firm grip on the executive branch of the U.S. government, but now as it comes to an end, they are preparing to leave us with massive debt, busted credit and the possibility of exponentially increasing inflation. An open-market, laissez-fair economic agenda is what the nation has in place, but it is now obvious that some regulations need to be formulated in order to prevent these kinds of meltdowns.
Viewing Comments 1 - 3 of 4
Fair
posted 10/14/08 @ 5:03 PM EST
Anybody who thinks that the Bush administration is the sole reason for this economic meltdown is sadly misinformed. The actions (or lack there of) of both democrats and republicans are to blame for this financial crisis. (Continued…)
Dominick
posted 11/28/08 @ 1:56 PM EST
The economic crisis is not to be blamed on the current Bush administration. The true blame can be placed on the Clinton administration in where Democrates forced banks to issue sub prime loans. (Continued…)
jack
posted 2/17/09 @ 1:57 PM EST
don't you just love it when republicans talk out of their butts? Always quick to blame everyone and anything but their own party. people have wised up to the republicans to the point where they could have put a pencil and an apple to run against the republicans and the pencil and apple would have won in a landslide. (Continued…)
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