Tuesday, November 6, 2012

History's Relevance To Today's Election

"The media misconception today is that what we need to speed up economic recovery is to end gridlock in Washington and have bipartisan intervention in the economy. However plausible that may sound, it is contradicted repeatedly by history.

Unemployment was never in double digits in any of the 12 months following the stock market crash of 1929. Only after politicians started intervening did unemployment reach double digits -- and stay in double digits throughout the 1930s.

There is nothing mysterious about an economy recovering on its own. Employers usually have incentives to employ and workers have incentives to look for jobs. Lenders have incentives to lend and borrowers have incentives to borrow -- if politicians do not create needless complications and uncertainties."

Thomas Sowell

History, I've noticed, is an annoying thing to some people. It presents facts that cannot be argued against, when it's actually presented truthfully in the first place. People constantly attribute the post-Depression recovery to FDR, yet they always ignore the fact that it carried on even through a major World War because of his policies (and his constant fighting to ignore the Constitution by the way). What ended the Depression in reality was actually the massive number of people returning from war, combined with the influx of immigrants from wartorn Europe and one other major item... The fact that after WWII we were the only industrialized nation in the world to survive unscathed. We had all of our factories, nearly all of our international shipping, and everyone with real skills was coming to us because we allowed financial advancement for those who were not part of the European "in" crowd.

Our current president is claiming his policies have created 5+ million jobs, while ignoring the jobs destroyed because of his war on coal, or the ones not created because of his policies such as numerous small business owners (and even large corporations) who will not add jobs because nobody knows exactly what he will do in the future to tear away the wealth they have earned through hard work (nevermind the Keystone pipeline's 10,000 or so permanent jobs because he wanted to make his buddy Warren Buffet a bit more cash).

If President Obama's policies were so great with those millions of created jobs then we would not be seeing HIGHER unemployment today than when he went into office. If the increased oil production we see today (all from private lands, just so you know) were having such a huge effect then we would not be seeing gas at an average of $1.50 higher nationally than when he was sworn into office (national average at the time was $1.84/gallon). We would not be seeing national employment numbers down at 67% (this number includes people retired as well as those no longer looking for work) because so many people have stopped looking for work. We would not see 47 MILLION people on food stamps. We would not see 18.1 million people (~5.8% of the total population) applying for disability because they have no other way of getting income.

Amusingly we have former President Clinton reminding us we wouldn't want a liar in the Office of the President, mere weeks after the Bhengazi cover-up boondoggle where people all up and down the current administration have been lying over who knew what and when, slowly releasing information hoping people won't piece it together or ask any more questions (Sandy helped distract people from that). Heck, if President Obama is such a great leader then why is his direct intervention in the Sandy cleanup producing results similar to what Bush got blamed for during Sandy when he didn't get in the way? Nevermind his buddy Bloomberg turning the New York National Guard away from helping in NYC because he doesn't want anyone by NYPD to have guns in his city.

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