No Going Back
Long before, this recession, jobs and manufacturing began leaving America. Technology made businesses more efficient, but also made some jobs obsolete. People at the top saw their incomes rise like never before, but most hardworking Americans struggled, because paychecks weren’t growing, and personal debt kept piling up.
In 2008, the house of cards collapsed. Mortgages had been sold to people who couldn’t afford or understand them. Many banks made huge bets with other people’s money, while regulators looked the other way, because they didn’t have the authority to stop irresponsible behavior.
Our economy plunged into a crisis that put millions out of work, saddled our country with more debt, and left innocent, hardworking Americans holding the bag. In the six months, before Obama took office, America lost nearly 4 million jobs.
Another 4 million jobs we’re lost before Obama’s policies took effect.
In the State of the Union Address, Obama announced that in the last 22 months, businesses had created more than 3 million jobs. Last year, more jobs were created than any year, since 2005. For the first time since the late 1990s, our manufacturers are hiring and creating jobs. Congress has agreed to cut the deficit by more than $2 trillion. And it has put in place new rules to hold Wall Street accountable, so a crisis like this never happens again.
Obama won’t allow America to return to an economy of phony financial profits. He announced that he’ll fight obstruction with action, and will oppose any effort to return to the very same policies that brought on this economic crisis in the first place. He directed his Attorney General to create a special unit of federal prosecutors and to expand investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.
In 2008, the house of cards collapsed. Mortgages had been sold to people who couldn’t afford or understand them. Many banks made huge bets with other people’s money, while regulators looked the other way, because they didn’t have the authority to stop irresponsible behavior.
Our economy plunged into a crisis that put millions out of work, saddled our country with more debt, and left innocent, hardworking Americans holding the bag. In the six months, before Obama took office, America lost nearly 4 million jobs.
Another 4 million jobs we’re lost before Obama’s policies took effect.
In the State of the Union Address, Obama announced that in the last 22 months, businesses had created more than 3 million jobs. Last year, more jobs were created than any year, since 2005. For the first time since the late 1990s, our manufacturers are hiring and creating jobs. Congress has agreed to cut the deficit by more than $2 trillion. And it has put in place new rules to hold Wall Street accountable, so a crisis like this never happens again.
Obama won’t allow America to return to an economy of phony financial profits. He announced that he’ll fight obstruction with action, and will oppose any effort to return to the very same policies that brought on this economic crisis in the first place. He directed his Attorney General to create a special unit of federal prosecutors and to expand investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.
posted by Jim O'Leary | 1:37 AM
0 Comments:
Post a Comment
<< Home