Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

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Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Sunday, February 28, 2016

Furthermore


Before Obama was reelected, our country had reduce carbon pollution, by doubling clean, renewable energy like wind and solar.  In 2012, America became less dependent on foreign oil than at any time in 20 years. 

Nearly 7 million young people had health insurance because they were able to stay on their parent's plans.  Senior citizens saved money on prescription drugs, and women gained access to free preventive care like mammograms and contraception.

General Motors was on the brink of bankruptcy and the ripple effect would have been disastrous for our economy.  Obama put a team together to fixed the problem.  It demonstrated, that government intervention can work.   Had our government not loaned G.M. the money, and it had gone under it would have been devastating to our economy.  That loan saved jobs in plastics, electronics, upholstery, tires and glass.  G.M. began seeing its strongest performance in years.  Senator Bernie Sanders didn’t support Obama’s efforts to save the auto industry. 

Obama urged Congress to take $30 billion of the TARP money Wall Street banks had repaid and use it to help community banks give small businesses the credit they needed to stay afloat.  Many small companies had weathered the worst of the recession, but the banks on Wall Street were mostly lending to larger companies.

He had signed a credit card reform bill designed to protect consumers from surprise fees and sudden interest rate hikes, thereby helped consumers deal with the impact of mortgage fraud and predatory lending.

The economic policies of the Obama administration resulted in corporate profits as a percentage of U.S. economic growth reaching their highest level in the three decades.  Profits had plummeted to the lowest point ever, when the recession hit.  However, by January 2012 corporate profits reached their highest point ever as a share of GDP.  

On 3/13/12, the Dow closed at 13,178 points.  It was the highest for the Dow since 2007.  For the first time in 11 years, the Nasdaq closed above 3,000 points.

The Labor Department reported that our economy added 146,000 jobs in November 2012.  The unemployment rate fell from 7.9 percent to 7.7 percent the lowest level in four years. 

House Republicans had done zilch to improve the unemployment rate or the economy since Obama took office.  They had hoped to take back the White House in order to impose their trickle down ideas upon our economy.



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