Today is election day

This is the single most important thing that you can do as a citizen. So go out and vote if you hadn’t already.

Speaking of this election, it has been very upsetting. There’s been a lot of misspeak on both sides. It doesn’t matter much to me to which party you belong, or if you even belong to a party, but whatever happened to debate based on facts and addressing actual policy.

Here is an email that I got as an example:

— On XXXXXXXXXXXXXXXXXXXXXX wrote:

From: XXXXXXXXXXXXXXXXX
Subject: Fwd: Fw: Remember January 3rd 2007
To: XXXXXXXXXXXXX
Date: XXXXXXXXXXXXXXXXXXXXXXXX

Every voter should read this:

Remember January 3rd 2007…………

Just to set the record straight:

The day the democrats took over was not January 22nd 2009,

it was actually January 3rd 2007, the day the Democrats took over the

House of Representatives and the Senate, the start of the 110th Congress.

The Democrat Party controlled a majority in both chambers for the first time

since the end of the 103rd Congress in 1995.

For those who are listening to the liberals propagating the fallacy that

everything is “Bush’s Fault”, think about this:

January 3rd, 2007 was the day the Democrats took over the Senate and
the Congress:

At the time:

The DOW Jones closed at 12,621.77

The GDP for the previous quarter was 3.5%

The Unemployment rate was 4.6%

George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of
JOB CREATION!

Remember the day…
January 3rd, 2007 was the day that Barney Frank took over the House Financial
Services Committee and Chris Dodd took over the Senate Banking Committee.

The economic meltdown that happened 15 months later was in what part of the
economy?

BANKING AND FINANCIAL SERVICES!!!

THANK YOU DEMOCRATS for taking us from 13,000 DOW, 3.5 GDP and 4.6%
Unemployment…
to this CRISIS by (among MANY other things) dumping 5-6 TRILLION
Dollars of toxic loans

on the economy from YOUR Fannie Mae and Freddie Mac FIASCO’S! ( And
Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in
2001 because it was financially risky for the US economy).

And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac????

OBAMA

And who fought against reform of Fannie and Freddie???

OBAMA and the Democrat Congress

So when some one tries to blame Bush…

REMEMBER JANUARY 3rd, 2007…. THE DAY THE DEMOCRATS TOOK OVER!” Bush
may have been

in the car but the Democrats were in charge of the gas pedal and
steering wheel they were driving.

Set the record straight on Bush!

“It’s not that liberals aren’t smart, it’s just that so much of what
they know isn’t so” -Ronald Reagan

Here is what bothers me about this. Well, lots of things about this bother me. But let’s just talk about one (although, as an aside, I love the statement basically implying that you can cause a financial crisis that almost topples the largest economy in the history of the world in the span of less than two years. Oh, and BTW the Dow didn’t close at 13,000 until late April of 2007). I find this statement (“George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!”) to be dubious at best. Data from the BLS based on the 1-month net change in the civilian labor force does not validate this statement.

Employment, Hours, and Earnings from the Current Employment Statistics survey (National)

1-Month Net Change

Series Id: CES0000000001
Seasonally Adjusted
Super Sector: Total nonfarm
Industry: Total nonfarm
NAICS Code: –
Data Type: ALL EMPLOYEES, THOUSANDS

Either way a statistic such as this is of extremely questionable value. This data is based on a differential variable which first of all needs to be above approximately 100,000 just to take population growth into account or you’re participation level in the workforce is actually going down. Secondly, the data that you actually care about is the integral of the differential change (cumulative number of jobs created). In which case it’s far behind what has happening in the 1990’s. And the fact that inflation-adjusted median US earning was essentially flat, I would hardly regard the Bush economic policy as success. It points to the fact that the US is having a difficult time transitioning out of an industrial and into a knowledge economy.

Series title: (unadj)- Constant (1982-84) dollar adjusted to CPI-U- Median usual weekly earnings, Employed full time, Wage and salary workers

Earnings: Median usual weekly earnings – in constant (1982-84) dollars

I don’t even understand the above argument. On the one hand they argue that the recession is due to the Democrats in congress and not the president, and then on the other they state that the president’s policies are a success. So is it because of the president or congress? You can’t have it both ways.

Regardless, the reason that things are bad is because of the complete cratering of the american middle class over the last 30 years. If it was simply due to the financial crisis, things would be great right now as companies are sitting on piles of cash. No one is hiring because there is no demand. There is no demand because no one has spare money. Wages have been flat and debt has gone up. America as a whole has been over-spending, under-investing, and racking up debt. And now we are living with the hangover. And that’s due to Democrats and Republicans.