The 2008 financial crisis that continues to devastate the U.S. economy, has shown the nation and the world that Washington is experiencing tremendous difficulty in tackling the economic problems besetting America.
In a problem that originated with and due to the policies of former President George W. Bush and has persisted through the presidency of incumbent, Barack Obama, many people are genuinely suffering under extraordinary financial hardships that never should have happened.
Republican House Speaker John Boehner and President Barack Obama
The people did what was asked of them by working and paying their taxes, but due to abusive financial conduct by the corporate sector, permitted by the White House and Congress, mortgage rates were unreasonably reset to backbreaking levels, gouging millions of people into foreclosure and financial ruin. The American dream of owning one's own home has been shattered for millions, with an unprecedented number of foreclosures.
The cost of living in America also spiked, due to greedy oil companies colluding to raise the price of gas and making a fortune each quarter in doing so, with the consent of the White House and Congress. Nothing was done to stop the banks or the oil companies from overcharging people for two important services integral to modern life, which spill over into other areas of commerce, such as creating added costs for food, clothing and electronics suppliers that transport their goods using gas enabled modes of transportation.
George W. Bush
Another issue that continues to lurk in the background are a number of massive ponzi schemes defrauding many out of their hard earned money. There have been a handful of high profile arrests, but there are quite a few fraudsters still in business, if you can call it that, as that is not commerce, but thievery, which is illegal.
Even with the painful realization of the aforementioned issues, the government has failed at every rung to remedy the serious economic problems that have dragged the U.S. economy to unprecedented lows, causing the nation and the world to lose confidence in Washington. Due to the fact that so many other global economies are intertwined with that of America, other nations and their citizens are suffering as well.
Federal Reserve Chief Bern Bernake
The government knows what they need to do to correct the economy, but there’s just one problem, they won’t do it. It is not politically expedient. All the government has to do is pass bipartisan legislation, making the correct budget cuts and implementing appropriate taxes on the rich, along with legislation that puts corporations in check, giving them clearly defined limits by law, regarding what they can and cannot do in the marketplace.
