Who damage the economy?

[Sung Sung]

Who damage the economy?

When Clinton left the W.H. the Federal benchmark interest rate was
6.5%. In Bush's term, the rate drammatically dropped in 2001. Then to
the bottom of 1% in 2003 and 2004. It's the low interest rate that
pushes up the economy. You could see the result from income tax
revenue chart that the Federal income tax started going up from 2003,
2004, but it also created a big bubble - the housing bubble. That
bubble broke out in 2007, (You could see it's the peak of income tax
revenue). It also caused the financial crisis next year.(2008)

Real estate industry is an important factor of GDP. The housing bubble
is still hurting the economy right now. Even now they low the interest
rate to nearly zero, they can't recover the housing industry. (Because
of piled up fore-closured houses from that bubble)

It's evident that Bush created the housing bubble that damaged the US
economy. That bubble is still there, continuely erode the economy.

[Sung Sung]

Damage the house (2) (9/18/2011)

Blame others for the mess they had made.

Normally, president and his administration have annual revenue income,
like a salary income for a family. He spends it for mortgage and other
expenditure. They used to overspend the income, then they borrow the
money by issuing bond.

But Bush damaged the house with a leaking roof and big hole on wall.
(Housing bubble and financial crisis)

Obama not only has to pay monthly mortgage, but also must change the
roof and repair the wall. That repair cost is much more than the
normal monthly mortgage. The income remains the same. (salary
unchanged or decreased) Expense increase drammatically. (save the
firms too big to fall, help the unemployed people, help the drowned
home owners....) That become a huge increase of national debt. Who
should be responsible for that repair money?
Damage the house is easy. To repair it cost much. Republicans attacked
Obama for the mess their own president (Bush) had made.

The fact is Bush inherited a surplus from Clinton, he left a deficit
for Obama. Worse, he left a big financial crisis to Obama. Now they
accuse Obama because he spend a lot of money to repair the roof. You
know, to repair a roof costs more than to pay monthly mortgage.

[Sung Sung]

Damage the house (2) (9/18/2011)

Blame others for the mess they had made.

Normally, president and his administration have annual revenue income,
like a salary income for a family. He spends it for mortgage and other
expenditure. They used to overspend the income, then they borrow the
money by issuing bond.

But Bush damaged the house with a leaking roof and big hole on wall.
(Housing bubble and financial crisis)

Obama not only has to pay monthly mortgage, but also must change the
roof and repair the wall. That repair cost is much more than the
normal monthly mortgage. The income remains the same. (salary
unchanged or decreased) Expense increase drammatically. (save the
firms too big to fall, help the unemployed people, help the drowned
home owners....) That become a huge increase of national debt. Who
should be responsible for that repair money?
Damage the house is easy. To repair it cost much. Republicans attacked
Obama for the mess their own president (Bush) had made.

The fact is Bush inherited a surplus from Clinton, he left a deficit
for Obama. Worse, he left a big financial crisis to Obama. Now they
accuse Obama because he spend a lot of money to repair the roof. You
know, to repair a roof costs more than to pay monthly mortgage.