Well, to be fair...we no longer have a Democratic Congress,,,it is primarily Republican now. And not much of anything is getting done...people are having too much fun playing party politics instead of seeking a fair and bi-partisan way to solve some of our country's problems.
As for being on the "Edge of Depression" I don't think one can lay the true blame at the feet of either President. The fault goes to the greed that has run so rampant in America through most of its history. In fact, history is a great teacher in this way..if anyone would bother to pay attention. BOTH economic crises...this one and the one in 1929 were both worldwide in their effects.
In other words...we ain't the only people suffering. But this one is really MILD by comparison with the earlier one. If people would but look at what happened with the '29 Wall Street Crash they would be dancing in the streets that they are living through THIS one and not THAT one.
For instance---at the end of last month unemployment in this country was at 8.4%.
In 1933, at the worst point in the Great Depression years, unemployment rates in the United States reached almost 25%, with more than 11 million people looking for work.
Think those campsites at "Occupy Wall Street" and so on are a pain? During the Great Depression “Hoovervilles” (named after Herbert Hoover, the American president many blamed for the Great Depression) and shantytowns sprung up all across America, areas in which people gathered and constructed makeshift homes out of boxes, packing crates, abandoned cars, and scraps of wood. And people weren't camping there for fun. They had no where else to go.
“The Roaring Twenties” marked a time when America was overdependent on production, automobiles were the leading industry, and there was a great disparity between rich and poor. More than 60% of the population was living below poverty levels, while a mere 5% of the wealthiest people in America accounted for 33% of the income, and the richest 1% owned 40% of the nation’s wealth. This uneven distribution of wealth was mirrored in the unequal distribution of riches between industry and agriculture.
How about THIS: With only loose stock market regulations in place before the Great Depression, investors were able speculate wildly, buying stocks on margin, needing only 10% of the price of a stock to be able to complete the purchase. Rampant speculation led to falsely high stock prices, and when the stock market began to tumble in the months leading up to the October 1929 crash, speculative investors couldn’t make their margin calls, and a massive sell-off began. While the great rise in the stock market (from 181 points in early 1928 to 381 points in September 1929) was fueled by optimism and false hope, the plunge was flamed by stark fear.
Seen anything like that lately?
THIS time we bailed out the banks and some major businesses....back THEN we didn't...
By 1933, 11,000 of the nation’s 25,000 banks had disappeared.
The run on America’s banks began immediately following the stock market crash of 1929. Overnight, hundreds of thousands of customers began to withdraw their deposits. With no money to lend and loans going sour as businesses and farmers went belly up, the American banking crisis deepened. And people lost EVERYTHING. There was no FDIC back then...when the money was gone it was gone...that was all.
Social Security was not signed into Law (by Franklin Roosevelt who, like Obama, inherited that economic crisis from a Republican President
until 1935. Before that there was no such thing. Incidentally, New York was the first state to issue Welfare payments. These also began around the middle of the Great Depression. Now ALL states have such programs.
Medicare didn't come along until 1966. And yes, Virginia, it is run by the Federal Government.
But getting back to the Great Depression...close to 12 million Americans died of starvation during the Great Depression.
You see...it really isn't so bad this time around...now IS it?