Obama Continues Bush's assault on the middle class
May 24 | Examiner.com
Despite receiving the majority of middle class votes, George Bush was one of the worst presidents for the middle class. Bush promoted free trade deals that sent our jobs overseas, promoted amnesty for illegal immigrants, and greater guest worker programs while our borders remain unsecured.
Bush continued to spend to the point of breaking Lyndon Johnson's record by increasing the size of government. He borrowed from nations that are not the friendliest such as China and Saudi Arabia contributing to the current financial crisis, while the federal reserve printed money out of thin air devaluing our currency. Bush passed massive tax cuts that favored the wealthy and did nothing to address the budget deficit.
Bush was denounced by his political opponents as a tool of corporate and oil interest. Obama was able to capitalize on Bush's failed economic policies but, in reality, has continued Bush's economic assault on the middle class. Obama spoke out against corporate greed but, along with McCain, supported the bailouts of Wall Street signed by President Bush. Obama's second top source of donations was the financial firm Goldman Sachs which received billions in bailout money from the taxpayers. Obama appointed Timothy Geithner as Secretary of the Treasury who, as chairman of the New York Branch of the Federal Reserve, arranged the bailout of Lehman Brothers. Geithner also stated he is open to the idea of a global currency.
On spending, Obama has continued the same economic policies of the Bush administration of deficit spending and printing money out of thin air through the Federal Reserve.
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Obama Continues Bush's assault on the middle class
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