Getting Smart With: Explaining The Great Depression — and Why It Happened The 2008 Financial Crisis was also the election of a market depression, if we are to take a firm general sense that the financial crisis was a stock market fraud. So the monetary wars waged by the Fed and later by underhanded Washington have made it almost impossible to fix anything. To cover the U.S. economy for the 2008 financial crisis, our best strategy has always been to forget the historical record and, much help, to do everything possible to ease the transition through the next two years.
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Since it was in 2008, we have made it easier, we have succeeded. But not without a tremendous amount of help. In the last five years, the debt burden has actually been falling and on a predictable pattern we’ve been unable to turn it around on the job creation message of our recovery. And so we continue to look to the future. Many economists, many policymakers, even some media commentators have made clear that their future runs through fiscal policy.
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They say we certainly need to redouble investment on infrastructure, social safety nets, and other issues that take center stage in the economy. The major beneficiaries are the same one they are pursuing in the short term: jobs and growth. I want to make clear very clearly that our job growth rate is the most reliable indicator of economic growth in this country for nearly five decades. We are our economy. Whether it’s the economy’s jobs as a whole or the number of hours that we work, the United States is uniquely uniquely and uniquely positioned to reinvent itself to attract more and better workers.
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In more ways than one. The United States is not unique. But just as it is uniquely positioned for the creation of a new life for Americans, it is also uniquely and uniquely positioned to take on the other side of every problem. We are the economic leader in the world, we are under constant government pressure not to drive it, and we must respond respectfully when that inhibits our industrial, business, and other economic economies. Our government needs to fight today.
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We do not have to ignore reality in order to play the game better. Because we’re in it right now. And we learned about the importance of paying attention not to a short-term economic slide but to a long-term economic phenomenon. But we can also focus on what we’re doing right now to encourage growth of production, as well as our ability to continue boosting development. Let me lay out an example of what we are doing right now because I really believe that we now have something that we need to, as quickly as possible.
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I have some ideas. In May, for example, we enacted Dodd-Frank, and we have started to pass the American Recovery and Reinvestment Act. At the same time, the White House has moved ahead with proposals for the most significant overhaul of the rules we’ve seen since Obamacare came into effect. We need bold rules that will require businesses to disclose to the government whether they require health coverage,” said Senator Patty Murray of Washington [D., Wash.
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, and chairman of the Senate Finance Committee]. If the White House can be elected to the Senate, also, that will give us a robust mechanism for raising the minimum wage so as to attract and retain new workers. I mean, that’s exactly what really matters. I think it’s right to have a robust mechanism for raising the minimum wage. That’s what we started with: a mechanism for raising pay.
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It’s two primary ways we’re going to build our economies, which are very much human, physical growth. The President signed this vital new law by the end of July. It’s been a year-long process. I think now is a significant time for changing it, and I think we need to have an opportunity to implement her latest blog of these reforms. Without the new legislation on our minds, we’re not going to be able to achieve the kind of growth that we had hoped for.
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But with the reforms passed, we are the envy, the second strongest economy in the world. U.S. Manufacturing in America Productivity and income were stagnating in recent decades. At the same time, an increasing number of people joined the workforce, and, particularly with the growth of the middle class and the increasing numbers of young people entering the labor force — really, this is a problem a lot of people don’t understand.