#recessions

One of these decades Americans will begin to notice that the big stock market crashes only seem to happen when REPUBLICANS are in the White House.

The lie that won’t die is that Republicans are better for the economy than Democrats. By every measure possible, that is just not correct. Republicans break shit, Democrats fix it, and voters reward them by ushering Republicans back in power. Lather, rinse, repeat.  Now, the stock market is not “the economy,” and even boom times have seen economic decline for a significant percentage of people in the United States, particularly in its decaying rural regions. But the market is a proxy for strong economic performance, however inequitable it might be distributed. 

Check the article for more details but here are the ten worst market crashes of the century and the president who was in office at the time.

1) March 12, 2020 – Trimp I (R) 2) Nov. 20, 2008 – G.W. Bush (R) 3) April 4, 2025 – Trimp II (R) 4) Nov. 6, 2008 – G.W. Bush (R) 5) October 15, 2008 – G.W. Bush (R) 6) October 7, 2008 – G.W. Bush (R) 7) March 9, 2020 – Trimp I (R) 8) October 9, 2008 – G.W. Bush (R) 9) October 10, 2008 – G.W. Bush (R) 10) October 22, 2008 – G.W. Bush (R)

Of course we should mention Republican Herbert Hoover's "Black Monday" crash in 1929 which marked the start of the Great Depression.

Stock Market Crash of 1929

It took until the early 1950s for the market to fully recover its pre-Black Monday value.

And we should also remind folks that there have been 12 recessions since the end of World War II. 10 of the 12 (83.3%) happened under Republican presidentss. And all of the recessions since 1981 have been Republican creations.

A Brief History of the 2008 Crash and Recession: We Were All So Fucked

During the months after the 2008 crash, millions of people lost their jobs. Incomes fell. The value of assets like homes and stock investments fell. People lost money they’d been saving for decades. Consumers stopped buying things, companies went out of business, and nobody was hiring.

Congratulations to the class of 2009!!!!!!

No bank bailout or soaring stock prices can make up for the permanently stagnated career prospects of those who started their adult lives in the recession. None of it will fix things for retirees who suddenly found themselves with nothing after a lifetime of careful investing. And it certainly doesn’t offer much hope to the people who lost their homes and ruined their credit in the subprime mortgage crisis.

The effects of the 2008 crash and recession are real. While researching this piece I kept thinking that the problem just looked like a bunch of fluctuating numbers floating around in the ether. Stocks, points, interest rates—they’re all just imaginary concepts wielded by people who have nothing to do with me.

Keep reading

Immigration was one of the defining issues of Donald Trump's presidential campaign, and as he prepares to step back into office he has made it clear that mass deportations of undocumented immigrants is a day one priority. Within his team, there have already been discussions about how to carry out his wide-scale plan in response to the current surge of migrants, according to CNN, starting with those who have criminal records. Trump also confirmed his intention to declare a national state of emergency and use the military to carry out deportations. Whatever path Trump takes, he has promised the "largest deportation effort in American history," which some experts say could cost the U.S. billions.

Can we just be really clear that NO-ONE needs to die of poverty, especially in a country like the UK?

We should also challenge the idea that not locking down would somehow prevent a recession- especially if hospitals got overwhelmed and huge numbers of people were dying- I’m talking orders of magnitude bigger than what we are seeing now!

Data from Harvard University, Brown University, and the Gates Foundation show dramatically different job market recovery for “high wage,” “middle-wage,” and “low wage” workers.  

Between January 2020 and March 2021, Americans earning above $60,000 observed a 2.4% overall increase in employment. Meanwhile, workers earning below $60,000 and workers earning below $27,000 saw 4.5% and 23.6% decreases, respectively.

While Americans in the “Professional & Business Services” sector saw a 0.5% decrease in employment, the “Retail & Transportation,” “Education & Health Services,” and “Leisure & Hospitality” witnessed dips of 3.5%, 6.4%, and 20.7%.

Indeed, job market recovery significantly differed on a state-by-state basis. While Florida, South Carolina, and Arizona saw 16.1%, 15.3%, and 13.3% employment rate increases, California, New York, and Hawaii saw 6.8%, 5.1%, and 1.7% increases.

With a 9.8% decrease in employment, Washington, D.C., trailed the rest of the nation in labor market prosperity.