While a great many Americans are going to be single issue voters (namely the abortion issue, and keep in mind they will vote GOP even though the GOP has done nothing to stop abortion other than talk about it every two years) -I call these people dolts- once again something needs to be said about the state of the economy. Unemployment is up to 6.1 percent which is its highest since the 9/11 induced recession of 2001 to 2003. The national debt is spiraling further and further out of control and in eight years it has more than doubled from a little more than four trillion to nearly ten trillion dollars. Real income is at an all time low. The recent surge of foreclosures from adjustable rate mortgages has forced millions out of their homes. CAFTA, NAFTA, and GAT have predictably helped to outsource high paying manufacturing jobs, wrecked the tattered remnants of organized labor, and have gutted small town America (you know the places Palin and McCain say they value so much).
McCain is on record as saying “the economy is fundamentally sound” and I ask him how. How is it sound when unemployment is growing at a steady pace, when economic growth has been on a downward trend for several quarters now -sure the last quarter saw a slight rise, but for the most part the trend is downward? How is it sound when adjustable rate mortgages have kicked millions out of their homes? How is it sound when Americans on average are over 10,000 dollars in credit card debt? How is it sound when credit card companies are able to solicit those who have no business having credit cards, namely those who are already credit risks and those who are either unemployed or underemployed?
While we are on the subject of the record lets look at bankruptcy reform, essentially making it impossible for the Average American to seek bankruptcy protection and absolvement of their debts. For those interested in reading the text of this bill, S. 256, I direct your attention to
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00044
Well John “Populist” McCain voted for this bill while Barrack Obama voted no. Now some will say this bill teaches responsibility, but this bill is punitive in nature and is quite ungenerous. With the horrid state of the economy in recent years this bill was untimely, cruel, and damaging to many Americans who need these protections.
Barack Obama has come out in favor of curbing the predatory practices of credit card companies as seen below:
(AP)
Democrat Barack Obama called for new restrictions on “predatory” credit card companies he says deceive consumers into piling up massive debt they have little hope of repaying.
“The truth is, our middle-class families are not going to be secure so long as they can’t get out of debt,” Obama said Monday, sharpening the populist rhetoric of his presidential campaign. “If we’re serious about stopping Americans from falling deeper in debt, we’ve got to crack down on predatory credit card companies that are pushing them over the edge.”
Obama pointed to studies showing that consumers have an average personal debt of more than $8,000, a load driven higher by credit cards. He said soaring credit card debt could turn into a crisis as big as the one in the subprime mortgage industry.
“The larger risk is that what’s happening in the housing market could lead to a slowdown in the entire economy,” he said.
The Illinois senator made his comments in a statement and in a discussion with debt counselors and consumers who have struggled with credit card debt.
Obama’s “credit card bill of rights” would force credit card companies to give consumers the option of dropping out of an agreement if the companies raise interest rates. It would ban increasing rates on past debts and prohibit charging interest rates on transaction fees. He would also force additional disclosures by credit card issuers of terms of the agreement.
“I’ve seen many Americans who have been driven into financial ruin as a result of all of this,” said Obama.
He spoke as he opened his latest campaign swing in the state where precinct caucuses traditionally launch the presidential nominating season, and where polls find him in a dead heat with Hillary Rodham Clinton. Both have portrayed themselves as champion of the middle class.
Obama did so again by accusing credit card companies of deceptions.
“Many credit card companies are tricking Americans into agreements they can’t afford because that’s how they make big profits,” he said. “Well, no company’s bottom line should come before what’s right for the American people.”
He said many consumers are squeezed twice, with credit card debt forcing them into bankruptcy, where the odds are also stacked against them.
Obama also spoke of his opposition to an overhaul of bankruptcy laws that he said protects credit card companies more than consumers.
“Every American has a responsibility to pay what they owe, but we need to make sure that what they’re paying is fair, and we’ve got to do more for those Americans who aren’t able to climb out of debt and actually have to declare bankruptcy,” he said, promising reform of bankruptcy laws if elected president. He said he opposed a 2005 bankruptcy bill because it protected lenders while “preventing middle-class Americans from getting back on their feet after a crisis – even if they’ve suffered an illness.”
He said much credit card debt comes from consumers who have been forced to use credit cards to pay for medical costs.
From:
http://www.cbsnews.com/stories/2007/12/03/politics/main3570454.shtml
Meanwhile, McCain -who voted in support of bankruptcy “reform”- is silent on halting the predatory practices of credit card companies.
Now McCain and his merry band of GOP Plutocrats will say that they are for the middle class, but their refusal to stop the abuse of credit card companies poses a serious threat to the economic health of the middle class. McCain, again he is on record as voting with the president [Bush] over ninety percent of the time, is clearly wrong on this. McCain is out of touch with the economic realities of the American people but this could happen if you own seven houses, and hang around people so wealthy that you think four million dollars a year is middle class. Ask yourself, out there in middle class land, how many millionaires do you know? I also ask you is the economy really all that fundamentally sound, and is McCain -who made this statement- the man to fix it?
Oh and if you need more proof that the economy is in chaos check out the following links:
Jobless claims are up
http://www.courant.com/business/hc-n…,5548943.story
Stocks are having a very bad quarter
http://money.cnn.com/2008/07/01/mark…ion=2008070108
Forclosures continue
http://blogs.wsj.com/developments/20…mixed-results/
and the government is bailing out fannie mae
http://business.timesonline.co.uk/to…cle4688214.ece
