www.buschistory.netTopic 30

The 2000 Pres. Election was too close to call Florida’s 25 Electors were in dispute Two recounts occurred - challenger Al Gore

wanted a third Gore V. Bush – The Supreme Court ruled

that Florida had to stop counting and award their electors. The decision was “non-precedent setting.”

The networks giveth and the Networks take away

A new word came into vogue – Chads! (Dangling, pregnant, and of course - dimpled

September 11 2001, •19 militants associated with the Islamic extremist group al-Qaeda hijacked four airliners and carried out suicide attacks against U.S. targets. •Two planes were flown into the towers of the World Trade Center, a third plane hit the Pentagon, and the fourth plane crashed in a field in Pennsylvania. •2,977 people were killed in the combined attacks

Response to terrorist attacks

Led to wars in Afghanistan and Iraq

Patriot ActHuge Deficit and Debt

Greatly expanded surveillance and law enforcement procedures

Civil Liberties were questioned

Created the Department of Homeland Security

Oct. 7, 2001 – U.S. began bombing

Attacked Al-Qaeda camps and the Taliban (supporters of bin Laden)

Afghan War Facts

$403B as of April 2011 (CBO)

$3.6 B Monthly (CRS 2011)

Cost of deploying one U.S. soldier for one year in Afghanistan - $1 million (Congressional Research Service)

US Troop Casualties – 1,562 (DOD May 2011) Wounded – 11,314 (DOD May 2011) Total US Troops in Afghanistan – 94,000 as of May 2011

March 20, 2003 – U.N. coalition forces (led by the U.S.) invaded Iraq

May 1 2003 – Mission Accomplished speech

Based on faulty intelligence that Iraq had weapons of mass destruction

Used chemical weapons against the Kurds in Iraq

Feb. 5, 2003 Testified before the

UN that Iraq had weapons of mass destruction

Later regretted the speech

https://www.youtube.com/watch?v=5QfSZ9VDN4U

Troops in Iraq –

Total May 2011 - 47,000 U.S. troops. All other nations have withdrawn their troops. (May 2011)

U.S. Troop Casualties – 33,186 US troops; 98% male. 91% non-officers; 82% active duty, 11% National Guard; 74% Caucasian, 9% African-American, 11% Latino. 19% killed by non-hostile causes. 54% of US casualties were under 25 years old. 72% were from the US Army (Global Security.org)

US Troops Wounded - 30,182, 20% of which are serious brain or spinal injuries. (Total excludes psychological injuries.) (Global Security.org)

US Military Helicopters Downed in Iraq - 75 total, at least 36 by enemy fire (CBO 2010)

U.S. SPENDING IN IRAQ since March 1, 2003

About $900 billion as of November 2010. (CBO 2010)

Lost & unaccounted for in Iraq - $9 billion of US taxpayers' money and $549.7 milion in spare parts shipped in 2004 to US contractors. Also, per ABC News, 190,000 guns, including 110,000 AK-47 rifles.

Missing - $1 billion in tractor trailers, tank recovery vehicles, machine guns, rocket-propelled grenades and other equipment and services provided to the Iraqi security forces. (Per CBS News on Dec 6, 2007.)

Mismanagement - $10 billion, per Feb 2007 Congressional hearings

Cost of deploying one U.S. soldier for one year in Iraq - $390,000 (Congressional Research Service)

Dec. 2007- June 2009 Housing Bubble Burst – Sub Prime Crisis

◦ Irresponsible lending to encourage home purchases

◦ Inflated housing prices collapsed◦ Adjustable Mortgages outpaced earning power◦ The “Upside Down Mortgage”◦ Unable to pay, many just walked away

◦ How would this impact on the economy?

Banks Lost Billions Loss of available Credit Loss of Spending – Consumption Loss of Business investment Unemployment Skyrocketed 8.4 Million jobs lost – most since the Great

Depression

Republican – John McCain

Democrat – Barack Obama

First African American president

TARP (Troubled Asset Relief Program) October 3, 2008 - $700B authorized to invest in Non-Bank financial institutions – JP Morgan/Chase

As of Dec. 2012 – 97% of the actual $418B dispersed has been repaid – CBO

Tough Election Year sell – McCain v. Obama

The Domestic Auto Industry – greatly impacted by the loss of credit, high unemployment, high fuel prices, and losses from investments

GM and Chrysler teetered on total failure

17M cars sold 2008 - 10M sold 2009

Dec 2008 – Bush Administration allocated $17B in loans and gov’t purchase of securities on Chrysler and GM

Spring 2009 – Chrysler and GM file for Bankruptcy protection.

http://visualeconomics.creditloan.com/a-detailed-look-at-tarp/

Capitalism V. Socialism

Government Intervention

Deficit and Debt

Credibility of the Banking System

http://www.brillig.com/debt_clock/

Deficit and Debt

The Outstanding Public Debt May 11 2011 at 02:40:53 PM GMT and April 13, 2014 5:35 PM GMT

The estimated population of the United States is 310,547,549

so each citizen's share of this debt is $46,152.74. The National Debt has continued to increase an

average of$4.03 billion per day since September 28, 2007.

From the largest Surplus to the largest debt in US History

The Presidents

Comparing Deficit and Debt

Unemployment

Taxes paid by the top 10% of income earners since 1913

Taxes and the Budget Our Friends

Democrat Republican

More Activist Government

Direct help to the people and the economy through government action and investment in the economy

Tax increases on the wealthiest Americans to support government actions

Less government intervention in the economy

Lower Taxes The “Job Creators”

must not be burdened by excessive taxes or government regulations