Congratulations to the 35,000 doomed people who filed new unemployment claims last week — thanks to you unlucky folks, January job losses hit 626,000, the highest unemployment numbers since the Ronald Reagan Recession/Depression of 1982. That was a fun catastrophe. Why doesn’t anyone ever talk about Reagan’s Depression?
Meanwhile, December’s job losses were the biggest since 1945, while job losses in the last quarter of 2008 were the largest since the 1975 recession. Unemployment is up to 7.5%, the highest since the 1992 recession — and it’s expected to hit at least 9% this year, while if these weekly corporate announcements of another 100,000 layoffs a week somehow continued through 2009, the Great Depression monstrosity of 25% unemployment will return after a 90-year-long slumber.
In other words, pick your Historical American Financial Catastrophe, and say hello because it’s back.
Barack Obama and his team of petty tax cheats are ready for Huge Government Action, of course, and maybe it will work, just like the New Deal!
But nobody (since Hoover, anyway) responded to Financial Catastrophe with quite the disastrous style of our Greatest Communicator, the trickle-down twat Ronald Reagan, an actual imbecile. As the painful recession of 1980 deepened into the actual Depression of 1982, Reagan simply refused to mention it.
His administration’s “remedies” for the 1980 downturn consisted of the most harmful actions against America taken by any president, ever. Not even George W. Bush could compete with the intentional dismantling of America on Ronald Reagan’s stupid, senile watch.
The white-haired lunatics fighting for space over a heating grate tonight? Thank Reagan. The SEC that refuses to investigate Maddoff’s massive Ponzi scheme even when the evidence is delivered by hand? Thank Reagan. A completely unregulated securities and investment bank industry that takes down the whole country when it implodes? Thank Reagan.
The United States was experiencing its worst recession since the Depression, with conditions frighteningly reminiscent of those 50 years earlier. By November 1982, unemployment reached, nine million, the highest rate since the Depression; 17,000 businesses failed, the second highest number since 1933; farmers lost their land; and many sick, elderly, and poor became homeless.
The country lived through the recession for a full year before Reagan finally admitted publicly that the economy was in trouble. His budget cuts, which hurt the poor, and his tax cuts, which favored the rich, combined with the hardships of a recession, spawned the belief that Reagan was insensitive to his people’s needs.
Ha, because he was! Never has an American president been so sneeringly contemptuous of the poor. Never has an American president so openly despised the vast majority of Americans. Ronald Reagan was stupid, dishonest and just plain mean. The heavens rejoiced when that piece of shit finally died.