We have heard ad nauseam that the Democrats inherited the economic problems from the Bush Administration and therefore bear no responsibility for subsequent events. Does that theory stand up to close scrutiny? Let's examine the facts.
The day the Democrats took over was not January 22nd 2009, it was actually January 3, 2007, the day the Democrats took over the House of Representatives and the Senate, the start of the 110th Congress. The Democratic Party now controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995. Also recall that the United States Constitution gives the Legislative Branch (Congress) sole power to approve programs and levy taxes & fees which the Executive Branch (President) executes.
On January 3, 2007:
The Dow Jones Average was 12,621.77
The GDP for the previous quarter was 3.5%.
The Unemployment rate was 4.6%
Job creation exceeded job losses for 52 straight months.
But now, January 3, 2007, arrived and the Congress passed into the hands of Democrats. Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee..
Some 15 months later, the economic meltdown began in the financial and banking services area. Coincidence that Barney Frank and Chris Dodd called the shots for both those segments? I think not! During those 15 months, the Executive Branch warned Congress on innumerable occasions that both Fannie Mae and Freddie Mac were careening out of control to no avail. Freddie's and Fannie's political contributions to Barney and Chris in particular and Democrats in general carried the day.
So you can primarily thank the Democrat controlled Congress for taking us down the Primrose Path from January 2007 to September 2008 when the economic crisis peaked. The election of a Democrat Administration in November 2008 and their taking power in January 2009, consolidating Democrat control of both the Legislative and Executive Branches, signaled full speed ahead. The record is clear from January 2009 - massive spending for an unsuccessful bailout, health care reform, cap and trade -- and on and on to a current deficit of unprecedented size.
So, while there's plenty of blame to share among both parties, it is painfully obvious that until congressional control of one or both houses passes to Republicans, America cannot expect our checks and balances system of government to work for the benefit of all citizens. When you enter the voting both on November 2, the choice is yours.