If you watched the presidential debate, with your eyes open, you must have realized, what missing the most, was substance, and real issues. First of all, in the flag bearer of democracy, worldwide, why there are only two candidates out of the population of 300 million? Is this really Democracy? Or just the big, corporate media and two party dictatorship?
While the two, so called, major party candidates, and the host, mostly blubbered about useless political crepe, the most critical and burning issues, U.S. is facing, right now, were totally ignored.
16 Critical Economic Issues That Obama And Romney Avoided During The Debate
Federal reserve was not mentioned in the debate, at all. Although, Federal Reserve, is the most key element in formation and continuation of current financial crisis.
Board Of Governors Of The Federal Reserve System
Ben Bernanke was never became a topic of discussion, in the whole debate. How can you talk about jobs and economy, without discussing the person who runs the government institution, mainly responsible for financial crisis and inflation.
Ben Bernanke
Extremely controversial topics like quantitative easing were ignored, too. Quantitative easing, by pumping enormous amounts of printed money, in the economy, is causing serious inflation and hike in prices, making it harder for people to survive in this crisis.
Quantitative easing
In this ninety minutes debate, the exponentially hiking issue of derivatives was never discussed.
Derivative (finance)
None of these two clowns was interested in U.S. jobs being shipped to other countries like China. GM, bailed out by 80 billion dollars of U.S. tax payers money, is leading the pack that is shipping U.S. jobs overseas.
Need A Job? Too Bad! The Good Jobs Are Being Shipped Out Of America As Part Of The New One World Economy
There was absolutely no mention of velocity of money being plunged to post world war 2 levels. This reduction in velocity of money means less revenues for businesses, less employment and less taxes for government.
Velocity of money
There was absolutely no concern about U.S. dollar losing it’s status as the reserve currency. The strength of currency lies in the strength of economy and the debt to GDP ratio. As our economy is growing far slower then other economies like China, India, Brazil and Russia, we are ultimately destined to be overtaken by those countries. In addition to this, the ever increasing debt servicing liabilities will keep driving up the pressure on economy, businesses and individuals, most probably in the form of higher taxes.
Reserve currency
There was very little talk about Social Security. As the current reserve funds deplete, working people will be taxed higher, and it is hard to say, how much of the tax hike people can afford, under currently worsening economic conditions.
Why Social Security Cannot Go Bankrupt
Another blow to our persistent bad economy is the drought in many states. Both of them did not show any concerns about it and how they are planning to cope with the effects like food prices going up, in the middle of this crisis.
Current U.S. Drought Monitor
Worsening crisis in Europe can have serious implications on our economy, specially the bank failures can cause huge issues here at home. But, did our presidential candidates care to talk about it? Of course, not.
Europe’s Financial Crisis, in Plain English
Average student loan debt, at the time of graduation, is now over 28 thousand dollars and one out of six student loans is already in default. Higher student loan defaults can very well create another crisis. Net student loan debt has now surpassed the net credit card debt, $830 billion, compared to $827 Billions in credit card debt. The leading student loans lending institutions like SLM Corp (SLM) and Student Loan Corp (STU), a subsidiary of Citigroup are buying and selling student loans backed securities, just like mortgage companies and banks were buying and selling the mortgage backed securities, before current financial crisis, as the time when student loan default rates are rising, just like those were rising for mortgages, in 2007-2008. Making home ownership an American dream caused mortgage bubble and crisis, making college degree everyone’s dream is causing student loan bubble and can lead into another full blown crisis. But, Romney and Obama did not think that it is important to talk about this burning issue.
The Student Loan Debt Bubble
Between 1979 and 2007, the net income share of top 1% in United States increased from 7.5% of total wealth to 17.1%. The share of next top 19% grew from 34.6 to 35.4% of net us. wealth. The share of bottom 80% shrink from 57.9% to 48.4%. This is the highest level economic disparity, since 1967, when U.S. census bureau started tracking the household incomes. This disparity is highest among all developed countries, too. Incomes of rich people increased by 6%, during 2011, in the middle of serious financial crisis and most of the benefits of recovery were reaped by them. On the other hand, poor people lost about 1.8% of their incomes. You would think, this may be important for the people running for president of United States. If you thought that, you were wrong. They did not bother to debate this, either.
Rich-Poor Gap Widens to Most Since 1967 as Income Falls
Together, U.S. government and Federal Reserve have spent trillions of dollars in bailouts of banks and other financial institutions, since the 2008 financial crisis. Both Obama and Romney supported those bailouts. As far as the recovery is concerned, it definitely not even close to the worth of trillions. Government released unemployment figure is 7.8%. The real unemployment and under employment is still considered to be over 20%. It has not benefited the 80% of population and tax payers, who’s incomes are still declining. Practically speaking, poor people are still bailing out the rich, as the rich people are seeing a rise in their income. Poverty rate is still around 15%. Banks are not lending the money they got in bailouts. Small businesses, start-ups and early stage companies cannot get money at any cost. Same banks are now creating student loans bubble. This is not an issue for any of the two. They did not consider it important enough to be discussed in a presidential debate.
Bailout
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