| San Diego County, CA | June 8, 2010 Election |
 |
Republican Party Tax Cuts for the Wealthy Do Not Increase Employment.By Gerry SendaCandidate for Member, Democratic Party Party County Central Committee; County of San Diego; State Assembly District 75 |
This information is provided by the candidate | |
President George W. Bush got his tax cut for the wealthy in 2001 saying that it was to increase employment, but what we got was the Bush Great Recession of 2008 with the worst unemployment since the Great Depression! The unemployment rate is 11% and the underemployment rate is 17%.What really happened is that the too-large-to-fail banks manipulated the stock and housing markets with their windfall. The Federal Reserve Board lowered mortgage interest rates from 6-7/8% to 5%, increasing demand for housing, even as speculators bought up new housing in places like Sacramento, leaving one third of it unsold. That created an artificial "shortage" in the supply of housing even as demand shot up due to the lowered interest rates. The net result is that housing prices shot up and prospective home buyers were forced to choose between exorbitant prices for housing or being left out of home-ownership. In San Diego, the median price of a house shot up from $200,000 to $525,000 from 2001 to 2005, the first years of the Bush Administration. When the housing bubble burst, unemployment in the building trades increased tremendously. Solution: Regulate the financial industry to prevent such fraud and manipulation as President Obama is advocating! |
Next Page:
Position Paper 2
Candidate Page
|| Feedback to Candidate
|| This Contest
June 2010 Home (Ballot Lookup)
|| About Smart Voter
ca/sd
Created from information supplied by the candidate: May 7, 2010 19:13
Smart Voter <http://www.smartvoter.org/>
Copyright ©
League of Women Voters of California Education Fund.
The League of Women Voters neither supports nor
opposes candidates for public office or political parties.