Posts Tagged ‘General Motors’

On January 27, 1996, President Bill Clinton stated during his 1996 State of the Union Address, “The era of big government is over.”
The federal budget numbers are from the 1996 and 2009 budgets.

THEN: No government bailouts
NOW: Bailouts could reach $23.7 trillion

THEN: Total federal spending was $1.61 trillion
NOW: $3.1 trillion

THEN: Government was already big.
NOW: The PATRIOT Act, Department of Homeland Security, two unconstitutional wars, federalization of the National Guard, warrantless wiretaps, 30+ “Czars.”

THEN: Defense spending was $262.2 billion
NOW: $651.1 billion

THEN: The federal debt was $5.27 trillion
NOW: $10.41 trillion

THEN: “Our economy is the healthiest it has been in three decades.”
NOW: The economy is the worst it’s been in six decades.

THEN: “We have the lowest combined rates of unemployment and inflation in 27 years.”
NOW: The highest rate of unemployment in 26 years.

THEN: “America is selling more cars than Japan for the first time since the 1970s.”
NOW:  GM and Chrysler went bankrupt, Toyota overtook GM as the world’s largest car producer in 2008 for the first time ever.

THEN: “And for three years in a row, we have had a record number of new businesses started in our country.”
NOW: The highest number of bankruptcies in the past four years since the 2005 bankruptcy overhaul.

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Here are some of the big economic milestones of 2008:

– Gold broke through the $1000 USD an ounce barrier for the first time ever on March 13, 2008. http://news.bbc.co.uk/2/hi/business/7294040.stm
– Oil reached an all-time high of $147 USD a barrel on July 11, 2008. http://www.usatoday.com/money/industries/energy/2008-07-11-oil-friday_N.htm
– One of the big five U.S. investment banks, Lehman Brothers, survived the Great Depression, but filed for Chapter 11 bankruptcy protection on September 15, 2008. http://www.nytimes.com/2008/09/15/business/15lehman.html?hp
– The U.S. budget deficit reached an all-time high of $455 billion for fiscal year 2008 as reported by the Congressional Budget Office. http://www.cbo.gov/ftpdocs/99xx/doc9912/11-2008-MBR.pdf
– Toyota surpassed General Motors to become the world’s largest automaker in vehicles sold after GM held that position for 77 years. http://www.washingtonpost.com/wp-dyn/content/article/2009/01/21/AR2009012101216.html
– Toyota reported its first publicly declared operating loss ever in 71 years of business. http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a13h4Myn37QA

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