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It's (Still) The Economy

The economy is in the tank, as every sentient being knows, and Neil Irwin and Michael S. Rosenwald write this morning that employers are cutting jobs and costs as they prepare "for what many fear will be a long and painful recession."

Our Readers Who Comment largely share that fear, although they disagree on who is to blame. Some say it's the Republicans; some say it's the Democrats; a couple suggest that it's the journalists who write these stories in a clear attempt to cause the election of Democrat Barack Obama.

Some ask why the $700 billion bailout package hasn't solved the problem or wonder whether corporate executives are taking pay cuts. Others cut to the very real problems of what happens when you lose a job and your health care. There's a lot of fear out there.

On the brighter side, the runaway comment winner today is fashion writer Robin Givhan's take on Vice Presidential Nominee Sarah Palin's $150,000 campaign wardrobe. But RobRoy1 chose the economy story on which to write, "Sarah Palin will keep Needless Markups in business for awhile!"

We'll start with cornelius_thalmudge, who expressed the views of many in writing, "This is depressing. I wonder if we will see breadlines in America again."

cleancut77 said, "I thought Bush tax cuts were suppose to trickle down to the middle class and trickle further down to the working class. Now we have the working class in virtual bondage and the middle class hurtling towards a similar fate..."

norcalworm predicted that "We're heading into a major depression. This will be the biggest consolidation of wealth in world history. Unfortunately, many will suffer and perish... as Americans blame each other. "It was the right", "It was the left", and all along it was neither. Snookered again..."

thc1138 asked, "So what exactly did we get for our $700 Billion? Three weeks of pandemonium and a lot of happy bankers? The market collapse was deliberate. Place blame..."

zendrell said, "Of course I am betting that NONE of the EXEC's took a pay cut prior to sacking the workers."

greg3 wrote, "If Obama wins I'm taking up an investment strategy that shorts the US economy for the duration of his presidency. And you know what? I'm going to profit handsomely, thank you very much."

gmdim said, "Financial writers avoid mentioning it, partly because of their own political leanings, but the truth is that investors are abandoning the stock market in expectation of an Obama (and Pelosi, and Harry Reid, and Barney Frank...)
victory in November..."

PauvrePapillon wrote, "...The Democrats are the party of the poor. The Republicans are the party of the rich... Now if you are the party of say, the Norwegians, do you want to create more or less Norwegians?...The Democrats set out to create more poor people... If you want to get by, you're a Democrat. If you want to get ahead, you're a Republican. It's as simple as that."

fly66 said, "What in the world are people worried about? There is a rescue plan for everybody... Soon, nobody will have to work, we will all get $100K from the Government a year, the worst students will get the best schooling, the laziest people will get the most money, and the president of the United States will be a Community Organizer... with no experience, and a whole list of shady friends..."

To which nallcando replied, "Yesss, and all thanks to Bush and his cronies...Hard working people working hard out here Buddie? So you are blaming the American people for the bailout...Well that's funny because what our FBI is saying, is that it had more to do with predatory lenders... Tell me? How is the corrupt Republican Reaganomics, trickle down economy working for YA?..."

lindakinne said, "Already, there's talk of a tent city in Loudoun County.
Already, free clinics are seeing more and more people whose health problems have grown dire due to the inability to get or pay for care...People have got to realize that our government will be forced to inject money into the system to benefit the jobless as well as the job providers. If calling that "socialism" floats your boat, then so be it. To me, it just seems like compassionate conservatism."

Va_Lady2008 wrote, "...One of the first things to go will be health care. When you lose your job, you lose your health insurance. A lot of doctors in the metro area do NOT accept Medicaid, even for babies... until things get so bad that the person has no choice to go to the emergency room. We all end up paying for it."

scorpio69 predicted that "The end of this downturn is nowhere in sight. We'll be seeing 25% or more unemployment."

jneill7854 said, "This is a direct result of 8 years of trickle down economics. This truly is a time for change before we all crash and burn!"

But DwightHCollins wrote, "the dems are responsable for all of this...after all a party that would rather walk out on vacation than handle the rising price of gas could care less about the American worker especially if an economic crisis gives them votes..."

Weird conspiracy theory of the day award goes to sidkan, who wrote, "This is nothing but a set up by the government so everyone is force to join the military,specially in the army who gives bonuses."

We'll close with Pebble1776, who said, "The only good news here is that unemployment rates peak toward the end of a recession as the economy starts to turn up."

All comments on this article are here.

By Doug Feaver  |  October 23, 2008; 8:40 AM ET
Categories:  Economy Watch , Medical Care , Presidential Politics  | Tags: Economy Watch  
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