Obama links U.S. dollar's woes to Bush policies

[UpInArms]

Source: Reuters

GARY, Indiana (Reuters) - White House hopeful Barack Obama on Thursday linked the dollar's steep slide to imbalances in the U.S. economy and Bush administration policies, which he said had put the country deeply in debt.

<snip>

The dollar has lost roughly 40 percent of its value since 2002. In recent months, the pace of the dollar's drop has accelerated as investors around the world have lost confidence in the health of the U.S. economy.

<snip>

Obama said that the national debt has gone up sharply because of the Iraq war, which by the time it is over "will cost us over $1 trillion."

At the same, Bush has given "tax cuts to some of the wealthiest Americans who didn't need it and weren't even asking for it."

"The point is, the way to strengthen the dollar is to strengthen the economy and the way to strengthen the economy is to invest in our infrastructure, invest in our information systems, roll back those Bush tax cuts, end this war, get our budget in balance," Obama said.

Read more: http://www.reuters.com/article/bondsNews/idUSN1037424920080410?sp=true

[dkf]

1. In this sense, Bush is very much responsible for the price of oil.

[axollot]

10. The price of oil will not drop by much -

regardless who we have as president. Fact is, the rest of the world has been paying these prices for over 10 years. Now Americans are and that will cause the cars to get smaller and smaller. I've no problem with that - I moved here paying 1.00 a litre in 1999, South Africa, New Zealand all paid much more.

Now, with that said, I'm glad he is speaking the obvious - turning inward on ourselves and spending federal dollars on our infanstructure is a HUGE part of what made the US a super-power and will keep us as a super power if we spend the dollars at home. It would also provide jobs all over the country where our infanstructure is falling apart.

Cheers
Sandy

[bahrbearian]

2. Gee Obama is alot quicker then I am

I would never have guessed .

[rAVES]

3. no shit Sherlock! He must be a scientist..

[Sherman A1]

4. Glad he said this

and I hope both he & HRC and anyone else keep this front & center. Frankly many folks I talk to, don't understand the link to the dollar value and the cost of oil, so this IS important to repeat.

[Tezcat]

5. Duh

Well, there's a shock. Totally unexpected...

[Patriot Abroad]

6. Even if this is obvious to us on this site . . .

The masses need to be informed/reminded/educated. The Right Wing smear machine still has a lot of people convinced that everything wrong with America is due to Lefty Loony Liberals.

[BR_Parkway]

9. Exactly, I can't recall the US M$M even mentioning the value of a

dollar had fallen so much. Sure, if someone is reading the financial sections, but nothing on prime time propaganda for the masses to see - how often have they been told our economy is just fine....

[JTFrog]

7. I like the way he approached it in his economic speech. He laid it out

there well, even shining the light on NAFTA and the repeal of Glass-Stegall. Those two precious gifts made the looting so much easier for the Bush admin.

[DFW]

8. I WISH it were only 40%

The euro was 82 US cents in 2002. It is now $1.58.

A euro now costs 92% more (in dollars) than what it cost to buy in 2002.

The dollar is now worth about 52% as much of a euro as it was in 2002.

I'm paid in dollars and live in the euro-zone. It's not easy.

[axollot]

11. Exactly and when the Aussie dollar is almost at the same -

level as the US dollar - well, put it this way, Australia's economy hasn't gained *that* much strength, nope, only the US dollar has fallen. Great for Aussies, bad for Americans - sucks when your both!

Cheers
Sandy

[DFW]

12. I just wish I could reverse a couple of figures

If I earned as many euros as I did dollars, and my wife earned as many dollars
as she did euros, her salary wouldn't be enough to afford both socks and shoes,
and my salary would be enough to buy Rhode Island.

[onehandle]

13. Really? Because I though it was Bigfoot's doing. nt

[Lost4words]

14. the flood gates opened with NAFTA IMHO!

anyone see where the clintons got their money the last 10 years? its sickining!

[ckramer]

15. He should also put Alan Greenspan in jail

for the crime of economic terrorism.

[mahina]

16. This should be THE message,

if we want a generational blue shift.
Oil was $14. a barrel when * took office.

[cbcbcb]

17. Americans Away From the US

A nightmare- that's what it is for Americans out of the U.S. to have the dollar at such a low level.

For Americans travelling, or living overseas, it can be a real horror to pay for things in dollars. I recently met a friend who is reasonably well off, who travels to Europe as an officer of volunteer groups several times a year. He told me he and his wife have promised - no more trips to Europe! - after he changed $100 and got only 41 pounds back!

It kills me that we are paying for things in Iraq while needing the same things in the U.S. When Obama mentions that we could be using that money for the crumbling U.S. infrastructure, he's right. Schools, roads, hospitals, health care - all could be fixed with a fraction of what we are spending in Iraq.

This may seem like old news, but it is fresh every single day for Americans out of the country.

Carole
http://www.americans-away-from-home.com

[poppysgal]

18. yeah

I can finally read the words dollar, budget and balance at the same moment.:pals: