Monday, October 10, 2011

The American People Are Getting The Boot

The President Elections are just around the corner. I usually look forward to the Presidential Elections, but this time around I am having a hard time getting motivated about one particular candidate. Bush put us in this economic pit and Obama has done little to take us out of it. On October 3, 2008, Bush's bill was signed by the House and signed into law to bail out $700 billion of mortgage related assets. By the end of 2008, banks had 850,000 homes in foreclosure as apposed to in 404,000 homes were in foreclosure in 2007. In 2009, home foreclosures were reported at 937,840. That means 1 in every 136 homes were in foreclosure in the United States. Banks were abusing the law, to receive the bail out money. In 2009, 2.9 million homes received a foreclosure notice. By May of 2011, 2.5 million homes have hit foreclosure, and it is expected to see 5.5 million homes in foreclosure by the end of 2011. These figures do not include those who were evicted from their apartments.

Not only does this effect the millions of home owners who have lost their homes, it effects the current home owners equity in their home. The mortgage companies may be foreclosing on all these homes to get the bail out money, but they are not going to win in the end. Not only has home values dropped dramatically, the mortgage applications are at a 13 year low. It is a shame, Bush sold out the American home owners and gave the mortgage companies the opportunity to make a profit off of throwing American Families out of their homes.

Millions of Americans are out of work and loosing their homes. According to the 2011 Census Bureau reports for 2010, 15.1 percent of Americans are living in poverty. That translates to 46.2 million Americans living in poverty. Nearly 1 and 6 Americans were living in poverty in 2010. What is 2011 going to look like?

With an economy like this, everyone loses. No one wins in the end. It is a disgrace the American people have to pay for Bush's big ideas and Obama has done very little to help the situation either. So, who do we vote for. This election coming up, stands to be one of the most detrimental elections since the Great Depression. The Republics dug the whole and the Democrats sat by and watched us fall in. So, who do we vote for? This election determines whether or not we fall in deeper or begin to crawl out of this economic disaster the politicians have created. So, if you haven't been interested in politics yet, it is time to start. You may be next to fall in to the 46.2 million Americans living in poverty or one of the 5.5 million Americans losing their homes.

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