Topic 30

 The 2000 Pres. Election was too close to call  Florida’s 25 Electors were in dispute  Two recounts occurred - challenger Al Gore wanted a third  Gore V. Bush – The Supreme Court ruled that Florida had to stop counting and award their electors. The decision was “non-precedent setting.”

The networks giveth and the Networks take away

A new word came into vogue – Chads! (Dangling, pregnant, and of course - dimpled

September , 19 militants associated with the Islamic extremist group al-Qaeda hijacked four airliners and carried out suicide attacks against U.S. targets. Two planes were flown into the towers of the World Trade Center, a third plane hit the Pentagon, and the fourth plane crashed in a field in Pennsylvania. 2,977 people were killed in the combined attacks

 Response to terrorist attacks  Led to wars in Afghanistan and Iraq  Patriot Act  Huge Deficit and Debt

 Greatly expanded surveillance and law enforcement procedures  Civil Liberties were questioned Created the Department of Homeland Security

 Oct. 7, 2001 – U.S. began bombing  Attacked Al-Qaeda camps and the Taliban (supporters of bin Laden)

Afghan War Facts $403B as of April 2011 (CBO) $3.6 B Monthly (CRS 2011) Cost of deploying one U.S. soldier for one year in Afghanistan - $1 million (Congressional Research Service)Congressional Research Service US Troop Casualties – 1,562 (DOD May 2011) Wounded – 11,314 (DOD May 2011) Total US Troops in Afghanistan – 94,000 as of May 2011

 March 20, 2003 – U.N. coalition forces (led by the U.S.) invaded Iraq  May – Mission Accomplished speech

 Based on faulty intelligence that Iraq had weapons of mass destruction  Used chemical weapons against the Kurds in Iraq

 Feb. 5, 2003  Testified before the UN that Iraq had weapons of mass destruction  Later regretted the speech  com/watch?v=5QfSZ9 VDN4U com/watch?v=5QfSZ9 VDN4U

Troops in Iraq – Total May ,000 U.S. troops. All other nations have withdrawn their troops. (May 2011) U.S. Troop Casualties – 33,186 US troops; 98% male. 91% non-officers; 82% active duty, 11% National Guard; 74% Caucasian, 9% African-American, 11% Latino. 19% killed by non-hostile causes. 54% of US casualties were under 25 years old. 72% were from the US Army (Global Security.org) US Troops Wounded - 30,182, 20% of which are serious brain or spinal injuries. (Total excludes psychological injuries.) (Global Security.org) US Military Helicopters Downed in Iraq - 75 total, at least 36 by enemy fire (CBO 2010)

U.S. SPENDING IN IRAQ since March 1, 2003 About $900 billion as of November (CBO 2010) Lost & unaccounted for in Iraq - $9 billion of US taxpayers' money and $549.7 milion in spare parts shipped in 2004 to US contractors. Also, per ABC News, 190,000 guns, including 110,000 AK-47 rifles.per ABC News Missing - $1 billion in tractor trailers, tank recovery vehicles, machine guns, rocket-propelled grenades and other equipment and services provided to the Iraqi security forces. (Per CBS News on Dec 6, 2007.)CBS News on Dec 6, 2007 Mismanagement - $10 billion, per Feb 2007 Congressional hearings Cost of deploying one U.S. soldier for one year in Iraq - $390,000 (Congressional Research Service)Congressional Research Service

 Dec June 2009  Housing Bubble Burst – Sub Prime Crisis ◦ Irresponsible lending to encourage home purchases ◦ Inflated housing prices collapsed ◦ Adjustable Mortgages outpaced earning power ◦ The “Upside Down Mortgage” ◦ Unable to pay, many just walked away ◦ How would this impact on the economy?

 Banks Lost Billions  Loss of available Credit  Loss of Spending – Consumption  Loss of Business investment  Unemployment Skyrocketed  8.4 Million jobs lost – most since the Great Depression

 Republican – John McCain  Democrat – Barack Obama  First African American president

 TARP (Troubled Asset Relief Program) October 3, $700B authorized to invest in Non-Bank financial institutions – JP Morgan/Chase  As of Dec – 97% of the actual $418B dispersed has been repaid – CBO  Tough Election Year sell – McCain v. Obama

 The Domestic Auto Industry – greatly impacted by the loss of credit, high unemployment, high fuel prices, and losses from investments  GM and Chrysler teetered on total failure  17M cars sold M sold 2009  Dec 2008 – Bush Administration allocated $17B in loans and gov’t purchase of securities on Chrysler and GM  Spring 2009 – Chrysler and GM file for Bankruptcy protection.

detailed-look-at-tarp/ Capitalism V. Socialism Government Intervention Deficit and Debt Credibility of the Banking System

Deficit and Debt The Outstanding Public Debt May at 02:40:53 PM GMT and April 13, :35 PM GMT The estimated population of the United States is 310,547,549 so each citizen's share of this debt is $46, The National Debt has continued to increase an average of $4.03 billion per day since September 28, From the largest Surplus to the largest debt in US History

The Presidents

Comparing Deficit and Debt

Unemployment

Taxes paid by the top 10% of income earners since 1913

Taxes and the Budget Our Friends

Democrat Republican  More Activist Government  Direct help to the people and the economy through government action and investment in the economy  Tax increases on the wealthiest Americans to support government actions  Less government intervention in the economy  Lower Taxes  The “Job Creators” must not be burdened by excessive taxes or government regulations