The Johnson Administration deepened the trough of government cheese by launching a "war on poverty" that has clearly been lost, and cost taxpayers trillions. Johnson's Vietnam war was run without congressional approval or funding, and led to the recession of the early 1970s. Johnson created Freddie Mac when he pushed Fannie Mae off the government books to cover his deficits.
Fast forward to Carter and Clinton and the assault on home ownership, the Fannie Mae/Subprime housing bubble and crash; has gutted all of the middle class housing equity, along with wiping out generations of home ownership.
The baby boomers are facing a perfect storm of destitution, their homes have been wiped out, and their retirements threatened now that the Democrats have destroyed Social Security, and Medicare, both invented by the Democrats, and raided by the Democrats.
Now we watch as the Democrats and Obama wipe out what is left of the entire middle-class in the USA.
Here are just some of the sobering facts from a recent report by Sherle Schwenninger, director of economic growth and American strategy programs at the New America Foundation who observes the carnage wrought by the Obama Administrations failures:
-- There are 8.5 million people receiving unemployment insurance and over 40+ million receiving food stamps.
-- Middle-income jobs are disappearing from the economy. The share of middle-income jobs in the United States has fallen from 52% in 1980 to 42% in 2010
The bottom line is simple says Schwenninger: The middle class is shrinking, which threatens the social composition and stability of the world's biggest economy.
