If Hillary Clinton is elected, America seems destined for a second recession and I fear this one will be worse than the first one which we are still recovering from. Why do I say that? Because Hillary is saying that she will give her husband Bill a major role on economics.
Most everyone believes that Bill Clinton’s presidency led America into a time of economic growth and prosperity, but that’s all smoke and mirrors and a lack of understanding. Reportedly, a former Clinton aide told the media:
“I think that people remember the booming economy [under President Clinton], and they remember he led the largest economic expansion in American history, and experts on all sides of the aisle agree. There’s a reason he’s been so in demand for campaigns across the country in recent years. How would that ever be a bad idea? It’s mind-boggling that it would be anything but positive.”
Generally, it takes a couple years for a president’s economic policies to have an effect on the nation’s economy and the recession that hit during the term of George H.W. Bush were the results of Bill Clinton’s economics.
During Bill’s reign, he wanted more Americans to be able to afford to buy their own homes. He pressured the major mortgage lenders into coming up with more creative mortgage programs to put more Americans into homes.
The immediate impact was a housing boom that dominoed throughout the rest of the economy. More houses meant the need for more supplies to build and furnish those houses. It meant more jobs not only in construction but in many manufacturing areas as well. More jobs and manufacturing meant more money for Americans to spend and so on. The economy flourished and Bill Clinton left the White House as an economic hero.
Five to 7 years later, millions of Americans who obtained those creative mortgages discovered the payments increased beyond their ability to pay. The result was millions of foreclosures and bankruptcies which crashed the housing market and every other related market. Not only were millions of houses lost, but millions of jobs were also lost and the nation’s economy tanked, all during the term of George H.W. Bush, but all due to the economics of Bill Clinton.
America cannot endure another Clinton economic meltdown. Like most sequels, they are generally worse than the original and America may not be able to recover from Clinton caused recession number 2.