Former Speaker Nancy Pelosi showed her true colors during the Democratic National Convention last week. She stated white, middle-class males vote against their interest by punching the Republican Party ticket. We’ve all heard this nonsense before. The simple fact is the Democratic Party has implemented policies that are destroying the middle-class.
Do we have to remind this snob that it was her party that championed disastrous trade deals like NAFTA and GATT? Manufacturing jobs fled to Mexico and China leaving whole communities impoverished. But we’re supposed to accept this new normal they created.
The Clinton Administration is also responsible for the housing bubble that destroyed the lives of many middle-class families by forcing banks to handout loans to people who couldn’t afford them and then dumped off these subprime mortgages to GSA’s such as Fannie Mae and Freddie Mac that were run by cronies such as Jamie Gorelick, Rahm Emanuel, and James Johnson. And when Republicans tried to warn the American people of this impending crisis, Democrats called them racist and fear mongers.
But hey, no need to dwell on the past when we have another bubble coming around the corner. Democrats weren’t satisfied with creating a subprime housing disaster, now we have subprime car loans. Nancy Pelosi and her stooges crow about “booming car sales” when in fact these autos are financed on the same principle that drove the housing crisis. Here is an excerpt from The Federalist:
Auto Asset Backed Securities (ABS), securitized bundles of car loans not unlike the mortgage-backed securities at the heart of the 2008 credit crisis, are the hidden driver of the auto debt boom. In the first two months of 2016 compared with just $1 billion in credit card debt-backed ABS and $600 million in student loan-backed ABS. With subprime auto loans growing faster than the regular market, the return on these investments are improving even as the risk grows
A factor in this auto loan bubble is the Cash for Clunkers program. Democrats destroyed the used car market which is where lower to middle-class families buy their vehicles. This market is recovering from an ill-conceived plan designed to force families into buying overpriced, new cars so Democrats can say they saved General Motors.
We can go on and on about the failure of Democratic Party policies. But what really irks me is their assertion they’re the champions of the middle-class. Ask yourself this question: if the minimum wage is raised to $15.00 per hour will my boss give me a raise commiserate with that increase? The answer is no. And to add insult to injury the price of goods and services will rise while your income stagnates. Does that sound like a party that champions the middle-class? Are those the kind of policies that advance your interest?