The Big Drive: Brinkley to Nacogdoches

‘In 1992, [he] promised to “end welfare as we know it”. As President, he made good on that pledge. The landmark welfare reform law required recipients to find work, and imposed time limits [two years] on their benefits. But it also gave them the tools they would need to find and hold a job—from child support to health care, food stamps, housing, skills training and transportation. … The welfare system no longer held people back, it helped them to move ahead.‘

‘The number of people on the welfare rolls fell significantly after the program was instituted. Many recipients did find jobs—something that may have been unusually possible during the booming economy of the ‘90s. But several million, with an over-representation of African American and Hispanic single mothers, became what sociologists call “disconnected,” and today receive neither government support nor jobs. Today, they live on almost no money and have to resort to help from family, friends, or strangers, to survive.’ (Alena Samuels ‘What the Clinton Library Says About Welfare Reform’ The Atlantic)

But ‘the number of people on the welfare rolls did fall significantly’. Politics consists of endless trades, and you can’t please everyone. However it may be that the authors of the policy — men — may not have had much contact with African American and Hispanic single mothers — women. This was noted at the time. By women.

‘So who benefits by the dismantling of these outmoded laws? The answer is, just about everyone. Banks, insurance companies and securities firms now have the ability to escape their narrow market niches and compete head-to-head by selling a full range of financial products and services. Consumers benefit by having unfettered access to a wider array of products—products that will be delivered more efficiently than in the past. In fact, the U.S. Treasury estimates that consumers will save $18 billion annually because of the new law.‘ (👏👍😂 It’s the grandparent of the One Great Big Beautiful Bill.)

‘Financial stresses peaked following the failure of the US financial firm Lehman Brothers in September 2008. Together with the failure or near failure of a range of other financial firms around that time, this triggered a panic in financial markets globally. Investors began pulling their money out of banks and investment funds around the world as they did not know who might be next to fail and how exposed each institution was to subprime and other distressed loans. Consequently, financial markets became dysfunctional as everyone tried to sell at the same time and many institutions wanting new financing could not obtain it. Businesses also became much less willing to invest and households less willing to spend as confidence collapsed. As a result, the United States and some other economies fell into their deepest recessions since the Great Depression. Millions of people lost their jobs and homes.’ (RBA Education)


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