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Alternate History

The Second Depression

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2005

President Bush narrowly succeeds in the privatization of Social Security by 2 votes in the Senate.

2006

Due the precedent set by the privatization of Social Security the Republican controlled Congress, facing fears of a Democratic victory in November, pass greater deregulations toward the housing and the financial sector.

2008

September

  • September 1st, the US stock market saw its largest drop in history.
  • September 11th, with the collapse of major firms, Fanny Mae and Freddie Mac, the Dow Jones is at its lowest in decades, at 8,219.

November

  • November 3rd: The Troubled Assets Relief Program, that gives billions to the financial sector.
  • November 9th: reports come in masse of millions of Americans reporting that their health care claims, and social security benefits have been denied by the private insurers.
  • President Bush's popularity falls to as low as 8%, and calls for impeachment are higher than ever before.
  • Barack Obama announces a change in his Health Care policy, promising that he will push for the passage of Single Payer, universal healthcare upon entering office.
  • Following the collapse of the financial sector, the private insurance sector of the US economy soon follows. Over 150 million Americans are without healthcare or social security.
  • Barack Obama is elected the 44th President of the United States in a landslide election.

December

  • President Bush becomes the first president in Modern history to be denied the right to attend the inaugural address for his various calls to be impeached.
  • A tent city begins to grow in Central Park, New York. The residents call it Bushville.
  • The market plummets even further as the revenues from the Christmas shopping season are the lowest in decades.

2009

January

  • Barack Obama is sworn in as president of the United States.
  • The Dow Jones is now at 3,905.
  • The Democrats have a supermajority in both houses of Congress, and their even are a few Socialist and Green Party candidates present.
  • Ron Paul has lost his seat in Texas.
  • On January 24th, President Obama signs the American Economic Recovery and Reinvestment Plan into law. Far more radical than in OTL, the stimulus package costs over a trillion dollars. The plan includes huge tax increases on people making over 250,000 per year, and spends hundreds of billions on infrastructure projects.

February

  • The Recreational Drug Act, which legalizes cannabis, but puts a flat tax on all recreational drugs of roughly 50%. Cannabis grown in the US is still cheaper than Cartel Cannabis, and causes the Cartels to be marginalized and crippled by a US Cannabis industry.
  • President Obama signs a revised version of HR 676, effectively reinstating Social Security, and providing Single Payer Healthcare to every citizen.
  • China begins pressuring the US to pay back their loans to the PRC.
  • Russia goes into civil war as its economy collapses with the return of the Ultra Nationalist fighting Russian Loyalists.
  • NASA loses most of its funding, and only has a few billion dollars dedicated to satellite maintenance.

March

  • Unemployment is dropping again, but is still at 22%.
  • The European Union meets in an emergency summit to revise the Treaty of Lisbon into an actual European Constitution, creating a Confederation of European States.
  • As it becomes clear that the US cannot afford its various military operations around the world. Congress begins to draft and push for a Global Military Recall Act, that would close all American bases outside of US Territory, and recall all troops back to the US to cut defense spending. President Obama responds with vigorous negotiations with the Taliban, and Pakistan, about how to leave Afghanistan should the bill pass.
  • Most newspapers and cable news shows have gone under. The New York Times moves all efforts to its Internet department to survive.

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