Re: June 10 letter to the editor, “Economic recovery started with Obama.”
Here’s a writer who’s not satisfied with just expressing his opinion, but finds the need to manipulate facts to bolster his argument.
Let’s get a few verified facts clear on the Obama recovery. Before Obama was elected, several programs/policies were implemented to counter the recession. One was Bush’s tax rebate checks. It was minimally helpful. People mostly used the money to repay not purchasing goods/services to re-stimulate the economy.
The most effective program, per left-leaning economist Alan Blinder, was TARP (Troubled Assets Relief Program), passed by Congress under Bush. Among other benefits, the U.S. Treasury credits TARP for:
1. Stabilizing the U.S. auto industry, saving a million-plus jobs;
2. stabilizing the American Banking System;
3. stabilizing the insurance market.
Obama kept TARP going, using it to restructure GM and Chrysler. Bush, not Obama created TARP.
Under Obama, Congress did pass the American Recovery and Reinvestment Act (ARRA), the $787 billion stimulus program.
Unfortunately, ARRA only designated a little over $100 billion for true infrastructure programs. As a result, New York Times economist Paul Krugman said ARRA was of limited benefit.
Such programs resulted in minimal growth, the lowest post-recession growth since the 1940s. Under Obama, never during any one year did GDP growth exceed 2%.
When Trump came into office, he immediately started eliminating job-killing regulations and helped pass the tax cut. As a result, the economy grew 2.2% in 2017 and 2.9% in 2018.
The writer slams the tax cuts, claiming minuscule benefits for average Americans. Really? The IRS cites vastly higher benefit numbers.
He slams the business tax cuts. So, where does the average American work? Oh yeah, mostly small businesses. Lowering the business tax from 35% to 21% makes American businesses more competitive, keeping companies from moving overseas. More jobs for Americans.
Obama told us millions of high paying manufacturing jobs had left the USA and weren’t coming back. He mocked Trump for claiming he would bring them back.
What does he have, a magic wand? Guess so, since over 500,000 manufacturing jobs have returned and more are expected. Like them or not, these are facts, and our economy is booming.
Trump’s policies have created 5,000,000-plus jobs in just 2.5 years. His policies have resulted in the lowest African-American, female and Hispanic unemployment rates in history and American’s 401Ks and IRAs are booming. These are just a few accomplishments that Obama can only dream about.