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.

H. Esslinger

Beverly Hills

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(7) comments

Reader Rusty

"I've been around long now and I think of myself as a young guy, but I'm not so young anymore, and I've been around for a long time and it just seems that the economy does better under the Democrats than the Republicans. Now, it shouldn't be that way but if you go back, I mean, it just seems that the economy does better under the Democrats," Trump told Blitzer in 2004 in interview

PAULSTEFFENHAGEN

Read politifact and stop giving Trump so much credit. there is no president powerful enough to shape the economy.

PAULSTEFFENHAGEN

https://www.politifact.com/truth-o-meter/statements/2017/apr/26/donald-trump/has-donald-trump-overseen-gain-500000-jobs-so-far/

Miuke Nelson

I think maybe we are indeed living in a computer simulation since facts don't seem to matter to Trumpers and they'll believe and parrot anything they see on conservative media (except when one of them questions Trump). Bush left it up to the Federal Reserve to address the 2007 banking crisis with monetary policy. After Lehman Brothers collapsed in 2008, he agreed to Treasury Secretary Hank Paulson's suggested TARP bailout. Obama passed the $787 billion Economic Stimulus Act. This act created jobs in education and infrastructure, ending the recession in the third quarter 2009. Obama used the TARP funds to subsidize homeowners stuck with upside-down mortgages. So Obama was widely criticized by conservatives for the auto industry bailout when they knew it was Bush's. Typical. As for GDP, Obama was dealing with a recession, still ,between 2009 and 2016, GDP growth reached at or above 3% on a quarterly basis about eight times. and those job killing regulations? They are designed to protect human health and safety, but heaven forbid that might cost the companies a buck or two.

TOMP

Did some fact checking....you probably won't read this...but just in case...you can read this....It’s true that in the 20 months since Trump’s election, the economy has generated 3.9 million jobs. In the 20 months before his election, however, employers added 4.3 million jobs. You can find more facts here....https://www.pbs.org/newshour/politics/ap-fact-check-trumps-claims-on-record-gdp-jobs-and-the-russia-investigation

GMEN

Studies funded by the DNC are no more 'facts' than Russian 'dossiers' bought and paid for by Democrat operatives. While PBS NEWS tries to be 'unbiased', its commentators are notoriously left-leaning. These types of 'fact-checks' are usually nothing but "Yeah, but what about.." propaganda articles aimed at refuting Trumps statements. An example from this 'fact check' is the comments on black unemployment. Under Trump it dropped as low as 5.9%. The referenced 'article' explains that while this is good, "The most dramatic drop in black unemployment came under President Barack Obama, when it fell from a recession high of 16.8 percent in March 2010 to 7.8 percent in January 2017" and that while its low now, it is still "double that of whites". Why not state the 'facts as "While Obama reduced black unemployment, Trump has driven it to the lowest point in the history of the US"? A true statement but it doesn't fit their agenda-driven narrative.

Ssabmud

It is strangely disconcerting, but true to Trump form, that the only thing the supporters of Trump (recalling Charlottesville's 'good people on both sides' comment) can claim for Trump is the black unemployment rate. It appears that some people will take credit for the hard work of others under any circumstances. Some of his most present supporters are white supremacist groups, based on the coverage of the crowd at his 2020 campaign kickoff in Orlando. https://theweek.com/speedreads/847917/white-supremacists-conspiracy-theorists-are-full-force-trumps-campaign-rally

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