Economy now belongs solely to Obama
To the editor:
I read with interest the response from Cynthia Shank on March 2 regarding the law that phases out incandescent light bulbs. She was right in her correction that the law came from the Bush administration. However, she goes on to list other things that Obama did not do as compared to the previous administration.
It's mind boggling that she seems to think taxing the rich more can avoid adding to the debt. Not raising the taxes on the rich has very little to do with where our debt is today. Raising the taxes on the rich would barely put a dent in our debt. As painful as it is to face, the facts are clear. When Bush left office the debt was around $8.6 trillion. He added $4 trillion to the debt during his entire eight years in office.
Obama has been in office only three years. Today our national debt is $15.5 trillion.
It's shocking to see Obama has added in this short time about $6.9 trillion to the debt. (Reference the treasury department of the government.)
Obama completely owns this economy now. Please do the math yourself. Almost $7 trillion dollars in three short years. How can you defend that? You can't, which is why you continue to try and blame Bush and the Republicans.
What Obama has done is Obamacare, the failed bailout, Solyndra and the very questionable spending that has added more to our debt then any other president before him.
Look to the the Fannie Mae and Freddie Mac debacle which, although Obama himself didn’t cause directly, can be credited to the Democrats. Please refer to the Community Reinvestment Act in 1977 which was enacted during Carter’s administration and required banks to loan to people who would not qualify otherwise. Clinton further strengthened this law in 1993. The bubble created by this through the years is exactly what caused the housing meltdown. Any rational review of the act and how it was enforced through the years will paint a clear picture of how this led to our current housing crisis.
Obama has also strangled the ability for business to grow with the regulations and high taxes he is burdening them with, which in part contributes to our high unemployment rate daily.
Gas prices have doubled since he took office, but meanwhile he blocks the Keystone Pipeline from Canada and restricts the permits for drilling in our country, which would logically be first steps towards less dependence on foreign oil.
Obama also owns the fast and furious scandal, along with Eric Holder (far worse then the Watergate scandal since this scandal resulted in a death).
None of the above can be blamed on Bush. The reality is Democrats can not defend much of anything Obama has done. You can’t blame the Republicans for Obama’s failure as president.