LETTERS: Walker forgiven, Obama blamedPresident Obama really has added in excess of $6 trillion to the national debt, but, this was done primarily to resuscitate an economy that was on the brink of a massive collapse — a collapse that could have critically wounded the economy of the entire world as well.
President Obama really has added in excess of $6 trillion to the national debt, but, this was done primarily to resuscitate an economy that was on the brink of a massive collapse — a collapse that could have critically wounded the economy of the entire world as well.
FactCheck.org agrees that Obama “inherited the largest deficit in our history,” and also that, during the fiscal years between 2002 and 2011, when George W. Bush was president during eight of those fiscal years, he clearly “holds more responsibility for them than Obama.”
The CBO and the treasury department — after analyzing the tax policies and government spending — of both Bush and Obama — concluded Obama was responsible for about $2 trillion of the debt during his first four years — or at least 39 percent of the $5.2 trillion in debt after 2009.
Could other businesses which were also dealt harsh blows by the recession have provided the loans of hundreds of billions of dollars needed to bail out our institutions deemed too big to fail? Wouldn’t their own survival be top priority with their chief executive officers? And, would just letting all kinds of mega-companies go bankrupts really have helped us recover?
As for Gov. Scott Walker — a recent report which used economic measures selectively preferred by Walker — from The Quarterly Census of Employment and Wages — reported that, Wisconsin ranked only 41st and 37th in two previous quarterly reports for private-sector job growth. It recently dropped to 44th. And, the Federal Reserve Bank of Philadelphia forecasts that Walker’s job creation rate will trail even more — ranking 49th out of the 50 states in the coming year. Walker’s claims to have improved Wisconsin’s business climate are little more than misleading devices that create corporate tax-breaks and have little to do with actual economic performance.
As far as actual jobs — wages fell nationally by 1.1 percent last year, while wages in Wisconsin, fell by 2.2 percent.
All in all, Walker’s real brilliance is his ability to play a convincing shell game while essentially fabricating his “success” record.
But, there is one other way that Walker and Obama are alike — they both preside over slow recovering economies Strangely enough though, Republicans are willing to excuse Walker for his failures, while feeling ironically justified in blaming Obama for, arguably, less severe economic sluggishness — have you seen what is happening in the housing market lately?
Peter W. Johnson,