This letter is in response to the letter writers who blame the President for our economic troubles. I believe you should study your history before you blame President Obama for our economic problems. The high unemployment, low tax income, home ownership problems, increase in entitlement payments and other issues dealing with our economy were all caused by the depression of 2007 and 2008 and by mismanagement from the Bush administration.
In 2007 there was a home buying slowdown. Deregulated banks and mortgage companies had been making risky loans and began to default. They went the oval office and asked President Bush to bail them out. The Toxic Asset Relief Program was signed into law in the fall of 2008 before Obama took office. The meltdown caused the depression of 2008. Economists agree that it may take 10 years or more for the economy to recover. The Bush era bailout cost the taxpayers $800 billion dollars. Instead of paying for it by raising taxes or cutting programs, the money was borrowed by selling treasury bonds, mostly to the Chinese.
In 2001 we got into a war with Afghanistan that cost the taxpayers over $1 trillion and it isn’t over yet. Instead of raising taxes or cutting programs to pay it, Bush sold treasury bonds, mostly to the Chinese.
In 2003 Bush started a war with Iraq (because of “mistaken” information) that has cost us over 4,000 lives, 35,000 wounded and another $1 trillion of taxpayer money. Instead of paying for it by raising taxes or cutting programs he borowed the money, by selling treasury bonds, mostly to the Chinese.
President Bush also engineered another entitlement program — the drug benefit program. Again, not paying for it by payroll deduction (as is the case with Social Security and Medicare) or by raising taxes or cutting programs, but by selling treasury bonds, mostly to the Chinese. He also cut taxes (so-called Bush tax cuts) but again, did not fund it by cutting programs. He borrowed the money, mostly from the Chinese.
His father President George H.W. Bush ran on a platform of “Read my lips…” but paid for the Gulf War to liberate Kuwait by raising taxes. That was the correct thing to do.
Now, President Obama wants to create jobs by improving our national infrastructure. He wants to pay for it by rescinding the Bush tax cuts for the rich. The House refuses to fund the job creation bill. Apparently, the House Republicans would rather be Red than right. Now, Mr. Romney wants to cut capital gains taxes and he says he is going to pay for it by cutting programs. If you believe that you believe in the Easter bunny.
Our huge deficit was caused by the depression and funding wars, banks and entitlements with borrowed money. And you have the chutzpah to blame our economic problems on Obama.