I’m responding to the June 16 letter of Ian Murray. It was a critical assault on President Obama. Simplistic incorrect statements such as “regulation prevented America’s economy from starting again” are common and largely distortions, hence less than truthful.
Americans have forgotten much since 1999, when the nation was enjoying Bill Clinton’s prosperity. The ’90s was the longest economic expansion ever recorded. George W. Bush’s eight-year regime began in 2000. His costly tax cuts took hold, federal spending grew, budget deficits exploded. The International Monetary Fund was warned that our debt threatened global stability.
Bush’s administration was discredited by scandals and incompetence. Lies took us to the unpopular war in Iraq and the war in Afghanistan was going badly.
With the 2000 election approaching, financial institutions failed. Market panic made it the worst economy since the 1930s. Bush injected huge amounts of money in the system, which mistakenly nationalized financial institutions. Only government intervention could prevent another Great Depression. It was the most dangerous crisis since the 1930s. In November, the country lost 500,000 jobs. By the time Obama was sworn in, 4 million jobs were lost in six months.
Republican obstructionists became known as the “Party of No.” They consistently said “No.” It was “No” to health care, “No” to climate change, “No” to economic stimulus. Seventy-seven necessary Obama appointments were denied hearings.
Maryland verified that early stimulus funds had created and saved jobs. President Obama’s election won him the full Bush catastrophe, a Great Recession, two wars, and broken health care. Unemployment was expanding, the financial structure faced collapse, banks and shops were closing.
President Obama regulated the economy, pulled the financial structure away from collapse, brought some relief for the unemployed, withdrew troops from Iraq, improved the nation’s stature before the world and was awarded the Nobel Peace Prize.
“The Party of No” voted to defeat additional stimulus funding, oppose health care reform and did nothing to move the nation forward while it protected the profits of the corporate world. Conservative pundits professed their desire to see Obama’s presidency fail.
President Obama continues to battle Bush’s negative contributions. Despite strong opposition, he produced a health care reform that will give 50 million coverage they had lacked and which will give relief from crushing costs to individuals and families.
The auto industry and thousands of its employees were saved and returned to profitability, and they are currently repaying back the loans from the government. As many as hundreds of thousands of autos were produced, the stock market rebounded, the financial system stabilized, and more than 2 million jobs were added in 14 months and people now sensed that recovery had begun.
The Liddy Leadbetter Fair Play Act gave women equal working conditions and pay. Workers compensation was made secure nationally for all employees.
President Obama says “our lives are better if we make Americans better for others. That is who we are.”