Re: “Obama’s the problem, not the rich” (letter, 12-3).
The blame for the recession and the extremely slow recovery rests squarely with the leadership of congressional Republicans.
The U.S. economy is consumer-driven. It thrives on “confidence” and tanks on “uncertainty.”
Let’s go back to the President Clinton era. It was a time of higher taxes and balanced budgets, which resulted in confidence. A net 21 million jobs were created. The economy was humming. In 1999, Clinton had a $250 billion budget surplus. He wanted to put the entire amount toward shoring up the Social Security trust fund.
Uncertainty set in the moment that the Republican-controlled Congress rejected Clinton’s proposal and instead went for a tax cut, which Clinton promptly vetoed.
Uncertainty was increased when George W. Bush was elected, and the tax cut was passed. The Social Security can was kicked down the road.
Uncertainty increased even more when the Republicans passed the Medicare prescription drug act and concocted an uneccessary war in Iraq – both with no funding. Balanced budget?
Reduced financial oversight (another Republican priority), resulting in the housing market collapse, was the spark that ignited the flammable gas of uncertainty and blew up the economy.
The Bush-era tax cuts will expire, and some confidence will be restored, and the Repblican leadership (minions of the tea party) will not stop it.
Stick with Obama and instead blame our fellow voters who are under the spell of those crafty Republican media manipulators.