Letters to the Editor

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ECONOMY: Democrats at fault, not Republicans

Letter by Don Wilbur, University Place on July 18, 2012 at 3:38 pm | 55 Comments »
July 18, 2012 3:38 pm

The political rhetoric currently is deafening, particularly the Democrats who contend President Bush and the Republicans caused our economic problems.

The facts: In January 2007, when the Democrats took over Congress, the Dow closed over 12,000, the GDP for the previous quarter was 2.5 percent and the unemployment rate was 4.6 percent. President Bush’s economic policies had set a record of 52 straight months of job growth.

The cause of the recession was the failure of the banking and financial services. The Democrats in 2007 had taken over the financial committees in Congress to demand the financial institutions make loans without sufficient security. Unconscionable loans were directed by the Democrat government and their surrogates, Fannie Mac and Freddie Mac.

The Democrat Congress forced the financial institution into near-bankruptcy. The Democrat Congress in 2007 subsequently destroyed the American economy.

President Obama has demonstrated he has no solution to bring the country back to the 2007 prosperity. The Democrats, allied with the media, ignore the facts.

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