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ELECTION: Obama is reviving US economy

Letter by Donovan D. Johnson, University Place on Sep. 26, 2012 at 1:14 pm with 38 Comments »
September 26, 2012 1:35 pm

Re. “Romney can revive US economy” (letter, 9-21).

The writer claims that Mitt Romney is better equipped than President Obama to revive the economy. Yet Romney has no track record for this, and he has not disclosed any plans to revive the economy. His claims are credible only to those who have blind faith in him.

By contrast, the president’s policies have stopped the freefall of the financial crisis and put the country on track for a long-term recovery. One index of his success is the Dow Jones Average, which was at 8,000 when he took office and is now at 13,400, a healthy increase from what it was at the close of the Bush era.

Why change horses in midstream and go back to Bush-like economic policies? It makes sense to re-elect Obama so the country can complete the steady journey to full economic recovery.

Leave a comment Comments → 38
  1. $5tril later we are stuck at 8+% unemployment with a declining workforce.

    Stock market gains do very little for main st, a lot for the 1%.

    We manufacture less, spend $1t more per year then we receive and this admin has no plan.

    For your own preservation, and for the wellbeing of your kids, send BHO back to Chicago where he belongs.

  2. Frankenchrist says:

    Stock market gains are HUGE for the 99% since most of them have 401k, mutual funds, and pensions invested in the stock market.

    Fortunately, under President Obama the stock market is screaming through the roof. My portfolio has more than doubled in the past three years.

    Obama will be re-elected and the economy will continue to improve.

  3. menopaws says:

    I agree–the market is VERY important to anyone with a 401K or pension plan……..We have done VERY well under President Obama. My broker tells us, historically and contrary to popular myth, the market always does better when Democrats are in the White House. Mr. Romney ran a hedge fund and venture capital firm–that is a HUGE difference from managing a diverse economy. We had a business oriented MBA President who drove this economy to the edge of a cliff……….Been there, done that and don’t want a repeat……I believe consistency will serve us better over the long run than changing leaders right now. Good letter.

  4. Donovan, I applaud your blind faith in President Obama. There are at present 24,000,000 idle American workers who are unable to take advantage of The rising Dow Jones average. Luckily those many jobless Americans are not marching on Frankenchrist’s front yard demanding their “fair share” of his 50% windfall profit.

    Many here do not seem to grasp the very simple fact that our government is an out of control spending machine that never has had a dime that the US taxpayer did not donate.

  5. taxedenoughintacoma says:

    Mr. Johnson,

    Please stop drinking kool-aid laced with liberal acid. You must be trippin to write this letter.

  6. “My broker” aka Charles Schwab.

    Yes, a rising stock market is a positive sign, but since the majority of Main St’s wealth is in their home, it is not much of a help to the average joe.

    How are those middle class wages doing? Oh….
    How’s that youth and minority unemoyment rate? Oh….

  7. Unemployment

  8. tommy98466 says:

    Donovan. Obummer didn’t have a track record for anything and you voted for him. So if you are not qualified to speak about someones credentials then shut up. Pathetic.

  9. LeePHilI says:

    Obama is no more responsible for the economy than Romney is able to do something about it.

    We need to quit sending jobs to Asia and start manufacturing in the United States again – at middle income wages – if we want what we had in the past.

    Companies that send jobs to China should be fined. Wait…maybe Romeny could do something about the economy…..

  10. LeePHilI says:

    “Yes, a rising stock market is a positive sign, but since the majority of Main St’s wealth is in their home, it is not much of a help to the average joe.”

    Spoken like a renter.

    My home was worth far more in August of 2008 than it was after the market went bad because there is less money being loaned, thus less buying taking place, keeping the values of homes low.

    People who have no experience in homeownership wouldn’t know this.

  11. Sonofwashington says:

    Remember Lee, a lot of your home value was overinflated (as was mine), thanks to deregulation of the banking\mortgage markets.

  12. menopaws says:

    Those of us who paid attention, got our debt down, savings up and invested when the market was down………Not that hard to figure out………Some people drove themselves off the cliff with home equity loans (2nd. mortgages) that financed vacations and big cars—not Bush’s fault and not Obama’s either…..You either learn to swim with the tide or you drown………blaming bad choices on politicians is the refuge of those too lazy to learn from their own mistakes.
    The economy is improving……..De-regulating things again will make it all get flushed……Go read Michael Lewis’ book the” Big Short”. It chronicles the meltdown–the greed and irresponsibility, the lack of oversight that almost brought this country to it’s knees……These guys made Vegas gamblers look like model citizens……It is a real education on what happened, how it happened and how it CAN and WILL happen again unless we keep some regulations in place. Putting someone from Wall street in charge is pure suicide.

  13. LeePHilI says:

    Son…..My mortgage is with my credit union. They are not known for wild loans out of value. While I’ll be the first to admit I leveraged the crap out of the loan (walked in for $500!!!), the value was well within market value of other homes in the area. The county was more than willing to tax me on the higher value….

    All real estate is a supply and demand issue. Right now, the supply is way up because there is no one buying. Lending is so painful that people are staying where they are. Me included.

    I’ll move from this house when they pry my cold dead body from the floor. ;)

  14. averageJose says:

    The president’s policies have lagged the economy. Wasn’t the recession over in ’09? LOL…

    Why change the horse in midstream? Because the horse is drowning us in debt and making terrorists over seas. He’s printing money and devaluing my retirement. Heck, much of the economic impact of his policies won’t even kick in until AFTER 2012…

  15. LeePHilI says:

    “The president’s policies”…followed by a deafening silence when you ask “which specific policies”.

    Baseless assertions galore.

  16. aislander says:

    The stock market is up because the Fed has been “printing” money, which is why everything else costs more.

    Bottom line? Less Than Zero

  17. took14theteam says:

    Stock market gains are HUGE for the 99% since most of them have 401k, mutual funds, and pensions invested in the stock market.

    Fortunately, under President Obama the stock market is screaming through the roof. My portfolio has more than doubled in the past three years.

    LMAO AGAIN from an FC comment.

    FC says the 99% love the stock market because of their investments.

    Yet FC was a major supporter of the Occupy Wall street (bowel) Movement.

    Only a tree huggin’ LIBERAL could protest against something that they benefit from, then praise that something when it helps them. I guess if BHO was a republican, FC would be complaining about the market’s performance.

  18. aislander says:

    Obama is reviving the economy in the same way someone on life support is livin’ the dream…

  19. took, it’s called hypocrisy. Leftist adherents, here, are all very practiced at it.

  20. LMAO, good one, ai. So true.

  21. “which specific policies”?

    Indeed.

  22. end emph

  23. “The stock market is up because the Fed has been “printing” money, which is why everything else costs more”

    And yet both the inflation rate and the money supply rate are up at a very modest rate. Try again. Next time, try reality. It’ll make a nice change for you.

  24. aislander says:

    Yeah, right. Healthcare, gasoline, groceries, and tuition are all at record lows.

    Get outta here, yuh knucklehead…

    Really!

  25. CT8,
    Wonder where the unemployment rate would be if US Corps had not sent US jobs overseas?

    Preserve the Nation! Send every GOP member of Congress who is controlled by Grover Norquist home.

    The importance of the Stock Market is as an indicator of investor confidence in the economy.

    Since Reagan – CEO pay up 275%, middle income household income up 2%.

    Olddoc – what you do not grasp is that spending is controlled by Congress, NOT by Presidents.

    Aislander – prove the FED is ‘printing’ money or get a new lie.

  26. Larry, I’ll help you move anytime you want.

  27. aislander says:

    So…xring…exactly what IS quantitative easing, if it isn’t creating money out of whole cloth?

    And what about the Fed’s buying T-bills? MORE fiat money…

    You really should be more careful about using the “l-word,” xpot…

  28. bbsbxringrliars says:

    Oh my, you liberal lunatics know how to give me a chuckle, keep it up, I need a bit of levity in my life right now…8+ percent of reported unemployment for 46 months and all is peachy in your asylum, how precious is that…

  29. exactly what IS quantitative easing, if it isn’t creating money out of whole cloth?

    ALL money is created from “whole cloth”, if you are saying that debt is “whole cloth”.

  30. menopaws says:

    Lots of sour grapes from those not smart enough to learn from what happened….No one commented on the “Big Short”: guess their lips get tooo tired when they have to read…..Fox and henhouse comes to mind when thinking of putting Romney and his Wall street buddies in charge of this economy. Tough times to be a Republican–economy improving without them at the helm……..

  31. Xring wrote: “Olddoc – what you do not grasp is that spending is controlled by Congress, NOT by Presidents.”
    _______________________________________________________

    I believed that the subject of the LTE concerned Obama’s revival of the economy, was it not? Your issue is with the author of the letter, not me. I simply maintained that the government is an out of control massive spending machine. Your hero is just a part of that government. $1+trillion federal deficits are a matter of concern to some of us. Do you somehow disagree with that assessment? If so, speak up.

    What is it that you do not grasp about out of control spending?

  32. Sonofwashington says:

    oldoc – I think that Xring and I share the same sentiment; we just refuse to be lectured by so-called fiscal conservatives who voted for Bush and a Tom Delay congress that brought the country to the very brink of financial disaster and then begged the American taxpayer to bail out their banker buddies, sticking us and our grandchildren with a huge bill, with interest on top of it.

    The kind of stimulus packages that President Obama and the democrats propose are the only way we can rebuild the economy, i.e., by creating living wage jobs. And yes it will take more deficity spending to do that. But far better than taking on deficity spending to give ever more tax breaks to the rich. Bush already proved that strategy was a disaster and that is precisely what Mr. Romeny is proposing to do again.

  33. Sonofwashington says:

    (deficity?? …not sure where that came from. But it might be a good name for the place that Republicans live.)

  34. aislander says:

    beerBoy writes: “ALL money is created from “whole cloth”, if you are saying that debt is whole cloth’.”

    Since we went off the gold standard, it has been the Fed’s responsibility to control the money supply. The rationale was that our economic growth was limited by our stock of gold, so money had to be injected into the economy in proportion to economic growth.

    That ain’t what’s happening, and what IS happening is inflationary…

  35. menopaws says:

    Investing in America beats the hell out of investing in Halliburton or Afghanistan. So, while Romney waits for Nethayahu to tell him what to do and starts ANOTHER war, I’m going with money invested over HERE. Let’s not be reality challenged again and waste our treasure and our blood on an unjustified war…….Trust me, the deficit will go up with Romney at the helm too……Check the CBO’s report of his plan—non-partisan…Says his figures do NOT add up..

  36. Sonofwashington, both you and xring seem to lump all conservatives into a single political heap. There are many of us who decried the spending policies of the Bush administration, cheered when Clinton signed the Welfare Reform Act into law and now are dismayed by the government’s continuing inablility to curb its spending.

    You support a bloated bureaucracy that employs acounting schemes to convince us that budgets are being cut when, in fact, they continue to rise year after year. These same type of accounting ploys are used to price legislative packages that we can never hope to pay for. You praise a Federal Reserve that prints money to buy government debt from commercial banks, lowering the value of your currency, artificially lowering interest rates and increasing the cost of goods while providing itself and commercial banks with a hefty handling profit.

    Just keep on trudging down the path worn by so many failing states whose leaders bought votes with promises of benefits paid for by the rich or a future generation. Great system…what could possibly go wrong?

  37. seem to lump all conservatives into a single political heap.

    You have noticed the various Rightist posters here who oftentimes respond to individual “lefties” with “typical liberal…..” And then there is aislander’s ongoing project to attempt to smear all liberals/progressives with the Jonah Goldberg “liberal fascism” delusional connections that utilize the 6 degrees of guilt by association to press its case.

    Unfortunately oldoc, there are few – on either side of the fence – who post here who go much beyond the standard talking points and since, as aislander maintains, the reason why most are here is not to discuss but to win, win, win, creating gross generalization straw men of your opponents is the easiest tactic.

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