Tuesday, June 26, 2012 | 2:02 a.m.
A recent letter to the editor, “Blame Obama for slow recovery,” needs a close look at the facts.
Near the end of 2008, the administration that had been in power for eight years was ending with a $10 trillion deficit. When it took over, it had been handed a surplus. For the $10 trillion we got two wars, an unfunded senior prescription drug program and were losing about 700,000 jobs a month. I can remember being at the bank along with several other people asking if the savings we had were safe or whether we should take them out. They would only say, “Call the federal government and ask them!”
For the $5 trillion to $6 trillion added to the deficit since then, we have overcome the horrendous downward spiral of job loss and have had 27 months of positive job growth. And, nationally, more than 90 percent of the people who want jobs are working. Not enough, but positive.
The letter writer notes the loss of home values, but that is more connected to greedy mortgage companies, banks and financial firms who broke the housing market than to the deficit. Not one of those responsible has been charged.
When spending is cut, people are laid off, and that means less tax revenue and more government outlays for unemployment insurance and other assistance.
People need to get behind and help President Barack Obama and our country instead of complaining that he is not solving all their problems fast enough.