A recent letter writer asserts that the state of the economy isn't President Barack Obama's fault. (According to this White House, the president is responsible for all good, and all things bad are due to either President George W. Bush or congressional Republicans.)
The national debt on Dec. 31, 2000, was $5.6 trillion. It increased to $10.7 trillion by Dec. 31, 2008.
In that time, Bush was responsible for a deficit increase of $5 trillion. Obama started with a debt of $10.7 trillion, and in three years has accumulated, $4.5 trillion more in debt. If he is re-elected and continues on this path, he would accumulate nearly $12 trillion in new debt.
The unemployment rate during the Bush administration remained at 5 percent for most of the eight years, rising to 7.8 percent when he left office. The writer focuses on Obama's beginning and current unemployment rates, forgetting that despite huge government spending, the rate remained at more than 9 percent for 28 months.
The deregulation of the finance markets and the birth of the "megabanks" was done under President Bill Clinton with the Financial Services Modernization Act. Republican Sen. Phil Gramm tried to attach a repeal of the Community Reinvestment Act to that bill (it would have slowed the writing of subprime mortgages), but Clinton wouldn't agree to the amendment.
If we really want to get real economic savings going forward, un-elect Obama in November.
Hilton Head Island