To the editor:
An Aug. 14, 2018 letter, “Accept that Trump is making an impact,” contains long-debunked false statements, such as “Hillary Clinton gave Russia 20 percent of our uranium.” But I am responding to the author’s point that President Trump deserves credit for our current economic recovery.
The author seems unfamiliar with the history of one of the worst economic crises of the 20th century. Timeline: Years of bank deregulation led to an $8 trillion housing bubble, which eventually burst. From January to September 2008: Nine too-big-to-fail financial institutions on the verge of collapse are rescued by federally-arranged mergers or federally-backed takeovers. Lehman Brothers files for bankruptcy and disappears. October 2008: Congress acts to prevent calamity, authorizing an eye-popping $700 billion to rescue “distressed assets” and prop up banks. President George W. Bush signs the bill.
October to December 2008: Bank insolvency continues; the U.S. Treasury authorizes billions of dollars of loans for General Motors and Chrysler. Jan. 20, 2009: Barack Obama is inaugurated President of the United States.
Obama inherited his predecessor’s mess. In six months he began a period of steady growth that is now the second longest in history. Trump inherited Obama’s momentum and a growing economy. Now we are once again headed down crisis road, with a $2.3 trillion (12 zeros!) deficit-funded tax cut which overwhelmingly benefits the rich over the working families. Just Google “Kansas experiment.” No one and no nation can prosper forever on borrowed money. Our children will not be proud of us.
Come November, vote to restore balance to our government. Vote for the other team.
Norma Blake
Greenwood
