To the Editor:
God bless you Marc: we love ya, but you missed some things in your letter a few weeks ago.
Yes, President Bush did start with a surplus from President Clinton, but you forgot to give credit to the Republican Congress for helping him hold costs down. You forgot to mention President Bush started with a recession too, then a horrible attack on 9/11, which created an even worse economy. A tax cut got us out of it; you didn’t mention it either.
You said the rich got all the tax cuts but forgot the tax cuts were across the board. I know you didn’t mean to, but forgot to say each tax bracket got a five percent cut with the lowest bracket going from 15 to 10 percent. That’s one third of their tax eliminated and the highest bracket went from 39 to 34 percent, that’s a 7.8 percent reduction. So I guess the lower bracket got the largest cut. You must have made a mistake with your calculator. You didn’t mention the bottom 49 percent of the wage earners do not pay any federal tax like Mr. Buffett. I’d much rather have a job from the rich guy than draw unemployment when the government increases his taxes and I lose my job.
Yes, there was a tax cut from the Obama administration. I think the average family got a $9 a week reduction, but you failed to mention that. Then they piled on a trillion dollar stimulus bill, a trillion dollar (plus) health care bill and two budgets in the red at a trillion each with the money we don’t have and you’re clamering about a measly tax cut. That’s all right; our grandchildren will pay for it.
You said Bush gave us the worst recession since the Depression. I know you were around during the Carter years; don’t you remember the double digit inflation along with interest rates over 20 percent with unemployment higher than we have it now? I’m sure that just slipped your mind, but that President was a Democrat.
Just a few years ago, the Republican Congress was replaced because of their excessive spending and the Democrats took charge. They inherited a 4.7 percent unemployment rate, the Dow Jones was at 14,000 and a GDP of around 3.5 percent. Look where we are now. The Democratic Congress was in charge for the last four years. What happened, Marc? You said Fannie Mae and Freddie Mac were victimized by Wall Street. You forgot to mention the Bush administration saw these toxic loans were trouble so he put a bill in (2005) to correct it. Our old friends in Congress, Bernie Frank, Maxine Water, Christopher Dodd and others filibustered the bill and it died.
I got my information from the GAO, IRS, Congressional Record, and the Department of Labor. USA Today, CNN, Associated Press (your sources) must have missed this information too. The recessions, like President Kennedy, Reagan and Bush had, were remedied by cutting taxes. President Obama, like FDR, increased the government size, made temporary work, increased spending and legislated more regulation, which did nothing for the recovery. He did create 450,000 new government jobs where there are fewer taxpayers to pay for them. Hey, we’ll get it from China, maybe.
With the tax cuts expiring Dec. 31, economists are saying this will make an already bad economy worse. Remember, no nation has spent its way into prosperity. But then I’m sure you meant to say this too, Mr. Blanc.
President Obama may have inherited a recession, but with his actions and the Congress, they made it worse. You can’t blame that on Bush.
You mention Maryann Marshall’s letter is pure hatred for the President. I get the idea you feel the same way, but it’s with Mr. Bush.