Economic comeback began 10 years ago
I found Jake Longoria’s letter, “In defense of president’s tariffs” interesting.
Though every economist I have read says no one wins a tariff war, that is not why I write. In closing, Jake suggests that today’s economy has improved Americans’ standard of living — “something the previous office holder never accomplished.”
Jake, you certainly have a short memory. When President Obama took office, our economy was in the worst hole since the Great Depression. Remember Jake, it was called the Great Recession. Banks had failed, the stock market crashed, two of the three auto manufacturers were facing bankruptcy, hundreds of thousands lost their homes and jobs. And Jake, what did Obama do?
Initially, he put every dollar he could get from Congress in shovel-ready infrastructure projects — putting thousands to work who spent their checks in stores, etc., and putting others to work. Jake, he also established the clunker buy-back program taking polluting cars off the road and spurring auto sales, and he also bailed out the two auto companies, which eventually paid the government back.
Jake, what you have to understand is that there were hundreds of thousands of suppliers that were saved by this too. Slowly the economy started coming back until each month approximately 150,000 jobs were being added to the employment rolls. Jake, that continues today … this economic comeback did not start two years ago. It started 10 years ago thanks to President Obama.
Gerard Pahl, Edinburg