Letters to the Editor

Economy: It was Obama who dug us out of hole

Re: “Economy: Don’t fall for Obama stealing credit,” (TNT letter, 9/27).

The writer should check his facts. It was President George W Bush who ushered in the Great Recession. Bush was a Republican.

It happened because Bush failed to rein in the shenanigans happening on Wall Street.

Those who were “bailed out” were large corporations, which were given enormous loans by the U.S. Treasury (approved by Congress) at very favorable terms. All repaid. Those corporations were deemed too big to fail.

Though many lost their jobs, plenty more were saved by the bailouts.

The writer should also take a basic economics course. The Fed didn’t print more money (thankfully) to bail anybody out. Witness all the people who lost jobs, homes, savings.

Radical increases in the money supply usually result in double-digit inflation. Instead, the Fed kept the interest rate low to suppress inflation.

For the last two years of Obama’s presidency the economy gradually improved. It had a nice running start before Trump could claim any credit for improving it.

Obama deserves a lot of credit for digging the economy out of a big hole and avoiding another Great Depression.