To the Editor:
In last week’s Democratic View, DTC Chair Alex Harris made some interesting comments about deficits. Let’s take a look at some of them. Here are Obama’s deficits: 2010, $1,652 trillion; 2011, $1,229 trillion; 2012, $1,276T; 2013, $672 billion; 2014, $1.086T; 2015, $327B; 2016, $1.423T; 2017, $6.72B.
Over his eight years in office, he added $8.588 trillion, a 74% increase over the $11.657-trillion debt at the end of George W Bush’s last budget, F/Y 2009, more than all previous presidents combined. He presided over the worst economic recovery, never achieving annual GDP growth of 3% (his best being 2.7%).
“Obama was victorious in this trial by producing an increase in jobs during the first 36 months of his economic recovery of only 1.72%. This handily beat out Bush 43, who turned in a jobs gain of 2.93% during his recovery, and the team of Bush 41 and Bill Clinton, who delivered 3.64% more jobs during theirs. And, Obama absolutely creamed Ronald Reagan, who produced an increase in total jobs of 8.97% during the first three years of the economic recovery that he oversaw,” wrote Louis Woodhill, contributor at Forbes.
When Ronald Reagan came into office the top marginal tax rate was 70%, when he left it was 28%, and revenue to the treasury went from $500 billion in 1980 to $1.1 trillion in 1990, initiating the longest economic expansion in the history of the nation. It was the Democrat Congress that, despite the doubling of revenue, spent the country into the deficit.
Economic recoveries are complicated issues, and there can be legitimate arguments over the details.
To throw out this myopic, hyper-partisan screed about how evil the Republicans are does a disservice not only to your readers, but to you and your party.