Email letters, Sept. 11, 2012

Thanks for visiting The Daily Sentinel

Subscribers and registered users, log in to continue reading for free*

Forgot your password?    

Register to read for free! Become a subscriber

* 7-day subscribers have unlimited access to online content.
Registered users may read 12 articles per month.


Commenting is not available in this channel entry.

Dave Kearsley’s on-line letter – “Just running in place on jobs front” (September 11, 2012) – offers the latest theme in Republicans’ talking points:  nothing President Obama did mattered much.

Bush’s recession technically began in late 2007, prompting him to propose a $145 billion “stimulus” (tax rebates) in January 2008 – having already increased the national debt by almost $5 trillion during his term.

While TARP was initiated by President Bush and his Secretary of the Treasury Hank Paulsen, they disbursed only $250 billion.  President Obama and his Treasury Secretary Tim Geithner supervised the remaining $300 billion “that averted a meltdown of our banking system”.

True, President Bush used $17.4 billion in TARP funds to begin the bailout of General Motors, but President Obama added $62.9 billion and shepherded a comprehensive bail-out of both GM and Chrysler – thereby directly saving at least 1 million jobs.

True, “by June 2009, the economy was already recovering”.  While this was “before much of the stimulus could be distributed”, it was after—and because of – the payroll tax cuts and extension of unemployment benefits championed by President Obama.

Even if Kearsley is correct that the “stimulus wasn’t needed to avert a depression” – we’ll never know for sure.  The CBO has concluded that the stimulus created, sustained, and/or saved anywhere from 700,000 to 3.6 million jobs – even if only temporarily.

Moreover, even if the stimulus “did little to help the private sector”, that result was the outcome intended by Republican obstructionists – who forced a smaller-than-necessary initial stimulus and have refused to even vote on the American Jobs Act of 2011.

“The proof is in the [now 8.1%] employment rate”, which would be below 7% but for Republican efforts to thwart President Obama’s reelection.

“What this economy needs is” a Congress that “can be trusted” to put “country first”. 

                Bill Hugenberg

Search More Jobs

734 S. Seventh St.
Grand Junction, CO 81501
Subscribe to print edition
Sign in to your account

© 2014 Grand Junction Media, Inc.
By using this site you agree to the Visitor Agreement and the Privacy Policy