New Castle News

March 4, 2013

Despite promises, Obama fails to fix economic woes

New Castle News

NEW CASTLE — Editor, The News:

If President Obama didn’t like the economic situation of America, why did he run for president?

He promised to fix it, didn’t he? To bring people together, didn’t he? And to change the political atmosphere in Washington. How is all that working for him?

Obama promised to cut the “inherited” deficit by $5 trillion in his first term in office. Did he? The fact is, he raised the $10 trillion he “inherited” to over $16 trillion in less than four years.

If Obama inherited anything, he inherited it from himself. The inherited deficit he inherited was voted for by him when he was a senator from Illinois.

The Democrats and then-Sen. Obama took over both chambers of Congress on Jan. 3, 2007. At that time, the unemployment rate was 4.6 percent and George W. Bush had set a record of 52 straight months of job growth.

Jan. 3, 2007, was also the day Barney Frank became chairman of the House financial services committee and Chris Dodd took over the Senate banking committee. Then, 15 months later, the economic meltdown hit a new low with Fannie Mae/Freddie Mac dumping $5 trillion to $6 trillion of toxic loans into the economy.

Bush asked Congress 17 times to stop Fannie and Freddie as early as 2001 because of the financial risk in giving loans to unqualified buyers. But from 2007 on, Senator Obama voted against every request that made it to a vote in the Senate. It should also be noted here than Fannie and Freddie, being “private” institutions of sorts, provided Obama with the third-highest campaign donations of anyone in Congress.

National budgets come from Congress and since 2007, that means the Democratic Party and President Obama. A balanced budget will not happen until that changes.

Russ Hall

Wabash Avenue

New Castle