Vail Daily letter: Fed policies saved us
Ryan Summerlin September 3, 2014
Fed policies saved us
Jack Van Ens’ Aug. 31 opinion column bashing conservatives for grousing about the poor economic recovery during Obama did get one thing correct. Those with large investment portfolios have benefitted from the stock market advance. But this advance is a result of the low interest rates and the monetary policy of the Federal Reserve, not due to Obama’s policies.
Van Ens’ references Roger Altman to support his contention that “financial growth for the U.S. is good.” A Web search for Roger Altman will show he is a highly partisan Democratic fundraiser, power broker and crony capitalist. Altman’s opinion is not fact and only Obama disciples believe Obama’s fiscal policies saved the country from the Great Recession, which Van Ens blames on Bush. Federal Reserve policies saved us and the Great Recession, which was caused by the explosion of the ticking time bomb of the housing bubble created by both Republican and Democratic administrations over 40 years, not by Bush alone.
Americans do feel “the national mood is more sullen than sunny about the economy.” The highly partisan political atmosphere of our president, the Congress, the media and Van Ens only deepens our feelings of malaise and concern for the future of our country.
Draw your own conclusions about the economy.
1. Median household income 2008 of $52,029 and $51,371 in 2012. Reference: http://www.census.gov.
2. SNAP or food stamps: 31,784,453 recipients in 2008 and 46,225,054 recipients in May 2014. Reference: http://www.fns.usda.gov.
3. Persons living in poverty: 37.3 million in 2008 and 46.5 million in 2012 and continuing to grow. Reference: https://www.census.gov.
4. Net increase in jobs since 2008 only 1,394,000 with many part-time jobs rather than the desired full-time jobs. Reference: http://data.bls.gov/cgi-bin/bls.
5. GDP growth 2009 through 2013 of 1.2 percent compared to GDP growth during the Reagan administration of 3.5 percent, George H.W. Bush 2.3 percent, Clinton 3.8 percent, George W. Bush 2.1 percent with little potential for Obama to reach even 2.1 percent during his administration. http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG.
6. National debt of $10 trillion in 2008, $17.2 trillion today and $20-plus trillion by 2016. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm and http://www.usdebtclock.org
I recommend that Van Ens stick to his expertise as a theologian and leave economics and partisan politics to the experts in those fields. However, as a regular reader of Van Ens columns, I will expect a continuation of his emotions-based opinions drawn with a partisan liberal bias on all things political.