To the Editor:
I applaud Mr. Thomas Archer for providing the many facts in his letter published 7/29/2020 regarding the Obama economy. The facts are all correct but the context of the facts as he presents them doesn’t represent the reality. Facts out of context are just BS.
The economy was collapsing as 2008 progressed and by October the Bush Administration (R) had to pass the “Emergency Economic Stabilization Act of 2008” of $700Bn to begin to address the catastrophic financial crisis. The economy was failing with a negative momentum and many major financial institutions such as AIG, Goldman Sachs, Wells Fargo and others deemed “too big to fail” had to be rescued. And they were rescued by tax payer’s dollars.
When Obama was sworn into office January 20, 2009, the economy was still in a downward spiral. The momentum of unemployment was in an upward direction and the momentum of the stock market was in a downward trend.
Momentum doesn’t change instantly and Obama was able to reverse the negative momentum and redirect it into a positive direction. That takes time and effort and in time the unemployment rate went down and the stock market was doing well again.
When Trump took office the economy was progressing well. Trump had no economic hurdles to navigate. He could just take what was doing well and run with it. Trump had the benefit of the momentum of an improving economy when he entered office. Far from the Trump’s lamenting of inheriting a terrible situation. Check the facts in the context of the real economic conditions.
Facts are always good to offer, but if they are offered out of context they are just BS.
Pieter W. Uptegrove