Your daily Letter to the Editor — March 14, 2013
For several weeks, letters in this forum have derided President Obama’s leadership of the economy. As the late Sen. Daniel Patrick Moynihan said, “You are entitled to your own opinions but not your own facts.” It may be useful to interject facts into this debate.
When George W. Bush became president in 2001, the unemployment rate was 4.6 percent. When he left office in 2009, it was at 7.9 percent. Today, unemployment stands at 7.7 percent.
In January 2001, the New York Stock Exchange was trading at a volume of 10,400. When Bush left office, the stock market had fallen to 7,949. Today, it is trading at a record high above 14,000.
When Bush came into office, the national debt was $6 trillion. When he left, it was $10 trillion. Today, it is $16 trillion.
Of the $6 trillion added since Barack Obama was sworn in, $2 trillion is war debt not counted by Bush and $1.5 trillion is the unfunded mandate of Medicare Part D, pushed by Bush. The percent of government spending to GDP has fallen sharply under Obama.
Yes, tea party folks, government has been shrinking in the four years of Obama’s presidency. Look it up.