Your Jan. 13 editorial “Americans see failing economy,” is composed of conservative and libertarian talking points, half truths and outright propaganda.
It states “Americans have awakened to the fact government doesn’t drive the economy and improve their lives.”
Officials don’t make touchdowns but they sure improve the fairness of the game. Our government is supposed to be the officials, although they have been AWOL the last eight years. As to the government not improving our lives, my allotted number of words is not sufficient to list all the ways it does.
The paragraph about some homeowners making bad judgment completely ignores what drove the sub-prime market. Blaming “irresponsible” individuals for our financial crisis while ignoring the complex reasons is standard conservative procedure. The financial crisis was enabled by the absence of governmental controls or enforcement. This was enhanced by Ronald Reagan-era deregulation.
The consensus of opinion by practically all mainstream economists in this crisis is that government had to step in or we would have had a financial system collapse and the real possibility of a great depression.
We hear a lot of wailing and gnashing of teeth about our deficit and how the democrats are “big spenders.”
David Leonhardt of the New York Times, using Congressional Budget Office figures, calculated that the swing from surplus to the projected $2 trillion deficit in 2012 could be accounted for as 53 percent to Bush legislation and spending, 37 percent to the recession and only 10 percent to Obama programs.
The uncontrolled financial markets gave us the situation we are in today. Should we do the same thing over again and expect different results?
Alan Greenspan admitted that uncontrolled markets do not work. Decisions have to be based on facts, not ideology.