In the heated political climate that now exists in Washington, DC, the truth often is lost, and propaganda wins out, but in late July, a report by two economists proved something very significant: that the actions of President Obama in the past year really made a difference, and prevented a depression and deflation!
According to these two esteemed economists, one connected to Princeton University and the Federal Reserve, and the other to Moody’s, the gross domestic product would be 6.5 percent lower; there would be 8.5 million fewer jobs on top of the 8 million loss that has occurred; and the economy would be experiencing deflation, something unheard of since the times of Herbert Hoover!
The TARP (Troubled Asset Relief Program) begun by George W. Bush and continued by Barack Obama, and the economic stimulus program promoted by Obama made a REAL difference, and it is time that this be understood and accepted, and also applauded!
But in the midst of the election campaign for Congress and the governorships this fall, truth is likely to be a victim, as impatient people want immediate resolution of the economic crisis! What they fail to understand is that IF the Republican party had been in power and refused to do everything that Obama proposed, we would be in far worse shape!
The Republicans have not come up with any alternative, but if they win control of Congress, the American people will discover that there are no magic potions, and they will soon realize that they have made a mistake in switching party control to the GOP! 🙁