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Democrats responsible for all our economic ills

Charles Johnson Ledyard

Publication: The Day

Published 07/22/2012 12:00 AM
Updated 07/21/2012 11:29 PM

I write in reference to the July 14 letter, "The wealthy need to pay their fair share." Bush bashers seem to forget that Democrats controlled the Congress from Jan. 3, 2007. On that day the Dow Jones closed at 12,621.77; the GDP was 3.5 percent for the previous quarter. Unemployment rate was 4.6 percent and George Bush's economic policies had set a record of 52 straight months of job creation.

Jan. 3, 2007 was also the day Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate banking committee. The economic meltdown happened 15 months later.

Bush asked Congress many times, starting in 2001, to stop Fannie Mae and Freddie Mac because it was financially risky for the U.S. economy. Barney blocked it calling it a "Chicken Little philosophy," but the sky did fall.

If President Obama inherited anything, it was from himself and a Democratic Congress. He inherited a deficit that he voted for and then expanded four-fold since Jan. 20, 2009.

"The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living." (Author unknown).

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