Originally Published: February 11, 2012 10 p.m.
Mr. King's Jan. 25 letter has no facts to back up his claim that my recent letter is "rife with wild speculation." He rails about TARP costing taxpayers nearly $1 trillion when in fact according to the Congressional Budget Office, it will cost $34 billion. General Motors is once again the largest auto company in the U.S. and Ford and Chrysler are doing well, saving thousands of jobs. When Obama took office, we were losing 750,000 jobs a month. The jobs collapse bottomed out in early 2010 as the Obama stimulus took effect and since then the U.S. has added 2.4 million jobs, more net jobs added than during the entire Bush administration. As Andrew Sullivan put it in his January Newsweek article, "... the stimulus did exactly what it was supposed to do. It put a bottom under the free fall ... it prevented a spiral downward that could have led to the second Great Depression." There is more work to be done regarding bringing jobs back, and hopefully the president won't have to do it on his own.
Bert has one thing right. We are experiencing the worst recession since the Great Depression, but his claim that "signs of an improving economy are based on faulty and misleading government information" just doesn't hold water. Besides, the Bush tax cuts, two unbudgeted wars, the prescription drug entitlement and the deregulation of the banks and Wall Street is what got us into this mess in the first place.
Bert's claim that the president has not submitted a budget is ludicrous. He has submitted a budget on time every year. The problem is that Congress has not passed a budget. Finally, Bert's claim that the Constitution, economy and our freedom have been trashed by this administration is supported only by his imagination.