Originally Published: January 24, 2012 10:35 p.m.
In his letter of Jan. 9, Bob Lynne criticizes Editor Tim Wiederaenders' commentary on the TARP fiasco. Mr. Lynne's letter is rife with wild speculation and woefully short on measurable reality. For example, he states that TARP "staved off massive bank failures and a prolonged depression. The stimulus saved many jobs. Without these actions, our IRA's and 401(k)s could be half of what they are today. Unemployment would be more like 25 or 30 percent."
These comments are sheer speculation. Look at the facts. The TARP cost taxpayers nearly one trillion dollars! That ill-conceived program and others that followed have left us with a $15 trillion deficit, and it is growing at the rate of $50,000 per second! This administration has already spent more tax dollars than all previous administrations combined! President Obama told us that the TARP would CREATE many NEW jobs. That statement was later changed to SAVE many EXISTING jobs. Our official unemployment rate remains over 8 percent and that number is only created by not counting "discouraged workers" who no longer seek employment. We now have more citizens on welfare than at any time in American history. There is no basis whatsoever to support the statements that our IRA's would be reduced by half, or that unemployment would be 25 or 30 percent.
Considering our present unemployment rate, the foreclosure rate and our deficit, we are experiencing the worst recession since the Great Depression. Signs of an improving economy are based upon faulty and misleading information provided by the government.
Since President Obama was elected we have had NO federal budget! The reason is obvious. If we have no budget, the administration cannot exceed it. Our Constitution has been trashed by this administration, as has our economy and our freedom. Wild speculation cannot change the facts.