Letter: U.S. is doing quite well in many areas
How is the U.S. doing? Pretty good, considering where we were five years ago. Unemployment is down near the 6.5 percent target that the Fed's Bernanke set two years ago. Economic growth is up over 10 trillion dollars with the stock market, construction and manufacturing. How about costs?
The cost of health care was increasing 12 to 20 percent a year under the previous administration, while it increased only 4 percent in 2012 and 1.5 percent last year with our Affordable Care Act. It seems that the Congressional Budget office was right when it stated that Obama Care would help cut our budget deficit. It will also do what the GOP has long hoped for. (Slowing down a major entitlement).
Now, how about our debt?
The 17 trillion dollar debt is bad, however the stimulus of the last five years ended the great recession. It is also growing the economy. The alternative to stimulus is demonstrated by what is happening in Europe. By law, all 17 E.U. nations must balance their budgets. (The wrong way to fight a recession). Without deficit stimulus most of the E.U. is still in recession. Most still have unemployment from 10 to 24 percent.