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Blame both parties for bad economy
Letter to the Editor
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Published: 10/6/2008 12:02 AM

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Many readers and pundits want to blame the Bush administration for everything. Even though the economy is in bad shape right now the cause is primarily due to the housing and credit crisis, both of which are not controlled by any president. The most recent GDP growth numbers at 3.3 percent are hardly indicative of a recession and productivity is up substantially.

What many have forgotten is that for the first 6 1/2 years of the Bush administration this economy was one of the more robust in decades. Interest rates were as low as in decades; unemployment was at virtual full employment not seen since the '80s; homeownership was at an all-time high; the stock market at a historic high; inflation was minuscule, etc. Despite that economies run in cycles, we apparently have conveniently forgotten those booming times. But the Dems would have you believe that we have experienced an economic downturn for eight years - totally false.

While we certainly did enjoy a budget surplus during the Clinton years, most realize it was due to the Internet bubble, not economic policy. But the bubble burst during Clinton's last year in office which allowed Clinton to hand Bush a recession when he took office. And the tax cuts implemented actually increased receipts as do most tax cuts. And currently there are 40 million people who pay no tax whatsoever thanks to those tax cuts. And everyone realized a tax cut.

And while Republicans clearly have to share the blame for many ills let's not forget the Democrat controlled Congress and their 19 percent approval rating, the worst ever. There is plenty of blame to go around to both parties. This economy will rebound but not by expanding government entitlements or raising taxes but by sound policy, competition and free trade which has made America the most admired economy in the world. But how conveniently we forget real facts and dwell on short-term negatives.

Hank D'Ambrosio

Mundelein