Obama pulled us from the brink

$4.7 billion! That figure represents the 2010 earnings of General Motors. American taxpayers, who own one-fourth of those earnings, are now being paid back for the investment President Obama made when he stepped in to rescue America’s automobile industry when it was on the verge of collapse. Remember when Rep. John Boehner and many other Republicans decried how President Obama was wasting billions of dollars by bailing out General Motors two years ago? They stated with absolute certainty that there was no way the company would ever make a profit. Oh, and they also said that President Obama is a “socialist” (oooooh, scary) for taking an ownership interest in General Motors. Soon our “socialist” president will order the divestiture of taxpayers’ interests in that company. They are wrong yet again.

March 4, 2011 4:45 pm

$4.7 billion! That figure represents the 2010 earnings of General Motors. American taxpayers, who own one-fourth of those earnings, are now being paid back for the investment President Obama made when he stepped in to rescue America’s automobile industry when it was on the verge of collapse. Remember when Rep. John Boehner and many other Republicans decried how President Obama was wasting billions of dollars by bailing out General Motors two years ago? They stated with absolute certainty that there was no way the company would ever make a profit. Oh, and they also said that President Obama is a “socialist” (oooooh, scary) for taking an ownership interest in General Motors. Soon our “socialist” president will order the divestiture of taxpayers’ interests in that company. They are wrong yet again.

These brilliant prognosticators are the same Republicans who are now standing in front of the cameras every day declaring with absolute certainty that they know how to solve this country’s economic woes. These self-declared macro-economic geniuses spout how tax cuts and spending cuts are all that is needed to bring us out of the doldrums.

They all know the Reaganomics talking points about deregulating every industry, cutting virtually all taxes, and eliminating or privatizing every government program possible. However, they are in total denial about the negative effects these policies have on the economy. And now the American public is being asked once again to swallow Reagan’s debunked economic theories as a way out of our sluggish economic situation.

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I’ll stick with what has worked in the past. President Obama believes that wise investments in education and technical innovation will stimulate (oooooh, another scary word) our economy and create millions of jobs. He has been right so far on his handling of the economy and has pulled us back from the brink of disaster brought on by the mindless application of Reaganomics by his predecessor. Unlike Boehner and his bunch, at least President Obama understands “macro-economics.”

Trudy J. Sundberg
Oak Harbor