Obama not reaching across the aisle
December 26, 2012
Frederick Hall’s letter (Sept. 22) evades the reality of a $16 trillion debt.
An unparalleled $5.4 trillion of this debt accumulated during the Obama administration. With no federal budget for the last four years, the debt ticks up at $4 billion a day. President Obama shows no inclination to change this.
Mr. Hall superficially reviews history with half truths and twisted interpretations, implying only Democrats have workable policies.
Some additional facts: Reagan presided over several changes to the tax code, but overall tax rates dropped dramatically during his tenure.
He made a deal in 1982 with the Democratic Congress for 3-to-1 spending cuts to tax increases. Congress ignored their promised cuts. Despite this double cross, Reagan’s policies resulted in the largest peacetime boom in American history and 35 million jobs.
Clinton had no balanced budgets until after 1997 when the Republican Congress passed and Clinton reluctantly signed a bill lowering capital gains tax.
Capital investment tripled by 1998, vastly increasing tax revenues. Clinton left office with a $5.7 trillion debt. Bush increased it to $10.7 (8 years later). These presidents worked across the aisle.
President Obama shows no ability or desire to do this. Our enormous problems require new leadership.