Rebuttal to Ron Lowe’s letter
May 16, 2014
Here’s the start of Ron Lowe’s letter to the editor: “We are watching the beginning of an economic boom on a scale never experienced before.” Really?
Under President Clinton, the unemployment rate was 5.21 percent; under President Bush, the rate was 5.27 percent; and under President Obama, the rate is a steady 9.36 percent. That doesn’t even count the millions more who no longer are looking for a job or whose unemployment checks have stopped. Most economists say the real unemployment number is around 16 percent or more.
Under President Clinton, there were 23 million people on food stamps; under President Bush, there were 23.5 million on food stamps; and under President Obama, there are now 39.5 million on food stamps, and that number is growing every day.
Under President Obama, the U.S. debt was downgraded for the first time in history. Federal spending is now 25 percent of our GDP, the highest since World War II. Only 58 percent of our population is now working, the lowest percentage since 1937. Long-term unemployment is now 45.9 percent of the population, the highest since the 1930s.
Home ownership rate is 59.7 percent — the lowest since 1965. And, here is the kicker, the percentage of taxpayers paying income tax is at 49 percent, the lowest in the modern area.
All these numbers were provided by Standard & Poors, the Office of Management & Budget, the U.S. Bureau of Labor Statistics, Morgan Stanley and the U.S. Census Bureau.
I think we would all like to know the facts that are behind Mr. Lowe’s assessment of our economic future.