Obama: "Private sector is doing fine."
Letter to the Editor:
In February 2009 President Obama's $787 billion stimulus program was supposed to create 5 million new jobs and reduce unemployment below 8% by the end of 2010. He missed both projections by wide margins.
Now, at the end of May 2012, unemployment is still above 8% and only 69,000 new jobs were created in May, the fewest in a year. When we add in people who have stopped looking for work the real unemployment rate is closer to 13%.
During Obama's term the national debt has increased by $5 trillion to over $15 trillion, and is increasing. The flailing administration has created extreme uncertainty in the private sector, which has depressed manufacturing activity and inhibited hiring.
Obama's policies and programs have had a negative impact on the work force. He has obstructed job creation by putting the Keystone pipeline project on hold. The Congressional Budget Office stated Obama's healthcare bill will cost 850,000 jobs.
The latest reports show we could be in a stagnant economy and could possibly fall back into another recession. President Obama has been in office three and a half years, and he owns the faltering economy. As President Truman said, "the buck stops here".
Donald A. Moskowitz
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