Even though some may have forgotten, I remember what it was like when President Obama was in office.
I recall the 2008 market crash that led to the Great Recession, the longest recession since World War II.
It was President Obama’s economic policies that helped us recover from the brink of economic depression when unemployment reached 10 percent and over 1.9 million jobs were lost.
His Troubled Asset Relief Program (TARP) stimulated the economy, reformed financial institutions, and bailed out the auto industry, which was on the verge of collapse.
By the end of Obama's administration, the economy experienced 76 months of continuous growth.
During the last two years of his presidency, the annual median household income increased by approximately $4,800, and GDP grew around 2.6 percent.
Trump inherited Obama’s robust economy but managed to gradually undermine it.
The repercussions were acutely felt during the first year of Biden’s presidency, as both Trump’s mishandling of the economy and the COVID-19 pandemic caught up with the American public.
Many Americans may be surprised to learn that Trump was the first president since Hoover during the Great Depression to leave office with millions fewer jobs than when he took over.
His handling of COVID caused unemployment to soar to over 14 percent and led to supply chain crashes. Coupled with Trump's tariffs, caused inflation to soar.
Prices have not yet come fully down; nonetheless, Trump continues to propose high tariffs, which would further increase the costs of imported goods, which will be passed on to consumers.
Let’s not overlook Trump’s tax cuts for the ultra-rich, which added a staggering $7 trillion to the deficit and did not provide relief to the middle class or any other income group except the wealthy.
Trump plans to cut taxes for the rich again, which will put even more strain on the deficit. Where does he intend to make up the difference?
Taxes are investments in America.
They fund our children's education, national defense, social security, Medicare, CHIP, and other social service programs. They also support infrastructure projects.
Taxes are the glue that keeps our society stable and secure.
Therefore, the ultra-rich must pay their fair share to help ensure everyone, especially our children, can prosper together.
I remember that it was Obama who enacted the Affordable Care Act (ACA), which provided health insurance to millions of Americans and protected them from being denied care due to pre-existing conditions.
I remember it was John McCain who saved the ACA from being repealed when Trump attempted to eliminate it.
I know whom to thank for the state of our economy: Obama and now Biden, and I must thank John McCain for saving the ACA.
Conversely, I know whom to reject: the con game, the lies, the blame-shifting, the cruelty, and the ambitions of a wannabe dictator, however fascist.
Whether this wannabe aims to be the next Bernie Madoff or a future dictator, the answer is a resounding no.
