Pond responds to Denkel
In response to Christianne Denkel’s letter (5/7/20), I welcome this opportunity to set the record straight.
Let’s start with the account of Trump’s bankruptcies. This may well be true. On the other hand, many of his business enterprisees are quite successful: golf courses, hotels and office buildings. They provide many jobs.
On the subject of bankrupcy, consider the financial crisis of 2008. This was brought about by all the unsecured mortgages promoted by unscrupulous bankers and politicians. One was Congressman Barney Frank. He had oversight of the federal lending institutions. When questioned about this six months prior to the collapse, he said everything was fine.
The government had to shell out millions and billions to shore up these banks.
Under Obama’s administration we had the slowest post recession recovery ever recorded. Our businesses were choked wtih excessive regulations, overtaxed. We had a staggering trade imbalance with China, the trade agreements with Europe were unfair. Our trade agreement with Mexico and Canada put us at a great disadvantage.
This all changed under Trump’s administration. He tore up the old agreements and renegotiated new ones protecting us.
He’s the only president who has confronted China by imposing trade tariffs. He has negotiated new trade agreements with China that deal with this imbalance.
Prior to this coronavirus outbreak, we had record low unemployment, 7+ million new jobs, 560,000* new manufacturing jobs, thousands of new businesses, many major new manufacturing plants being built.
Contrast this to Obama who, when asked about the loss of these manufacturing jobs, said what do you want me to do, wave a magic wand and bring them back?
In short, under Trump’s administration the economy was booming. If you wanted a job, it was there.
John Pond, Fairhaven
*This number is disputed.
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