In response to Jim Telschow’s Tuesday letter “Econ lesson”: President Donald Trump did not inherit an up-cycle economy. He inherited a stagnant economy with 1.9 percent economic growth.
Mr. Trump’s policies of cutting taxes and eliminating rules and regulations that stifle business and ingenuity have created the longest period of sustained growth since Ronald Reagan’s presidency. The economy is humming along at better than 3 percent annual growth and unemployment is the lowest in 50 years.
In addition, Mr. Telschow does not explain how the “abyss” — as he refers to the Great Recession — started. The collapse of the housing market was a major component of it and was caused by government pressuring banks to approve loans to individuals who had no ability to repay. All part of the Community Reinvestment Act, signed into law by former President Bill Clinton, who later referred to it as a terrible piece of legislation.
And, I might add, when you refer to revisionist history, the Democratic Party is quite adept at that.