In his current television ad for re-election to the state Legislature, Rep. Tim Moffitt, R-Buncombe, states: “Obama has tanked our economy.”
According to the Wall Street Journal, this year’s second-quarter gross domestic product expanded to 4.2 percent; banks are lending amounts not seen since the 2007 financial crisis; home sales continue to rise as do home values; inflation remains in check; we’ve gained 10 million new jobs since the collapse in 2007; and job openings hit a 13-year high of 4.7 million in June. Along with all that, the stock markets are breaking records, and, as they do, the retirement investments for those who can afford such investments are growing big-time.
Now, I must admit that wages for those in the not-so-fortunate classes still remain low, as do the returns on paltry savings and money market accounts. But who is to blame for that? The Federal Reserve? Wall Street? Big banks?
We should be grateful that Barack Obama’s thoughtful management of the economy has kept the country from suffering a full-blown economic depression brought about by the former administration. And Obama has accomplished this with little or no support from Republicans such as Moffitt and his Washington compatriots. Is Moffitt just lying, or is he simply out of touch with reality?