Rather than using monetary amounts, a letter-writer recently tried comparing increases in our national debt by using percentages (“National debt under Trump, Obama”). He stated that during the Obama years, the compounded rate of increase of the national debt was 8.72% compared to 5.09% under President Trump. Not mentioned was that during Obama’s two terms, the average yearly budget was less than Trump’s expenditures. It is then only fair we use percentages rather than actual numbers for other illustrations.
When President Obama took office Jan. 20, 2009, the Dow Jones Industrial Average closed at 7,949. When Trump took office Jan. 20, 2017, it was 19,732. As I write this on Jan. 6, the Dow Jones is at 28,703. That means that during the Obama years, the stock market went up 148.2% compared to 45.5% under Trump. Anybody with a 401(k) would rather have a 148.2% gain.
The country was going through a recession when Obama took office. The unemployment rate peaked a few months later at 10% in October 2009. When Obama’s presidency ended, the unemployment rate was at 4.7%. The rate was at 3.5% in November 2019. Obama reduced the unemployment rate 53%. Trump has reduced it 25.5%.
This economic recovery has been a continuation of what took place many years ago. I don’t understand why there was a need to try making Obama look bad when he helped turn things around to what they are today. The percentages prove this fact.
Robin L. Rosewicz
Lower Burrell