LETTER TO THE EDITOR:

Biden is best for nation’s economy

Sat, Sep 19, 2020 (2 a.m.)

How is it possible that polls show President Donald Trump to be more trusted on the economy than Joe Biden?

The U.S. economy was on the brink of collapse as the result of the Great Recession that started in December 2007. The recession was also called the subprime mortgage crisis. Banks issued risky loans, called subprime mortgages, to cash in on the robust housing market. And when the housing market declined sharply during the summer of 2007, mortgage owners and lenders were suddenly underwater — meaning their homes were valued less than their total loan amounts. During this crisis, unemployment jumped to 10%, the economy tanked, and many businesses and homeowners went into foreclosure.

The Obama-Biden team orchestrated the greatest economic recovery since the Great Depression with the help of laws passed by Congress. Trump is taking credit for the continued recovery even though he has been an abysmal failure in leading this country through the pandemic and managing his failed businesses and failed casinos.

The Dodd-Frank Act of 2010 gave the federal government authority to manage banks on the brink of financial collapse and prevent predatory lending to borrowers. Trump gutted portions of the Dodd-Frank Act, removing some protections from another recession.

Just because Trump claims to have saved the economy does not make it so. Look at his record and stop believing his lies.

Back to top

SHARE