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Article published October 4, 2012
Robert W. McKayGrove City
Contrary to what the GOP tells us, the bailout was a huge success. Close to 1 million auto and auto-related jobs were saved. Those employed because of this are spending money and paying taxes. The Wall Street bailout was essential because it averted another Great Depression. Wall Street knew it would be bailed out; otherwise, the country would have gone under. The regulations that Congress and President Barack Obama placed upon the financial industry have kept that industry in check. Now, some people want to put Mitt Romney in office, a man who won’t even disclose some details about his taxes. Just what does anyone think he would allow Wall Street to do? He’d allow it to return to the same non-regulated chaos that caused the collapse in the first place. The Republican plan to downsize government would not help the economy. On the contrary, it would hinder it. Every government job slashed results in one less taxpayer and contributor to the economy. Consumer spending comprises about 70 percent of the economy. Additionally, 85 percent of our national assets are either owned or maintained by the private sector. An investment in government also is an investment in business. And no, it doesn’t make us socialists, Communists or fascists, as the GOP would have us believe. People should quit listening to GOP propaganda and look at the facts.