John Feaster's recent comments appear reasonable, but they do contain serious flaws. He said the Dow Jones Industrial Index more than doubled since President Barack Obama took office, which is incorrect.
On Jan. 15, 2009, right before Obama became president, the Dow closed at 8,212. The market then took a devastating 2,000 point drop before bottoming out in the 6000 area. There's a big difference in the actual 64 percent rally and the 116 percent gain his figures indicate.
He also credits Obama for the gain, which instead belongs to the Federal Reserve. The Fed pushed interest rates to record lows and then began flooding the economy with a massive money printing program known as quantitative raising. This will ultimately lead to higher inflation while doing very little to create real growth in our sluggish economy. It also has not solved our major unemployment problem. The recent market rally does help 401(k)s and IRAs, but the average investor is no longer in the market, having pulled $1.3 trillion out of stock.
The national debt was $10 trillion when Obama took office and now is a staggering $16 trillion. People have given up looking for jobs, millions have to rely on food stamps, and even Obama supporters are disappointed with his failed and broken promises.
As an independent voter, who has voted for both Democratic and Republican candidates, I listen to each candidate with an open mind.
I now believe it is critical for the futures of our children and grandchildren to elect Romney, who will at least try a new course of action for our country.
- Dennis Moore, Whiting