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Why the Democrats failed | Federal Way letters
Since the Democrats took Congress and the Senate in November 2006, their dogmatic Keynesian redistributionist economics have worked to destroy the U.S. economy. Democrats have encouraged the growing size of government. Government produces very little value for the economy and yet costs a colossal amount to maintain. Democrat spending has contributed to a constantly growing national debt, which will top $13.6 trillion this year. Their answer is more taxation, which drains the available money out of people's hands into the government. When money is taken away from the individual, it destroys the incentive to create new wealth. When government spends more and borrows more to pay for its deficits, less money is in people's hands to create economic growth and jobs. When the Democrats took over, the national debt was 1.8 percent of the Gross Domestic Product. Now it is 10 percent. Unemployment was 4.7 percent. Now it is 9.6 percent.
While other nations manipulate their currency rates, impose high tariffs, put up artificial barriers to American products and flood our markets with cheap products, Democrats have hurt American industry with over-regulation and over-taxation while allowing unlimited civil liability. The United States has lost approximately 42,400 factories since 2001. Such failure has contributed to the exploding U.S. trade deficit and the shrinking middle class.
At the same time, the Democrats have failed to stop the ongoing devaluation of the U.S. Dollar.
Democrats have turned a blind eye to rampant corruption on Wall Street and have failed to stop the increasing derivatives bubble. The recent Wall Street reform bill did next to nothing about derivatives. When this bubble finally pops, it will cause an economic catastrophe of Biblical proportions.
Democrats never fixed the health care industry. Obamacare just made it worse. America will soon wake up to the disaster it has created as the aging Baby Boomers soon impact the system.
Democrats have allowed financial power being concentrated in fewer and fewer hands. As more banks fail, wealth is being managed by fewer elite banks.
Democrats have also turned a blind eye to the growing retirement crisis that threatens to bankrupt America. The Baby Boomers who have largely kept Democrats in power have set the stage for their own disaster. The states are $3.2 trillion short of what they need to meet their pension obligations. Democrats have procrastinated at making the necessary Social Security reforms to save the system.
Jon R. McIntyre, Auburn