Mailbag: Admit it: Obama’s economic policies are working

How many times do economists have to say something before people believe it’s true? Despite the GOP’s relentless attacks, President Obama’s economic policies are working.

How else can you explain the pre-Christmas announcements that third-quarter growth was 5%, the strongest in 11 years; the rise in consumer confidence peaked just at the right time of the year; and the Dow finally topped 18,000?

If that wasn’t enough, the Congressional Budget Office recently reported the deficit is projected to be only 2% of GDP by 2015. That’s down from over 10% at the end of George W. Bush’s presidency. America’s “debt problem” seems largely solved, and almost all because of growth rather than austerity.

And Obamacare? Wasn’t it supposed to bring the U.S. economy to its knees? Here’s what business writer Michael Hiltzik wrote two months ago in the Los Angeles Times:

“Another stake in the heart of a popular anti-Obamacare claim has arrived from the Kaiser Family Foundation, which compiled the projected premium changes for 2015 in 15 states and the District of Columbia.

“Its finding is that premiums for the lowest-cost, most popular individual health plans will be dropping for next year, by a nationwide average of .08%. Now that insurers have been able to see what their competitors are charging ... they are making strategic adjustments in how they price.

“That’s just one of several indicators recently released that demonstrate that the Affordable Care Act is working as planned and that the parade of horribles so deeply relished by its opponents hasn’t materialized.”

When Obama took office, hundreds of thousands of people per month were losing their jobs. Contrary to what free-market economists were saying at the time, the new president understood that adding millions of auto workers to the unemployment lines simply was not an option.

Since taking office, the administration has racked up nearly 60 straight months of job creation. According to Vice President Joe Biden, quoted in The Hill newspaper, “That’s the longest streak of uninterrupted job growth in U.S. history.” Granted Biden may be prejudiced, but the numbers don’t lie.

Considering how fragile the economy was when the president assumed office, compared to its health and vitality today, I think it’s time Republicans admit the obvious: The Obama economy is working.

Denny Freidenrich

Laguna Beach