Monday, Feb. 24, 2014 | 2:01 a.m.
I enjoy reading the letters to the editor because many opinions are expressed. It would be nice if these opinions had some factual basis versus the normal rant and desire to beat up on one party or the other.
Case in point: the Wednesday letter “The fight between rich and poor.” The normal message, of course, was Republicans hate the poor and cater to the rich. The writer pointed out President Ronald Reagan cut taxes and stated “Then the party began, and during the past 30 years, the rich got richer and the rest of the population is holding on for dear life.” What really happened?
Reagan assumed office with 7.5 percent unemployment, killer interest rates (18 percent home mortgage rate) and a Cold War that had defense spending at 22 percent of the budget and growing. In the next eight years, our economy added more than 16 million jobs and median family income grew 11 percent. Gross domestic product grew annually at 7.5 percent.
Obama assumed office with 7.8 percent unemployment, low interest rates (5 percent home mortgage rate) and two wars that had defense spending at 18 percent of the budget. In five years, our economy has added 3.5 million jobs, workforce participation rate is the lowest since 1978, median family income has fallen, and we have the highest percentage of Americans on food stamps and Social Security disability in our history. GDP has grown at 3.5 percent annually.
As for me, I like the Reagan party better.