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Editor, Index-Tribune:
According to the Department of Labor, job growth in the month of May gained 54,000 jobs of non-farm payroll employment and 83,000 private-sector jobs.
President Obama has increased domestic oil production from 8,054,000 barrels a day in 2003 to 9,056,000 barrels a day (Index Mundi). The government and other nations are releasing oil from their reserves, totaling 60 million barrels. The U.S. is releasing 30 million barrels out of its 21 billion barrel reserve.
The stimulus package of 2009 created and retained three million jobs in public work. The GDP was at minus 6.4 percent in March, before the stimulus was launched and the DOW slid to 6500.
By the fourth quarter of 2009, the GDP was a plus 5 percent and the DOW had risen to 10,428, indicating it was a success. (about.com us economy.)
The debt ceiling is monies borrowed from other countries (two wars, tax cuts to corporations and the wealthy). To default would start another recession.
The Republicans scream where are the jobs? Now that they have the Congress, not one jobs bill has been written by Republicans or passed. Instead it's do away with MediCare insurance and Social Security insurance. Go to rebuildthedream.com and politifact.
Greg Larson
Boyes Hot Springs
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The debt limit debate is a red herring. Through "quantitative easing", the buying and selling of Treasury notes, and other currency manipulation tactics, the Fed can simply create more fiat money to pay for the reckless spending of Congress. Though foreign investors are wising up and getting out of the dollar seeking other currencies and gold.
History is replete with failed governments that try to inflate their way out of paying the bill for their spending. It is not yet too late to save ours from the same fate. Though it will require more financial integrity than seems to be in supply at present within the general population.