Critics are wrong - the economy's strong

There have been many letters to the Daily Herald recently blaming the Iraq War and President George Bush for a terrible economy and high gasoline prices. The Democratic presidential contenders have been campaigning on the promise of change.

But is the economy really so terrible?

In the five years of the Iraq War nearly 10 million jobs have been created and unemployment is down around 5 percent. The real GDP is up 16 per cent; and, in spite of all the claims that we are in a recession, the GDP hasn't had a single negative quarter.

Although there is currently a downturn in housing prices, home values are still up by 20 per cent from 2003, and household net worth has increased by $20 trillion.

Industrial production expanded by 13.5 per cent.

But just what will the Democrats change?

They will change to high taxes and huge new spending programs that will send the economy into a recession or maybe even a depression. Then we will see the low unemployment change to high unemployment, the GDP will tank, and housing prices, home values, household net worth and industrial production will sink far below those prior to the Iraq War.

Change is one promise the Democrats will keep, but we won't like it.

Robert Graham

Naperville