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Rep. Frank says Dems improved economy
By WILLIAM K. ALCORN
BOARDMAN
The federal stimulus package preserved jobs and made the economy better than it would have been without the program, said U.S. Rep. Barney Frank, keynote speaker at Thursday’s Mahoning County Democratic Party fundraiser.
Speaking at a press conference before the $500-a-plate dinner at Mr. Anthony’s, Frank said were it not for policies passed by the Democrats, including the American Recovery and Reinvestment Act of 2009, unemployment would be higher, and the banking industry would be in worse trouble.
“Our Republican friends want to return to their policies of no regulation of the financial institutions and massive tax cuts that got the economy in trouble in the first place. And when President Barack Obama took office, they resisted polices to make things better,” said Frank, chairman of the House Financial Services Committee and a Democrat from Massachusetts.
Frank acknowledged the Republicans are seeing some political benefit from their opposition and the slowness of the economic recovery.
To counteract that, he said Democrats just have to get their story out about the policies adopted late in 2008 and since Obama took office that have helped “mitigate the effects of the worst economy since the Great Depression.”
Jobs have been maintained and created, and recovery is occurring, just slower than was hoped for, he said.
Addressing local issues, Frank said he thinks the president was right to intervene with loans for General Motors and Chrysler.
He said the effort by retired Delphi Packard Electric salaried workers to get their pensions fully restored hinges on the outcome of their lawsuit.
He said the House passed a bill in 2008 that would have been fairer to all workers, but it was defeated by Republicans in the Senate.
Absent a lawsuit victory, he said he doesn’t believe additional funding will be made available for the Delphi salaried pensions.
He said if the lawsuit is successful, however, he would vote for additional funding.
David Betras, county party chairman, said there was a dual purpose for bringing Frank to the Mahoning Valley.
One was to raise money for the Democratic Party, and the other was to give an opportunity for local bankers and business and civic leaders to make their cases for the Mahoning Valley and what it needs.
Betras said Frank voted against the free-trade policies that have killed the Mahoning Valley through loss of jobs. Democrats are for fair-trade policies but against free and unfettered trade, Betras said.
“Any time you get a chance to bring a national leader here to plead our case is valuable. You never know what will come of it,” he said.
Regarding the fundraising aspect of Frank’s visit, Betras said about 175 guests at $500 a plate were expected, and in addition, others paid $500 for a private meet-and-greet event with Frank before the dinner.
Among the state officials who were present was Kevin L. Boyce, Ohio treasurer, who said Ohio is again “ground zero” for the November election and that the Mahoning Valley will play a critical role.
He said Democrats are working very hard to make sure every voter understands what is at stake.