Can’t afford entitlements
Published 9:46 am Wednesday, October 22, 2008
The way it looks now Obama will be elected president and the Democrats will have control of the Senate and House. This means the likes of Barney Frank, Pelosi, Reid Dodd, Obama, Farrakhan, Aryers and the Rev. Wright will be running our country. That give me cold chills because their policies will be unstoppable and cause greater damage to our weakened economy. It will be a very sad time for the economy and for the way of life we have all enjoyed.
This country is broke and Congress has spent us into recession. Obama and friends will raise taxes, continue at a rapid pace entitlement spending and I am sad to say “into economic depression.”
To me it’s just a basic economic fact that we can’t afford to fund health care for every citizen, continue 100 percent mortgage financing for minorities and others and finance a college education for every citizen that wishes. If we can, I wish someone would tell me where the money will come from. Will it be China, Japan, etc.? I think not? These countries already have more U.S. Treasury paper than they want.
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If for some reason our economy and stock market does rally out of its present funk, because of the injection of massive amounts of funds from the printing press, the harder we will fall in the future. In simple terms it’s common sense and basic Economics 101. We are broke as a nation and can’t continue to take on massive amounts of new debt.
I’m ready for our elected officials to tell the truth. Barney Frank, Pelosi, Reid and Dodd all said it’s the Republicans fault for the mortgage mess. I can say for a fact that that is a lie, although the Republicans can share in the blame. It was Frank, the head of the congressional finance community (Lord help us all) pushed for the bill in the early ’90s to finance minorities 100 percent mortgages and it was Frank that pushed for excelling that bill a short few years ago and resisted regulation of the investment banks in which greed had taken over. Investment banks had an unregulated license from the federal government to run the mortgage candy store.
McCain did try to put regulation on the industry. I think in 2005, but his proposal was defeated. The SEC has also failed us.
I wrote my congressman, Allen Boyd from Monticello, yesterday asking for the name of the Democrat or the group of Democrats that asked for pork in the $700 billion bailout bill that would have given 20 percent of the net revenue recovered to ACORN.
Does anyone believe that these people were looking after the citizens best interest?
It seems to be too much to ask for our politicians to tell the truth. The truth means nothing to most of them at election time or any other time.
Good luck folks—be sure to save your money so you can pay your taxes that will pay for entitlements.
Jack G. Rich Tallahassee, Fla.