To the editor:
The economic stimulus package agreed upon by the president and congressional leaders is just another political stunt to shore up the stock market, and to pander to the middle class during the election year. This is similar to the Federal Reserve reducing the fed fund rate to help the financial institutions.
The government and the politicians are trying to solve free-market problems by providing useless solutions. It is like attempting to stop a train wreck by removing tracks on the railroad. Whatever happened to the free-market economy?
The impending economic implosion and resulting recession are the results of excesses and abuses by careless and greedy banks, lending companies, investors, speculators and consumers who indulge on borrowed money. The Fed’s monetary policies may help the stock market temporarily, but the price will have to be paid by all of us eventually. If the stock market made the economy move, we would never have a recession. It is the economy that drives the financial markets.
Short-term solutions and bandages are the last things we need. Politicians and bureaucrats should know their limitations and refrain from acting when economic forces need to be left alone. Especially when their actions are politically motivated, and are against basic tenets of capitalism.
To the editor:
Regarding the economic stimulus package, I am thrilled that couples making $150,000 a year will receive $1,200 — or more, if they have children. As House Speaker Nancy Pelosi said, she wants to get the money into the hands of people who will spend it. Perhaps for an additional big-screen TV.
I am 69; my wife is 68. After leaving the Navy, I worked at numerous jobs paying taxes every year as we raised five children. Two years ago, I was told that unless we have a significant increase in income, we no longer have to file.
This year my Social Security monthly check increased $28 and my wife’s went up $11. Please do not send us $1,200, as we would probably use it only to go out to dinner once a month and take in a movie.