The following information was in a letter that I recently sent to President Barack Obama. It has some valuable insight regarding some remedy for our economic problems today, and I believe your readers would be very interested in reading this:
The debt ceiling is draining valuable time from taking care of the real problem that is plaguing this economy. With all the brilliant economists advising, no one ever mentions this as a way for a remedy.
But the truth is, it is the only remedy, because after the debt ceiling is over, the unemployment problemis not going away, and you could agree to that based on none of the stimulus money is working.
Yes, tax loopholes for the big corporations should be addressed. Some tax hikes also, as to big oil companies, etc., making billions while Main Street suffers to feed their families. Oil, food, insurance and utility bills, etc., go up. How does this help fix the economy? What is it doing? It is destroying our demand. And the economists should know this.
I mentioned to the president — to fix this economy he must find a way to get our prices in this country lowered across the board. If he would address this, the pent-up demand will be released as prices come down, consumers will start spending again, employers will start doing more business, and more than make up for the lower prices by the increased volume, as his economists should very well know, jobs will be needed, thus created. Right now you have the reverse. The corporations are flush with cash on their balance sheets by cutting inventories, volume and jobs, making up for the difference by raising prices. What they do not realize is that they would do more business by lowering their prices, having to hire more people for the higher volume, and as a result make much more profit.
This is the way you get America really going again. And everybody in this country — rich, middle class or poor — will be the better for it. Your readers can contact me at [email protected] for any questions.
George G. Taglianetti Freehold Township