Response to Associated Press
Dear Ms. Blumbye:
I cannot believe what the AP wrote about the Democrats and the economy. They must think that we readers are all high school drop outs. I was in the investment business for over 40 years and to hear a so-called expert say that "the stock market is doing well but that doesn't mean that it can't come crashing down in days. Voters are reluctant to be overly confident about economic trends." Half of all US households have a stake in the stock market. The investor class is the majority class. Does this so-called expert think that we are all stock traders? Does he think that Warren buffett invests as though Chicken Little is waiting for the sky to fall. How are Democrats going to do a better job on the economy? As many as 43 million Americans, nearly a third of all taxpayers now have no income tax-liability. In recently issued Treasury Dept release, it is clearly shown that the very people the Democrats and mainstream media purport to be so concerned about in their opposition to tax relief, will see their tax bills go up if the tax cuts are not made permanent."More than 5 million low-income individuals will no longer be exempt from individual income tax" said the release. A family of four with two children making $56,300 in 2011 will be hit by a tax bill that is bigger by $2,092 a 132% hike. What about the millions of 401(K) participants that have seen their accounts increase in value this year, are they all unhappy? A recent BLS stated that in its recalibration of employment statistics that it will add 810,000 jobs to its previously calculated total. The recently released budget deficit estimates are expected to be $248 Billion in FY 2006, down from a forecasted $423 Billion dollars. Business investment has boomed and the non-financial corporate sector productivity has grown 4.3% over the past three years-its most rapid growth in 45 years. Going back 24 months, shows 2.54 million new jobs. Federal tax revenues grew 12% in 2005 and are up 11.8% this year. This is happening with lower tax-ratres. How much lower can unemployment go from a rate of 4.60%? Never mind that energy costs are coming down. Who is responsible for the increase in energy? Answer-Liberal Democrats who fight all drilling attempts in AMWR and elsewhere and stopping all potential refineries. If these uneducated people who think that the Democrats can do a better job on the economy, how do tax-increases stimulate the economy? What about the Democratic position on higher tariffs and the potential destruction of international trade? I could go on but it is plain insulting to re-print such un-sophisticated data from such an un-reliable source as the AP. They really think that we are all stupid.
Gary Marsella