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Category archive for: Letters to the Editor

Real Cause of Economic Woes

Daily News 9/30/10

Re “Obama blasts GOP ‘Pledge’ as echo of ‘failed policy’” (Sept 26):

President Obama is rhetorically redundant about not extending the tax cuts for the rich and so-called failed policies of the previous administration. But he fails to recognize historical facts. The reduction of tax rates on capital gains and dividends in 2003 resulted in more than $780 billion of additional tax revenue from that source from 2003 through 2007.

The real failed policy, though, was his, Senator Dodd’s, and Congressman Barney Frank’s. They pressured lenders (particularly Fannie Mae and Freddie Mac) to make home loans that borrowers could not afford. That process was at the foundation of the economic collapse.

Tax Cut Will Financially Intoxicate

Re “Obama double down on payroll tax cutback” (Sept 9):

It appears that the reason President Obama wants to reduce the Social Security tax rate to 3.1% (supposedly try to create jobs) rather than reduce wage earners income tax, is that his (and prior) tax credits have already resulted in 51% of low income earners not paying any income tax. Many receive :”refundable credits” for more than any taxes they would otherwise owe. But his plan to financially intoxicate people by reducing the FICA tax for one year would further defund the already bankrupt Social Security program. The plan would make Bernie Madoff and Charles Ponzi jealous.
Repeal of the Obamacare program would provide the needed motivation to substantially reduce unemployment while reducing the deficit.

 

Not Meeting Anyone’s Needs

Published in the August 14, 2011 Daily News:

Considering the large and continuing federal budget deficit agreed upon in the debt limit increase, it would have been even more surprising if there was no credit downgrade. If the current trillion dollar-plus annual deficit habit continues, before long there will be no funds for social security, health care, or national defense. All the revenue would have to be used to pay the interest on the debt. Then nobody’s needs are met.

Equality of Poverty

Daily News 6/6/11

Re: “Sacrificing too much for rich” (Letters, May 31):

Before complaining about “sacrificing too much just to make rich people richer,” the writer should learn historical facts. In 2006, the top 1 percent of income earners paid 35% of our country’s income taxs. As of last year, 51% of income earners pay no income tax. The national economy does much better when people are motivated to get rich than when government invokes equality of income policies.

Another Improper Expenditure

Daily News 3/22/11

Re “Questionable expenditures boost bid to end redevelopment agencies” (Another View, March 18):

This Sacramento Bee editorial tried to discredit redevelopment agencies for their profligate spending on affordable housing “… without constructing a single new unit.” While that may be true, they failed to recognize the not-so-affordable spending on the units built. A stinging example is the planned Sherman Village Apartments. The $25 million cost, including $4.4 million from the CRA, would construct a 73-unit “affordable housing” project. That’s about $342,465 a unit. It would cost no more than half that amount to buy and rehab older apartments and provide even many more apartments for low-income people.

Leasing Parking Garages Too Risky

Daily News 1/21/11

Re “L.A. must turn over parking garages” (Editorial, Jan 12):

In spite of the pre-eminent position parking garages have on the City of Los Angeles” Office of Finance Top Debtor’s List and List of Top Litigation Cases, Mayor Antonio Villaraigosa and the City Council want to lease the city’s parking garages to private operators. They would rather gamble on such an obviously risky concept than do what works.

Eliminating pension benefits that are highly spiked based on one final year of service, rather than on an average of three final years of service, would be more certain to save the city taxpayer funds while being fairer to other retirees.