Letters to the editor, Oct. 6

Cartoon by Jim Meadows

Cartoon by Jim Meadows

Our country’s invisible problem

Three common clichés come to mind in regard to this election season: 1. The emperor has no clothes. 2. The elephant in the room. 3. You can’t see the forest from the trees. Why? Because the number one campaign issue for every presidential and congressional race should be our national debt! It’s somewhat of an invisible problem, so perhaps that’s why it doesn’t get more attention. Or, maybe it doesn’t rate because most politicians incorrectly associate it only with cutting programs and services – which is never popular with their voters.

Let’s consider just some of the ramifications of our 19 trillion dollar national debt:

A. In order to fund the national debt, the U.S. needs to print money or borrow from other countries. If we continue to print money, that devalues our existing dollars, resulting in inflation. If we continue to borrow from other countries such as China and Japan, our credit risk will eventually rise; this will require us to pay even higher interest rates until the inevitable day comes when we can’t.

B. Taxes will have to increase to service the national debt.

C. Government services – such as the maintenance of bridges and roads and other infrastructure – will have to be curtailed or eliminated as the national debt grows and becomes a greater percentage of the overall budget. Worse yet, should we need to defend ourselves against a foreign enemy, or recover from a natural disaster such as a major earthquake, we might not be able to afford to do so.

Continue reading

Advertisements

Maloney: Economy better under Dem presidents

Council Member Ben Kallos, State Senator Brad Hoylman, Congresswoman Carolyn Maloney and Assembly Member Dan Quart

Council Member Ben Kallos, State Senator Brad Hoylman, Congresswoman Carolyn Maloney and Assembly Member Dan Quart

By Sabina Mollot

On the heels of Republican criticisms of the economy and President Obama’s handling of it, Congresswoman Carolyn Maloney and a few other elected officials responded with a press conference to argue that the economy has actually done better under Democratic presidents since World War II.

Maloney noted that since the Great Recession, unemployment has been halved from its worst point at 10 percent. Gross domestic product has also grown 1.6 times faster under Democrats on average, she said, with more job growth.

Maloney is a staunch supporter of Hillary Clinton and has served as a campaign trail surrogate.

However, she insisted the announcement, made at Columbus Circle on July 22 wasn’t in response to anything that was said by Donald Trump, who’d just told America during the Republican National Convention that he was the country’s voice.

Continue reading

Letters to the Editor, Nov. 15

Clarification, please, on stock market stats

Re: Letter, “The undecided voter,” T&V, Nov. 1

I read Mr. Cappelletti’s letter and would ask him to clarify one of his 15 points.

Number seven reads “Comparing the stats of the stock market four years ago to the stats today, would you say the economy has improved?”

(Hint: ask those who invest in, or have their pensions invested in, the stock market.)

So I looked at the three New York City stocks that I own or have owned during that period:

Verizon is up 42.0 percent (today, November 8, 2012) since President Obama’s election on November 4, 2008.

Bristol Myers is up 57.3 percent and Con Ed is up 34.8 percent.

More important, at the time of President Obama’s election, the dividend yield was greater than 5 percent for each of them.

So if all of us had reinvested all of our investment monies and reinvested the dividends in these NYC juggernauts four years ago, we’d all be way ahead of the game.

Accordingly, can Mr. Cappelletti please be more specific about the stock market statistics he’s referring to because companies located in New Jersey and Connecticut made money for their stockholders during President Obama’s first term, too.

Billy Sternberg, ST

Continue reading