Regarding Ken Fisher's piece "Obama's Learning Curve" in the June issue, the article points out many truths about the Democrat vs. Republican debate over who is better for the stock market. I strongly agree that any new president will try to implement his policy goals within the first two years and President Obama is no different. However, the article wants to make him out to be no different than Clinton, Kennedy or FDR regarding spending and his socialistic agenda.
President Obama's majority interest in several banks, insurance companies and automakers, along with stated goals for a national health care system, followed by government control over carbon/pollution/energy — how is this not central planning at a minimum and a shake-down of American business to conform to President Obama's wishes for state control over production and lifestyle?
Mr. Fisher would like us to believe that President Obama's stimulus plan and proposed budget is no big deal. He only compares the current year debt as a percentage of GDP around 40 percent as normal and sustainable. If you look at the Congressional Budget Office (CBO) estimates for the next 10 years released March 20, we should all be very concerned. The CBO estimates the cumulative deficit would include $9.3 trillion in additional debt from 2010 to 2019.
This would more than double the national debt held by the public from $6.7 trillion to $17 trillion. The interest alone would reach nearly $1 trillion per year or 35 percent of GDP!
The CBO estimates do not show the annual budget deficits ever coming down and they can not possibly reflect additional debt for national health care, wars or other unforeseen national issues. The only way to pay for any of this will be much higher taxes for individuals, businesses and embedded (pass through to consumer) taxes.
It is sad to say, as the article points out, that most presidents play to the middle for the sole goal of being re-elected. The American people deserve better out of our politicians. We need someone who promotes capitalism and individualism, someone who will take fiduciary responsibility with the national debt and annual budget and someone who doesn't care about re-election.
John M. Lugauer, Kalamazoo, Mich.
—
Readers are invited to share their views via [email protected]
