Author Offers Deficit Reduction Bill

To The Editor:
Can our so-called economist leadership actually convince the taxpayer that they are at least competent? Let me briefly digress; there was a recent commercial suggesting putting firemen applying common sense to national problems, the second example is the TV show “Are you smarter than a fifth grader?”
Lack of thought and common sense from our political leadership, prime examples being the TARP funds for the “too big to fail” banks. Not all of the banks required a bailout but were forced to take the bailout and repay the “loan with interest.” Some of those banks purchased other troubled banks with TARP funds. That made them too much bigger to fail. Repaid TARP funds were to be applied to the deficit, but our leadership believes they should spend it as stimulus considering how the $850 billion stimulus worked so well since much ado was made of the fat cats on Wall Street who gorged them selves with huge bonuses.
The politicians determined, we need to prevent all bailouts, say hello to the “Financial Reform Act.” Fannie Mae and Freddie Mac generated $2 trillion dollars in “toxic loans” that were sold in bundles by the Wall Street fat cats. Incidentally, the CEO’s of Fannie and Freddie were provided a combined bonus amounting to $157 million essentially for creating the financial collapse. This reform bill never corrected Fannie or Freddie abuses or restored a legal separation between the investment bank and the commercial banks. The new reform bill still permits the investment banks to invest in high risk and derivative markets. Where are the firemen when we need them?
Healthcare reform has over two thousand pages of “change” with approximate costs that ranges from $950 billion to $1.4 trillion. One-half of a billion coming from Medicare reductions, part of those Medicare savings beginning in 2011… no Dialysis and Hospice for Medicare clients beginning in 2011. Additionally employers will have an IRS form for every expenditure over $600 ensuring they pay their fair share for healthcare. Considering most people did not want healthcare reform since we paid for it out of our checks. The pols have said Medicare was going broke but they found a way to remove $500 million of those funds.
Within six weeks of healthcare passing, Tim Geitner, Paul Volcker and Alan Greenspan, all chairs of the Federal Reserve System, collectively stated that with the current deficits and approved spending we must raise taxes or initiate a Value Added Tax. Boy, are we smarter than a fifth grader? Where were the “brilliant economists” while the healthcare initiative and costs were considered?
Our president recognized the need for deficit reduction and appointed a “bi-partisan commission.” Their objective was to study and advance recommendations that would reduce the deficit. I refer to my observations of the firemen and the fifth graders. I preface that statement by suggesting they will (1) recommend a tax most likely a VAT. (a VAT tax would include workplace benefits, uniforms, shoes, company vehicle use etc. (2) the report will be over 2,000 pages. (3) It will be released several weeks after the November elections? (4) Emphasis placed on the fact that is a bi-partisan effort, definitely satisfying the thoughtful masses.
Again, I refer to our examples of common sense: page one of the Deficit Reduction Bill, (1) Cut spending. Page two (2), Is their enough money in the checkbook to pay our bills this quarter? Page three (3) If our economy does not improve, the Congressional salaries of 175,000 will be cut 25 percent.
The three pages and cost savings should pass unanimously by the fifth grade class and signed off, as Deficit Reduction 101.
AL CROSSEN
North Wildwood