Letter to the Editor – Paul Hamby

The housing industry is in a normal correction cycle because some mortgage banks loaned too much money to high risk borrowers who bought houses they could not afford.   So a natural correction is required to get back to normal.  A down turn is not bad news when it is the economy correcting itself from a FALSE upturn
Consumer spending levels have been based on a false level of buying on credit.  A slow down of consumer spending on credit cards is a good thing.
Nancy Pelosi and George Bush want to give out a $500 gift to Americans who don’t pay taxes to help the economy.  Their justification is that the poorest Americans will spend the $500 – while those of us who pay taxes might use it to pay off debt or put it in savings.    The folly of this is that the money will likely be spent on feel good toys at Wal- Mart, things like new TV’s or other consumer toys.  Most of those items are now made in China.  That will not help our economy.   Our federal government is broke. So, they will be borrowing this money and our children will have to pay it back.
To summarize, our government wants to give money they don’t have to people who don’t pay taxes to buy things they don’t need for a band-aid on the economy that won’t help and most of the money will end up in China.
This kind of feel good politics is a big part of the problem in Washington. Only Presidential Candidate Ron Paul has been talking about these kind of economic issues for the past year.  Ron Paul says we need serious reform in Washington.   When the government tinkers with our economy, the create more problems than they solve.  You can learn more at www.ronpaul2008.com/issues Ron Paul will vote against any such non sense band aid program.
Please write Senator Bond, Senator Macaskill,  Rep Sam Graves and President George Bush and tell them NO!  Don’t spend our children’s money on foolish programs that help nothing.
Paul Hamby, Maysville