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Also disheartened and angry

Published November 13. 2010 09:00AM

Dear Editor:

After reading Donald Serfass's commentary on "The Fix", I was equally disheartened and angry. Let me count the ways:

First, $40 trillion to "buy down" 40 million jobs could not be financed by taxes, since the GDP of this country is less than $ 40 trillion, and even a confiscatory tax of 100 percent would leave you short. $40 trillion could not be financed by the Treasury, since even now countries such as China are balking at buying US notes. So., first off the US could not raise $ 40 trillion to enact thius hair-brained idea.

Secondly, even if you could finance the $40 trillion, the annual debt service would be trillions of dollars. Tax rates would have to be doubled to pay the interest. The US dollar would fall and immediately send the globe into a depression. The result would be a collapse of the American Economy.

Thirdly why are 40 million workers entitled to $one million a piece? Even after buying down their mortgage and buying a car, on average they'd net over $ 750,000. Imagine being a worker aged 49, or a older worker who had retired anytime close to the payout. Talk about class warfare!

Finally, I haven't even touched on the consequences of transfering $40 trillion to private industry to paydown employees and keeping track of 40 million auto purchases and mortgage paydowns. I guess this is what happens when people believe government is the answer. Now you understand why the Tea Party has become a force in America.

Edward Bielarski


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