Letter: How We Got Into This Mess
To the Editor:
I read with interest the article in the Oct. 26 Valley News about the appearance of Jim Rubens, a Republican candidate for the U.S. Senate, at Kendal at Hanover (“Rubens Stumps for Valley Votes.”) I did not attend but wish to comment on several issues covered in the article.
For the most part, Rubens seems no different from other Republicans in failing to recognize how we got in the mess we are in and in lacking a program to get out of it. Your article reported, for example, that Rubens spent “more time on fiscal matters such as the national debt — which he pins on (Sen. Jeanne) Shaheen — and the Dodd-Frank financial reform law.”
The implication is that Shaheen, the Democratic incumbent, is solely responsible for the national debt, which is ridiculous. Rubens fails to recognize that the whole reason for the debt is the flawed Republican policy of “spend and borrow,” embraced by the last three Republican presidents, starting with Ronald Reagan, who engaged in unfunded wars — the only presidents in American history to do so. Additionally, the failure of our government under George W. Bush to properly oversee the financial sector resulted in the most devastating recession in history.
Rubens’ fix is to reduce taxes for businesses. He, like all Republicans, fails to understand the very basic economic law of supply and demand. I spent my whole career with the General Electric Co. in a decision-making position, and we never invested a dime for any job creation unless there was a clear indication of demand. So far, the demand is not there, and any additional revenue from tax reductions to businesses will only result in increasing cash reserves, which are now at an all-time high. The lopsided ratio of cash reserves to earnings is one of the reasons for the stock market being at an all-time high in spite of a very weak economy.
The Republicans identify the issues and continue to say that we need to do something about them. I am still waiting to hear what that “something” is.