We Should Spend: Economy Needs a Shove
I was appalled to read on Sept. 20 that the president and the Congress are considering huge tax cuts. I must be missing something in the logic of such a move. We have already been subjected to a ridiculously large tax cut, which had no positive impact on our economy. Now we have to bear the enormous costs ahead of us, and we want to cut taxes! There has even been talk of a cut in the capital gains tax. Like the recent tax cut, this would benefit the wealthier among us.
Besides the costs of recovery and the war ahead, we still have homeless children in our cities, families without health insurance and seniors unable to purchase needed medications. A logical solution would be to rescind the Bush tax cut. This would give the government $1.3 trillion to deal with the present crisis and to provide for the needs of our less-fortunate citizens. Increased government spending, not tax cuts, would create jobs and help our economy.
Margery Gould
Los Angeles
*
In the aftermath of Sept. 11, the Federal Emergency Management Agency may need to spend billions. The airlines, some struggling to stay out of bankruptcy, announce massive layoffs and beseech the government for a bailout. The cost to World Trade Center businesses alone is characterized as staggering. The U.S. economy, still weakened from last year’s tech fallout, teeters toward recession with the possibility of global destabilization. Thank goodness we still have an enormous budget surplus to . . . oh, sorry, I forgot. It’s gone. Lead on, President Bush.
Robin Weitz
Los Angeles
*
The profit-takers who are taking unfair advantage of a crisis stock market are harming the American economy beyond even Osama bin Laden’s dreams. And every person who is not purchasing that new car, who is not taking that vacation, not making large purchases, is directly putting other Americans out of work. Bin Laden must be delighted. His attack has inspired or terrified the U.S. into destroying itself.
Marnie M. Thomas
San Pedro
*
A modest proposal: On Oct. 1, every American with a positive yearly income spends 0.001 of it on American products and/or services that she or he would not have otherwise purchased. The economy desperately needs a gentle shove and this would do it. And it would be fun. We’d all laugh at ourselves a little bit as we patriotically headed off for the mall, but American industry would benefit enormously, and the rippling, trickling effects of our splurge would do a lot to offset those “cautious” folks selling shares on Wall Street.
Sal Litvak
Culver City
