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Letter: Trickle-down economics is Obama's card

Published: Tuesday, Oct. 23 2012 12:00 a.m. MDT

President Obama said that Mitt Romney's plan is "trickle-down economics." It is actually President Obama who is implementing trickle-down economics by allowing Federal Chairman Ben Bernanke to create money out of thin air. The money created by the Federal Reserve goes first to the big bankers. The average person never sees its effects except, perhaps, in the form of higher prices. Much of that money is loaned back to the government by the banking industry, requiring the taxpayers to pay interest to the banks at the taxpayer's expense. What a sweet deal for the bankers!

Meanwhile, because the dollar becomes devalued through dilution the big insurance companies are able to pay off life insurance policies with cheaper, watered-down dollars, making it a sweet deal for them too. If Obama really wanted to help those in the middle and lower classes he would work seriously to control government spending and cut taxes. He would try to simplify regulations for small businesses too. He would also stop the Federal Reserve from diluting the value of our currency — which hits the lower and middle classes harder.

The wealthy can invest in stocks and commodities to hedge against inflation of the money supply. It is the middle and lower classes who are usually unable to afford to do so. Mitt Romney is trying to empower the lower and middle classes with jobs. There is nothing "trickle down" about that.

Reid Swenson

Salt Lake City

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