There are at least two problems with this letter. First, President Obama
doesn't "allow" the Fed to do anything. Actually, the Federal
Reserve is independent within government in that "its monetary policy
decisions do not have to be approved by the President or anyone else in the
executive or legislative branches of government." The President appoints the
Fed chairman. After that, he has little control over the day-to-day details.Second, "Mitt Romney is trying to empower the lower and middle
classes with jobs. There is nothing 'trickle down' about that."
Well, actually, this is exactly what trickle-down economics is all about. The
wealthy supposedly get tax breaks and other economic advantages and then pass on
a little bit of this advantage by creating jobs and paying people a nominal
wage. Hence, the term "trickle."But the working classes will
never gain ground on their owners until the wealthy pass on more wealth PER
CAPITA than they retain. This never has happened and never will happen. The
corporate system itself is, by definition, a trickle-down economic system that
always increases inequality. So, this letter is just more partisan nonsense.
Trickle down economics is not an option and is no longer a part in our economy.
With $18 trillion dollars of spending he still doesn't have a clue. Trickle
down economics only works in an industrialized economy where US manufacturing
and industry jobs. It is the industries in the country that creates jobs, not
this foreign aid economics the president believes in. All government spending
has created a trickle out, not a trickle down economy.For trickles
down economics to work, all federal funds and spending must remain in this
country in our factories and business who create jobs in the USA. A dollar spent
on the american economy grows 7 fold, a dollar spent in China is a zero(0)
benefit.Utah has wasted $50 billions dollars on road and rail
project over the last 15 years and the only share of tat went to a few hundred
jobs to contractors hired to import and use foreign goods and products and
illegal labor. A $50 billion dollar pocket book this state should want for
nothing and welfare and poverty should not even exist. But all these funds went
to China, Mexico, Europe, and fake industries.