Economy In Peril
To The Editor:

Our political leaders misled us about our economic situation. The facts are, our dollar is shrinking in value due to the vast government spending, including the following: foreign wars, foreign aid, supporting the U.N., supporting countless government programs (most of which are not Constitutionally mandated) and paying debt interest for the money the federal government borrows (mostly from Red China right now). The new federal budget for 2009 is $3.1 trillion. The Federal Reserve Bank (a private bank) is giving low-interest loans to banks, investment firms and mortgage corporations, further expanding the "money" supply. The government checks passed out this summer will cost a little less than $200 billion. The value of the dollar decreases tremendously with this increase of supply. Since the gold standard was removed, printing unlimited cash or fiat currency causes runaway inflation. Prices go up as dollar value goes down. Fixed incomes and savings lose value.

Since much of the manufacturing has gone to China (we only manufacture about 10 percent), technical jobs have gone to India or the Philippines. Good paying jobs have become less available. Economic downturns cause business closings due to less consumer spending. The open borders are bringing in cheap labor, which undercuts the earnings of lower-middleclass Americans.

We have inflation, job loss, low-paying jobs, tax increases and the destruction of the middle class. Our children are looking forward to a lower standard of living than their parents. People need to understand that our government needs to be decreased in volume. We need to keep our troops in the U.S. to guard our borders. We need money backed up by gold. Most of all, people need to stop expecting our leaders to make our decisions and we must take responsibility for our country. Write your Congressman and tell him to get with it!
Sincerely,
Vytautas Vileniskis
Fresh Meadows