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Open Letter to the President Barack Obama
Mr. PresidentToday, there are families who question the direction of the nation. There are fathers and mothers trying to figure out how to pay the bills, to put children through college, to just get by everyday when wages have been depressed by overwhelming unemployment. I know it is at 7.8%, but that doesn’t tell the whole story. Your economists understand what I am saying.We are a nation saddled with many bills and deficits that are not realistically ever going to be repaid. For example, the treasury receives around 2.3 trillion dollars in revenue every year, but spends nearly 5 trillion, or 5,000 billion dollars. There are concerns that to continue to operate the federal government, social security, medicare, medicaid, etc., the government is going to have to devalue the dollar. QE 1&2 didn’t do it. The Stimulus package went largely to government entities as grants and such. This is not a criticism, but it is a fact. That money did not filter down to small business.
I believe that at some point the government is going to have to crash the dollar to pay off some of the bonds already held in order to borrow more money to pay the bills. This is not radical, I think it is something you already know is necessary. I think you proved that by excercising Quantitative Easing 1& 2. It will be an accounting correction to you and the federal government, but it will destroy the lives of millions of Americans. I will cede that the damage was not done by you alone, far from it, but it will fall to you to make that fateful decision.
Truth, Lies and In Between 