Voice of the People, Oct. 4, 2012 - pressofAtlanticCity.com: Voice Of The People

Voice of the People, Oct. 4, 2012 - pressofAtlanticCity.com: Voice Of The People

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Voice of the People, Oct. 4, 2012

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Posted: Thursday, October 4, 2012 12:01 am

Quantitative easing

simply hasn't worked

Regarding the Sept. 1 story, "Bernanke says Fed can do more for economy":

Two rounds of QE (quantitative easing) did nothing, but now Federal Reserve Chairman Ben Bernanke thinks that QE3 will do the job? This flawed policy won't reverse what ails the economy.

It doesn't reduce hiring costs. It doesn't contribute to liquidating bad investments or inspiring the development of solid new ones. And it doesn't encourage saving for future investments.

All it does is drain economic energy and hurt savers and retirees who require income to sustain their quality of life.

Constant bond purchases by the Fed are not going to get this economy back on track. After more than four years of these policies, shouldn't Bernanke know that it's not working?

Nothing is more dangerous than a Fed chairman with a bad theory of economics that he will push to the bitter end at the expense of the American consumers.

JAMES D'AMICO

Little Egg Harbor Township

Don't punish mission

for political maneuvering

Regarding the Sept. 25 letter, "Atlantic City can't afford to import the homeless":

The writer says he is withholding his financial support for the Atlantic City Rescue Mission until its problems are resolved.

You go, sir. Make homeless veterans, seniors, women and children pay for the politics at the mission. You'll show 'em.

It's bad enough that Gov. Chris Christie and casino officials pretend there are no homeless in Atlantic City. We trade our compassion to support gambling.

What would Jesus do? Are we a Christian nation or not? Revel has received so many perks and is still not doing well financially. How much taxpayer money was spent on Revel Boulevard and Revel Beach, let alone on its tax abatement?

I would rather my money go to the mission than to gambling, but I don't have a choice about how my tax dollars are spent. I wish I could withhold financial support from the state of New Jersey.

JODY VAUGHN

Beesleys Point

$600,000 theater grant

means U.S. can't be broke

Regarding the Sept. 17 story, "U.S. recognizes theater's value to Hammonton":

Somebody must be fibbing when they say that America is broke. Congress just gave Hammonton $600,000 for the Eagle Theatre.

Congrats to Rep. Frank LoBiondo, R-2nd, for finding this small piece of pork in these so-called hard economic times.

And I'm sure the voters of Hammonton will say thank you in their own special way.

MATTHEW BUTENHOFF

Ventnor

The rich and privileged

are the ones dodging taxes

Who was Mitt Romney - Mr. 1 percent himself - referring to as the 47 percent who don't "take personal responsibility and care for their lives?"

It must be people like him - and large corporations - he is talking about, because they spend millions to find ways to not pay taxes.

Most of the people who don't pay federal income taxes are workers who earn dismally low wages.

Students, military families, people with disabilities and the unemployed account for 17 percent of those who don't pay federal income taxes.

Students, of course, will pay taxes when they get out of school, and military families pay taxes before and after their enlistments. The unemployed paid plenty of federal income taxes before they lost their jobs, many due to outsourcing.

About 22 percent of those who don't pay federal income taxes are seniors, most of whom worked and paid taxes all their lives.

The poorest one fifth of American households pay 16 percent of their incomes in various federal, state and local taxes, while many of the super-rich, Romney among them, devise ever more devious ways of avoiding taxes entirely.

It is Romney who is not taking personal responsibility when he stashes money in offshore tax shelters. The majority of people, however, do take personal responsibility. If he can't see that now, he will understand on Election Day.

CAROLE MARKS

Barnegat Light

LoBiondo's record

earns him retirement

Rep. Frank LoBiondo, R-2nd, has received thousands of dollars in campaign contributions from lawyers and lobbyists, as well as finance, insurance, real estate and construction interests. During his 17-year tenure he voted for deregulation legislation that helped investors by transferring jobs to foreign countries. Without jobs, people defaulted on mortgages, which led to the financial crash of 2007. Because of trade laws passed on LoBiondo's watch, these jobs will not soon be recovered.

LoBiondo's congressional votes ignore geological facts and favor the fossil fuel industries. The world's oil wells will run dry regardless of advanced technology. If the United States does not adopt policies that include alternative and renewable energies, in about two generations the country will have to rapidly adopt such policies at much greater cost.

LoBiondo contributes to a roller-coaster economic system, which is bad economics. For his faithful service to his supporters, voters should allow LoBiondo to retire. Give Cassandra Shober, who is unencumbered by campaign debt, the opportunity to help break congressional gridlock and to vote for much-needed legislation.

CHARLES A. ANDRADE

Galloway Township

We are passing debt

on to our grandchildren

Fortunately, after working six or seven days a week throughout most of my adult life, I was able to retire six years ago. Having acquired a modest next egg and carrying no debts, I felt I would be able to enjoy a secure lifestyle and provide assistance to my children.

Sadly, low interest rates and falling values in the housing market have reduced the value of my assets faster than my frugal spending ever would.

Our president, during a recent stint on the David Letterman show, when asked about the $16 trillion national debt, smugly stated that paying it back could not be done in the short term. Translation: My children and grandchildren will be paying the debts.

ROBERT CAROCCIO

Ocean City

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