Letter to the Editor: What Is the Future of America’s Economy?

| March 16, 2023

The following letter was submitted by Christine Adams.

The largest bank failure since 2008 happened this past weekend. There were 16 bank failures during the former presidency, regardless if he can remember any. In the Biden administration, this was the first and Signature bank was the second.

In 2018, under Trump, Congress weakened government regulation of the banking industry. The Silicone Valley Bank president was a leading advocate of weakening regulation of banking. What has that done to the future of America’s economy? Time will tell.

Once again showing quiet competence, President Biden, after consulting Janet Yellen, Fed chairman Jerome Powell, and FDIC Chairman Martin Gruenberg, announced the FDIC will protect the money of people who used SVB and Signature banks. They also clarified that none of the losses “will be borne by the taxpayer”. Our tax dollars are protected.

This banking event has caused a lot of news. Just exactly how much consternation and pain will the GOP’s plan to Default on our US debt cause? Not paying our bills in order to cut benefits to Americans and protecting and quite probably increasing tax breaks for the wealthy and huge corporations is probably on the GOP agenda. It’s what they do.

A budget is a moral document. Senator Casey actually said, “Hell Yes!” when I said that to him. President Biden has released his budget. Google what’s in this long list of measures to help us. The national debt has gone down by $1.7 Trillion so far, and his budget will cut it $3 Trillion more in the next ten years. It’s about helping Americans, with no one earning less than $400,000 paying higher taxes. 12 million jobs have been created and 800,000 of them are manufacturing jobs. Democrats care and they get stuff done to help you.

Facts matter.

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Category: Letter to the Editor, Local News, Opinion