This letter is for all of the economic morons who re-elected Barack Obama president. You deserve every bad financial catastrophe, and other catastrophes, he inflicts on the country.
The rest of us do not. He will ruin this country with his overspending economic policies. He has added more than $4 trillion dollars to the national debt and will add considerably more.
For those of you who cannot comprehend a trillion, it is a 1 with 12 zeros after it.
How large a number is that actually? A trillion seconds equals 31,688.7646 years. If you don't believe that do the math or check it on the Internet. This man engaged you in class warfare and you, unfortunately, listened.
According to the Forbes magazine 25th anniversary issue on billionaires, if one took all the assets of all the billionaires in the country, you could pay approximately 10 percent of the national debt.
That would mean taking absolutely everything they own down to the clothes on their backs. Or it would pay for slightly more than one and one half years of his deficit spending.
As Paul Ryan said in his debate, "There aren't enough rich people" to tax our way out of debt.
Spending has to decrease, not increase. Even if spending is actually reduced, the debt will increase because of interest payments.
How will the economy benefit when the new taxes enumerated in the Cal Thomas column of Nov. 9 on this very page take effect after the first of the year.
When taxes pull money out of the economy, it cannot be invested to create jobs and/or more capital. And don't tell me, as I've heard some economic morons espouse, that hiring more police, fire and teaching personnel is creating jobs. That is putting people to work, but it is not "creating" a job [such jobs are paid for with tax money, which when removed from the economy cannot be invested].
A job is self-sustaining because it creates a product or service that can be sold for more than the total cost of production including all wages paid to the holder of the job. If one does not comprehend that. one is totally ignorant of how a real economy works.
When he has ruined us to the degree that the idea of exiling him when leaves office is widely considered we will not accept your apologies.
If you are inclined to condemn me, don't. Save a copy of this for a year or two and then argue with me.
Timothy K. Toroian, Altoona
