Letters to the Editor

The Republican economy stinks

"Thank you, sir; may I have another?" It's funny how some voters will stick with policies that slap them in the face. The Bush tax cuts created historic deficits, unprecedented dollar devaluation, soaring oil prices, resurgent inflation, diminished purchasing power, slowed production, layoffs, recession and a lower standard of living. They really aren't cuts so much as deferrals to future taxpayers, some yet unborn.

Then there's "open market" deregulation. Controls on oil trading that had worked for 70-plus years were relaxed eight years ago, opening the gates to middlemen who add no value to the supply chain but make big money by manipulating supplies and artificially driving up costs. Don't believe it? A dozen U.S. airline CEOs say it accounts for $30 to $60 per oil barrel. Why else would Morgan Stanley be the largest "owner" of heating oil supplies in New England?

Here in the nation's foreclosure capital, weak regulation allowed middlemen to manipulate the mortgage supply chain, which drove an artificial real estate boom, which collapsed into the largest pile of foreclosures in history.

I'm no great fan of either party. But we are definitely living in a Republican economy, and I find it amazing that many Americans still think GOP economics are good for them.

STUART M. JOHNSTON

Modesto

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