I highly commend Lowell Grant for his recent letter to the editor, regarding our President elect and the troubles we all face. His assessment of previous regimes is factual. The trickle down economic theory has been a failure thrice. At the end of Hoovers term, the stock market crashed, and led to the Great Depression.
After the Reagan and Bush Senior Reaganomics, our debt soared from 1 trillion to 5 trillion. At the end of the current Bush terms, our debt is now 11 trillion.
The scariest recent data is that in 2001, China held 61.5 billion in United States debt. Today, its up to 541 billion. Russia is up from 10 billion to 74.4 billion.
We obviously owe these countries big time for supporting our failed government and economic policies. The one and only reason I mentioned the above failures and our debt, is the hope that no future President and Congress will ever repeat those major blunders.
I now turn my focus to our future. Lowell is speaking as a true American at this most critical time. Our new President cannot work miracles. He and his cabinet will require the goodwill and support of every citizen, irregardless of party affiliation. Its time to set aside our greedy, selfish, and biased political opinions.
We need to form a USA team to combat the economic hell facing everyone of us. Has our financial disaster bottomed out? I frankly feal it will worsen before it turns the corner. How long is anyone”s guess. God bless our new President, and once again, thank you Lowell Grant for one of the finest letters ever.
John Ornellas
Lakeport
