NRSC - Foster's Daily Democrat Editorial - It's up to the voters to instill confidence

NOTE: The current leadership in Washington — and its lockstep followers like U.S. Reps. Carol Shea-Porter and Paul Hodes — argue they underestimated the depth of the recession. If they did, in fact, underestimate it, they should be held accountable for that mistake, in addition to mishandling the economy once they realized how deep the problem actually was. These two mistakes alone mean voters need to rip control of Congress from the Democrats come November and create some sense of balance and sanity for the legislative agenda.

http://www.fosters.com/apps/pbcs.dll/article?AID=/20100813/GJOPINION_01/708139972/-1/FOSNEWS

It's up to the voters to instill confidence

Foster’s Daily Democrat

Editorial

Friday, August 13, 2010

The economic news was not good this past week.

Predictions started to surface that a double-dip recession was becoming more likely and that unemployment nationwide may head toward 10 percent again.

Among the week's worries was also a move by the Federal Reserve to help nudge long-term interest rates down to spur economic growth, at least according to news reports.

To quote The Associated Press, "the Fed said it will use the proceeds from its investments in mortgage bonds to buy government debt on a small scale."

The news did not excite economists and had at least one Congressional candidate speculating that it was a sign of more serious economic troubles ahead.

Bob Bestani, who is seeking the GOP primary nod for the U.S. House of Representatives, expressed concern during an editorial board on Wednesday that the Fed's action may indicate U.S. debt was becoming harder to sell — especially to the Chinese.

Bestani noted that China has been buying shorter and shorter term U.S. bonds — from five-year notes down to months.

While that may sound like good news to those fearful of China's wholesale purchase of the United States, it underscores the insolvency this country is headed for unless something changes in November.

The news also contributed to the roller-coaster ride that stocks have been on since earlier this year — one that would make the wooden roller-coaster at Canobie Lake Park look like a kiddie ride.

It would be unrealistic to expect the financial markets to firm up until voters make some decisions in November.

Costly cap and trade, the more apparent high costs of ObamaCare and efforts to give unions a stranglehold on private businesses have created great financial uncertainty for the business community.

The result has been little to no hiring in the private sector and a hoarding of operating cash by those companies which have been able to make some profit during the recession.

What business owners are telling candidates on the trail is to settle this uncertainty.

For voters that means electing candidates who will stifle concerns over the rising costs of doing business and more overregulation.

To some that may sound like giving the business community carte blanche to do what it wants.

In fact, it is giving the business community the confidence it needs to create jobs and drive down a horrendous unemployment rate — the one President Obama and the Democratically controlled House and Senate said would stop at 8.5 percent.

The current leadership in Washington — and its lockstep followers like U.S. Reps. Carol Shea-Porter and Paul Hodes — argue they underestimated the depth of the recession.

If they did, in fact, underestimate it, they should be held accountable for that mistake, in addition to mishandling the economy once they realized how deep the problem actually was.

These two mistakes alone mean voters need to rip control of Congress from the Democrats come November and create some sense of balance and sanity for the legislative agenda.

***

Speaking of sanity, why should Congress and the president send $26 billion of your tax dollars back to you to keep public workers in their jobs?

First, the money shouldn't have been taken from local taxpayers in the first place.

Second, it's not the federal government's responsibility to manage state finances. That means it is not the federal government's job to make up for budgeting sins committed by those states who will get a chunk of the $26 billion.

Bailing states out in such a fashion only enables them, much as a drug dealer keeps his clients hooked on crack.