Daily Rant - Economy!

	Name: Charles From: New Jersey Profession: Investment Banker

Dear ConvinceYourMom.com, "Over the past 25 years I have worked in the banking and money management industries and consider myself a fiscal conservative. I therefore believe that the promotion of sound fiscal and monetary policies by our government are at the core of a strong economy. My research shows that, contrary to conventional wisdom, Democratic administrations have outperformed the Republicans over the last half century when measured by the facts that matter, namely employment, economic growth and stock market performance. According to data from the Bureau of Labor Statistics and as reported in the New York Times following the release of employment statistics on August 6, the records of the last nine presidents reveal that, with the exception of one term for President Reagan, every Democratic president produced greater job creation over their four year terms than Republican presidents. This means that more Americans had the opportunity to find jobs and be productive members of society during Democratic administrations than Republican ones, generating greater economic growth and hence wealth for our society to pursue other goals whatever they may be. These conclusions are supported by analysis GDP growth and stock market performance during each presidential term as illustrated below: In other words, Democratic administrations generally produced superior GDP growth and stronger stock market performance than Republican administrations, again something one would not have expected. The consequences of poor stock market performance, slow growth and low employment are low tax levels that in turn inhibit a government’s capability to provide services for its citizens. These are facts and one does not need to be an economist to understand this relationship, yet the Republicans cling to the myth that we will be better off with the trickle down affect of tax cuts. These tax cuts largely benefit corporations and the more wealthy amongst us who do not feel the pain of inadequate job growth. On the contrary, tax cuts and low employment have been one of the one of the primary reasons for the current ballooning budget deficits that will leave us unable to provide for society as a whole for years to come. These are all facts and should not be obscured by Liberal or Conservative labels. The war in Iraq, terror, religion, abortion and gay marriage, to name just a few current issues, do and should, ignite passionate opinions in our society. However, they serve to shift the debate from the economy and without a strong economy or the capability to work, we may never be able to afford to pursue these issues. This is why it is so difficult to understand why people who claim to be fiscally or economically “conservative” support economic policies of a political party whose administrations have in the past under-performed on the economy by all the measures that matter. Their economic and tax policies may benefit a select few upper income individuals like myself in the short term, but if we fail to provide for the security and social aspirations of our less fortunate citizens, we will all suffer in the long run. Signed, Charles M.