Tuesday, May 13, 2008

Letter to the Editor

This morning I sent the following letter to the Editor of the Winston-Salem Journal.


Journal readers whine about government borrowing while the editor pushes more government programs. No matter how wasteful programs are funded, with taxes or debts, they are still wasteful. Current government borrowing is a good thing. It is smart for businesses to borrow at 6% to make 12%. Government borrowings cost about 3% and yield better than 12%. Should the government raise taxes to pay off debts, it would remove trillions of profitable assets from our economy, reduce GDP growth, reduce earnings, and, thus, reduce future tax receipts. Government programs currently throw away $23+ per megawatt in wind and solar energy subsidies. Thank God that we produce less than one percent of our electricity from these "something for nothing fantasies". Government programs force you and me to pay rich corn farmers 51 cents per gallon for poor ethanol fuel. Our government is forcing us to take food from the least of our brethren! Stop this immoral and wasteful spending and the deficit will take care of itself.

I was surprised by the Journal's prompt request for additional information.

I hope you will join me in speaking out about the tragedy of ethanol. It is very important that we stop this immoral act.