GOP stimulus mess

To the Editor:

President Obama’s stimulus bill provides tax breaks, under $1,000, for 95 percent of the working class. Whereas Republicans, notably since President Bush, have given major tax deductions to the wealthiest 5 percent and pursue tax cuts for this elite class. Reaganite tax cuts to the wealthy lowered investment. Taxes increased spending.

The Democrat-pursued stimulus bill stimulates our economy, restoring 50 years of social gains destroyed by Reaganites. It restores food stamps, education, infrastructure, and rescues some unemployed.

Conservatives pushed Bush’s stimulus bill, demanding billions to monopolistic banking, insurance, investment, Goldman Sachs, Citigroup. No restrictions, so bankers could hoard, not loan, no questions on use of $700 billion. Citigroup lobbied earlier for deregulation of banking, leading to schemes of subprime mortgages.

The auto industry got minimal billions, though more spending through worker wages stimulates the economy. The $24 hourly wage equated with non-union Toyota wages. CEOs get million-dollar bonuses; car workers got wage cuts. Bankers, suppliers, dealers, equal 90 percent of car costs, who since the bailout have not increased car credit.

Bernice Russell

Crystal Lake