OPINION:
Not mentioned in your article “Consumers blind to signals of improving economy” (Page 1, Thursday) is a major black cloud hanging over, or soon to hang over, many consumers. Who will pay for the trillions of dollars of federal spending and debt?
Anyone who believes that only the rich will pay is living in a fool’s paradise. When taxes are increased on the “rich” and on businesses, everyone feels the repercussions. They take the form of higher prices, fewer job-creating investments and less expansion in job-creating businesses and manufacturing.
In addition, there will be a reduction in contributions to charity, thereby increasing the burden on federal, state and local government programs. There will be a reduction in consumer spending by those who are able to increase their savings in anticipation of a lowered standard of living. In the end, the cost of paying for the programs will fall disproportionately on the backs of retirees and the poor.
CLIFFORD J. PEABODY
Alexandria
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