Wednesday, June 27, 2012 | 2 a.m.
In response to Wayne Grose’s letter to the editor, “Uncertainty not pinned to Obama”: He apparently wants the U.S. government to spend billions to employ public workers. I believe our fiscal disaster locally and nationally is due to outrageous pay and benefit compensation of public employees, some collecting more years than they worked. How can you guarantee pension for life? It should have been a 401(k) plan. Most state and city government budgets go to labor costs. We should operate with efficiency and be lean and not be another U.S. Postal Service.
To improve the economy and lower unemployment, you don’t just spend and create public jobs for jobs’ sake. Job creation should be in the private sector. Spending on infrastructure improvement is something that needs to be addressed, but it should be done for a reasonable price. As for the housing crisis, who in their right mind would lend without 20 percent down? Purchasing a home is like the stock market — you could gain or lose equity. Everything is a risk. Buying at those insane high prices in 2004-05, of course it was going to tumble and be underwater. If your stocks fall, no one bails you out. You just take a loss.