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Letter to Congressman Vito .J .Fossilla

18 Jan 2017Economics Essays

Dear Congressman Vito J. Fossella,

I am congratulating you for your major achievements in representing the 13th Congressional District – Staten Island and Brooklyn – and the American people at large in the 110th US congress. You have successfully opposed plans to eliminate federal tax deductions for mortgage interest and state and local tax payers, defeated the Brooklyn Veterans Affairs Hospital recommendation of its closure, saving the Fort Hamilton military base from its closure by BRAC and helping secure $21 billion in rebuilding and securing lower Manhattan in the wake of 9/11 terrorist attacks. This is a show that you have effectively accomplished your legislation priorities which were on reduced taxes, improved national and social security.

However, there are many issues that need to be put forth as legislative proposals that will further contribute to the betterment of our country. The economic performance of our country is particularly vital. According to some recent polls, majority of us view the current economic crisis as a serious matter that broadly needs stimulation. Economic development is essential as it will bring forth improved social services, education, infrastructure and availability of quality jobs but recently a surprisingly high number of Americans have lost their jobs.

The collapse of major banks such as Wachovia Bank which is one of the biggest banks shows there is need for congressional Act. Dexia and Fortis banks had to be also rescued from bankruptcy. This economic crisis is even affecting the stock market. Dow Jones Industrial plunged an average record of 777.68 points in one of the worst drops in one day in the history of this country. More bail outs aimed at securing the economy need to be put in place. (Telegraph Media Group Ltd (2008).

In a report by the Worlds Economic Forum on latest Global Competitiveness Report on October 7, 2008, the US economy still remains the most competitive in the world. To hold this superiority, the congress needs to come up with unique measures. Some developing economies like Qatar, Saudi Arabia, China and India are posing a major threat with their rise as more preferred destination for global investors.

The government requires regulating the legal environment to attract these investors. The major worry slowing this countries economy is the public’s debt that the government owes. It may limit the fiscal policy in the near future. Just like Klaus Schwab, the executive chairman of the World Economy Forum said, it is more important than ever for countries including US, to put into place the fundamentals underpinning economic growth on development at this wake of uncertainty in the global economic environment. (Werdigier. J, 2008)

The issue of a weakening US dollar against the Euro and other currencies of emerging economies is scaring. Growth in this country has been projected to 1.9% in 2007-2008 which is below potential. Root causes like the housing market needs attention. (Hemispher. W, 2007). Arising issues affecting this countries economy like energy crisis should be focused.

Regulations should be made and long time solutions arrived at. Issues like foreign policy should be restricted from affecting the economy. In recent polls, majority of Americans want the next leadership to be in place to respond to the economic issue. They feel the vying leaders should prioritize this issue to win the November elections. (Chicago Tribune, 2008). UBS’s Magnus felt that this economic crisis will continue for months generating new problems until a new man occupies the white House (Telegraph Media Group Ltd, 2008)

You should put forth legislative proposals aimed at ensuring that the economic supremacy of US is maintained. Bail out that will offer financial security to global investors in our banks would be important. Other bails aimed at lifting security of the economy in times of crisis should be lifted. Insurance policies should be reached at for the compensation of the laid off worker in collapsing financial institutions. The government should impose measures on its public debts which is causing a major threat on our economy. It is unfortunate that the intervention through our public servants is badly needed for us to have any hope of returning to our once active economy. Please take a moment to review my proposal.

Thank you very sincerely for your consideration and support.

References

  • Telegraph Media Group Limited (2008) financial crisis in America. Retrieved on Thursday, October 09, 2008 from http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3136744/Financi al-crisis-America-and-Europe-attempt-to-stave-off-financial-meltdown.html
  • Werdigerier, J. (2008) International Herald Tribune. Economy remains the most competitive: Retrieved on Thursday, October 09, 2008 from http://www.iht.com/articles/2008/10/08/business/compete.php
  • Chicago Tribune. (2008) CT Conventional centre Hartford. Retrieved on Thursday, October 09, 2008 from http://www.courant.com/news/nationworld/hc- campaign1009.artoct09,0,1715750.story
  • Hemispher, W. (2007), International Monetary Fund Regional. Economic Outlook: International Monetary Fund.

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