Category Archives: Economic Crisis

>President Obama’s Weekly Address 10/23/10 : Letting Wall Street Run Wild Again

>Pointing to the foreclosure crisis and the economy, the President cites passage of Wall Street Reform over the ferocious lobbying of Wall Street banks as a pivotal acheivement — and condemns Republicans in Congress for vowing to repeal it.

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Filed under Congressional Republicans, Economic Crisis, mortgage foreclosures, President Obama, Wall St. Reform, Wall Street, Wall Street reforms, weekly address

President Obama’s Weekly Address 7/24/10: Moving Forward on the Economy vs. Moving Backward

Following the signing of historic Wall Street Reform legislation, the President lays out his plans to strengthen the middle class, give tax breaks to small businesses that create jobs here, invest in homegrown, clean energy, and cut taxes for working families. The President also contrasts that plan with the agenda outlined by the Republican House Leader that would return America to the policies that created this economic crisis, drastically increase the deficit, and make permanent massive tax breaks for the very wealthiest Americans.

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Filed under clean energy, Economic Crisis, economy, Job creation, President Obama, Wall St. Reform, weekly address

Letter: Why Are Turf Fields Top Priority During Worst Economic Times Since The Great Depression?

Politics has overcome any sense of good government in Middletown Township.This is an egregious miscarriage of politics masquerading as government in this community.

When economic conditions are ignored and artificial turf fields are the major priority of the township committee members, there is something radically wrong with those elected and hired to administrate in this township. Most families are endeavoring to keep jobs,keep their homes, and trying to keep food on their tables and pay their bills. Their prime concern is not whether their kids have artificial turf fields to run on for sports activities.

There are many residents and citizens in this community that can connect the dots in this scenario. Remember the vicious political rhetoric of the 2008,2009 campaigns for township committee and the 2009 freeholder race and the individuals responsible for those vicious accusations against the democratic candidates in those races…( the alleged petitions for recall of the board of education member were never circulated or filed). These names connected to all that vicious rhetoric are the same names that trace connection to the turf field company favored for the current endeavor to construct two turf fields in Middletown during the worst economic circumstances since the Great Depression.

These questions demands answers……Is this proposal for turf fields somehow payment of a political debt for that vicious ranting that commanded so much attention in the fall of 2008 and again in 2009? Is common sense or reason absent when this township cannot pay it’s financial obligations without emergency resolutions,refuses to consider a finance committee and choses turf fields over jobs.

This all reeks of political motivation and ineptitude.Smell the coffee residents of Middletown….it’s your tax dollar at work. You pay these bills!

These are not the times for this kind of ignorance from those who claim to govern.This suggests incompetence when one examines the priorities of those chosen to serve in this community!!

Barbara R.Thorpe

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Filed under artificial turf fields, Economic Crisis, Middletown, the Great Depression, Turf project

President Obama’s Weekly Address: 9/18/09 Progress in the Global Economy

With the next G20 Summit approaching in Pittsburgh, the President goes over the progress in stemming a global economic crisis. He discusses the impact of the Recovery Act, and pledges that lobbyists for big Wall Street banks will not prevent real reform for the future, including a new Consumer Financial Protection Agency.

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Filed under Consumer Financial Protection Agency, Economic Crisis, G20 Summit, Pittsburgh, President Obama, weekly address

Byrnes Sends Open Letter To Corzine Asking For 3 Year Moratorium on COAH

Middletown Democratic Committeeman and candidate for Monmouth County Freeholder, Sean F. Byrnes, sent this open letter to Governor Jon Corzine recently asking him to consider placing a 3 year moratorium on COAH regulations while our state “wrestles with the financial crises that has cripples our economy”.
I think Byrnes’s request is a sensible one when considering the state of the economy and falling real estate values. I hope that the Governor will consider it:

Dear Governor Corzine,

I write to you as an elected official in the Township of Middletown. In compliance with the most recent guidance from the Council on Affordable Housing (COAH), we submitted our Affordable Housing Plan to COAH in December 2008. Although our Township Committee met its legal obligation, we did so with great reservation.

Middletown is an economically diverse Township whose history is free from any effort or intention to exclude or restrict the growth of a base of affordable housing. Nevertheless, because of the calculations that we must employ under COAH regulations, we must now expand our base of affordable housing. To meet the goals imposed by COAH, we must compel land owners and developers to add additional housing units that might not otherwise be constructed in the Township. We do so at a time when the marketability of these units, due to the current housing crisis, is open to question.

While I recognize that COAH was created in response to a legal mandate from the New Jersey Supreme Court, I write now to ask that you consider a three year moratorium on imposition of the most recent round of COAH regulations. As I know you are keenly aware, our country continues to wrestle with a financial crisis that has crippled our economy. I commend you for making hard choices this year to counter a $4.0 billion dollar loss of budgeted revenue, and I am asking for this additional step to assist local municipalities in their efforts to engage in thoughtful use of their land and to balance their budgets during these difficult times.

A moratorium would take the pressure off and allow all parties, including the Legislature, to assess the financial impact of this most recent round of legislation in the light of this recent financial downturn and to engage in this implementation process at a future time when this crisis will have abated and not loom so largely over our decision-making.

I am concerned that we are making very permanent decisions on the future of our housing stock and the use of our limited, undeveloped property at a time when the full impact of this financial crisis has yet to be fully measured and its long-term consequences assessed. I thank you for your consideration on this very important matter.

Very truly yours,
Committeeman Sean F. Byrnes
Township of Middletown

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Filed under COAH, Democratic Candidate, Economic Crisis, Gov. Jon Corzine, Middletown, Monmouth County, Monmouth County Freeholder Candidate, Moratorium, Sean F. Byrnes

Middletown Committee Sets Example

In our current economic crisis it is safe to say that everyone is suffering right now with tens of thousands of job losses and pay freezes nationwide. When times are tough, our elected representatives must make difficult decisions by taking the finances of our town seriously and helping those that need the most help. The taxpayer. What better way to lead in these trying times than by setting a good example and taking charge of what they were elected to do.

Therefore I would like to applaud the Middletown Township Committee for deciding to forgo their pay. They should go one step further by eliminating the stipend and health benefits of all Committee appointees, namely the sewer authority. A request should go out to ask the appointed professionals, like lawyers and engineers, to accept a reduction in the contracts that were negotiated in December. This is the example that should be set and is being suggested by Committeemen Patrick Short and Sean Byrnes,

There are some that report that Committeemen Short and Byrnes criticize insignificant savings, when in reality, they are looking to find significant savings in items that are not self-funded so that those that need the most help are not subject to the town helping themselves to your hard earned dollars. As homeowners and taxpayers, we deserve a Township Committee that is going to set the tone for a township budget. This is not what is happening and over 20% of this years budget has already been spent. Committeemen Short and Byrnes are the kind of positive and creative thinkers that are required to lead our town. They are putting the taxpayer first by looking for ways to allow the taxpayer to keep more of what they earn.

I applaud the work that Committeemen Short and Byrnes are doing to drive this budget process. Even the other Committee members recognize the effort and have adopted some of their Ideas. Hopefully, our town can come out of this process on a positive note.

Paul J Jansen

Middletown, NJ

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Filed under Economic Crisis, Middletown, Patrick Short, pay freeze, pay giveback, Sean F. Byrnes, tax payers

Obama Wants To Halve Budget Deficit By End Of First Term

In an article posted on Yahoo News,  President Obama will be working to cut the federal budget deficit in halve by the end of his first term.

How does he plan to do this? Mostly by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government, an administration official.
According to the article: 
 “Obama hopes to achieve his deficit-reduction goal by generating savings as he follows through on three core campaign promises over the next four years.

He has pledged to wind down the Iraq war by withdrawing most combat troops within 16 months of taking office. He also has said he would let the temporary Bush tax cuts expire in 2011 for people making more than $250,000 a year, effectively raising taxes on those people. And, he has vowed to scale back spending and improve government efficiency by eliminating programs that don’t work.”
To me, it seems like a lofty goal given the current economic climate. He may be relying to much on the hope that the economic climate will change sooner rather than later, which would tend to follow Obama’s  personnal outlook of being an optimist. The President tends to see a glass half full rather than half empty.
I certainly hope that he is right and I wish him well because if the budget deficit is not brought under control soon the Nation will be looking at annual budget deficits of over a trillion dollars annually for many years to come.

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Filed under Economic Crisis, federal budget deficit, Iraq War, President Obama, State of the Union Adress, Yahoo News