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| Steel companies important to our prosperity
NOTE: The following is the text of a letter originally written March 24, 2001, to President George W. Bush by James P. Hood.
It should be noted that last year the Wheeling-Pittsburgh Steel Company filed a bankruptcy claiming that the competition from low-cost imports was the cause. And this happened during a time of economic prosperity in our nation.
Now, imports are necessary to some extent, but not to the point of depriving some of our citizens a living in our nation's steel industry.
United States steel companies are an important source of our nation's prosperity.
On March 15, 2001, Governor Robert Wise signed a bill for West Virginia that required all state-funded projects to use only U.S.-made steel.
Would it be possible for other states to do the same thing?
The numbers just don't add up
We will get a tax cut because we will have a surplus, I've heard. But it is mathematically impossible.
Just add the numbers -- five years of statistics: $6 trillion national deficit, $3 trillion credit debts, $1.3 trillion in uncollected income taxes (it cost $1 to collect $1 of income tax), $1.8 trillion uncollected taxes from the rich, $3.2 trillion stock market losses, $4 trillion hidden in offshore banks, $1.1 trillion crime processing cost, and $2.2 trillion fleecing of America (by electric and oil companies).
The tax cut will become just another debt. The total debt is $10 trillion and is rising $7,500 per second. Our economy is $10 trillion strong, but we have $10 trillion debt. We are owing $1.7 trillion in capital gain taxes, which will wipe out the tax cut anyway.
It is a classical "Catch 22." We have reached the "Zero Factor," so the recession cannot be prevented. The unemployment indicators are 500 percent higher than before the 1929 Great Depression.
I'm challenging anyone to show me "where the surplus is supposed to come from."
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