September 24, 2008 NOTE: PLEASE say if you DON'T want your name and/or email address published when sending VDARE email. 09/23/08 - A Reader Says “Reconquista” Is The Wrong Word A NJ Reader Says To Save America, Dispatch Edwin S. Rubenstein To DCFrom:
John H. Ciccolo, Jr. (e-mail
him)
Re: Pat Buchanan’s Column:
Crash of 2008---The Party’s Over
I must assume that
VDARE.COM will dispatch Ed to D.C. for the noble
purpose of briefing
Ben Bernanke and
Henry Paulson on a solution to the mortgage
meltdown.
If we use Rubenstein’s $346 billion cost estimate for
illegals per annum and multiply by
two, we have $692 billion of the “needed” $700
billion.
(Read Rubenstein’s analysis
here.)
Thus, the
federal government can
issue 2-year
notes, deport the aliens and in the meantime we can
scrounge around for $8 billion shortfall. Ciccolo is a former
economics professor and systems engineer. His letter
predicting
Ed
Rubenstein replies:
I'm flattered that our correspondent thinks my
analysis can help solve this horrible financial crisis. It can, of course, but
only as part of a much wider bailout plan. As noted, I
estimate that immigrants cost the federal government
about $346 billion annually. This is a gross
figure, reflecting the spending received by (legal and
illegal) immigrants, as well as the revenues lost as
natives who compete with low-wage foreign-born see their
incomes—and federal tax liabilities—fall. Immigrants do pay
taxes, however. I estimate that as much of half of the
gross loss—or about $173 billion—is recouped by their
taxes, leaving a like amount as a net drain on Treasury. Bottom line: instead
of 2-year bonds, Mr. Paulson should issue 4-year bonds,
financed by the economic gains from instituting sensible
immigration policies. Admittedly, four years
is a long time. But it’s not nearly as
long as the dysfunctional policies that have brought us
to this point have been in place. |
