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Gm 520 You Decide

In: Business and Management

Submitted By moo7180
Words 544
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Dear Mr. President, As the senior economist to the President of the United states, I’ve carefully reviewed the recommendations provided from my fellow colleagues and I’ve concluded that it’s my goal to get more people back to work and slow down the inflation rate. Kathy Lee believes that raising taxes and reducing government spending is the best solution, but I believe that this will result in tax avoidance and tax evasion; which will deepen the recession in the United States. Patricia Lopez recommends that the Feds should leave interest rates alone and too strongly sell bonds and raise the bank reserve requirement. Although this is an interesting idea, raising the reserve requirements forces banks to withhold a larger portion of their funds, therefore reducing the money supply. It will ultimately restrict the bankers’ ability to make more loans, and those banks that were already operating just barely above the old reserve requirement will be forced to re-work their existing loans to meet the new restrictions, which will lead to raising interest rates. Allison Tanney believes that you should focus on increasing government spending and lower taxes and have the Feds work on buying bonds, raising interest rates, and if only necessary, raising the reserve requirement. Unfortunately, I do not believe that raising the reserve requirement is a good recommendation due to the fact that this could cause the banks to lessen their loan capabilities due to less money being available to loan to consumers. Furthermore, this will lead to a more restrained money supply and as I see it this will result in higher rates for the consumers. Raymond Burke recommended that you should lower interest rates further to help businesses and to help consumers get back on their feet. I completely agree with this because when interest rates are low, people can obtain loans and mortgage a

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