When you're rich

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Peninsula readers' letters: June 30
From Daily News Group readers Posted: 06/29/2011 05:28:57 PM PDT


When you're rich
Dear Editor: California Democrats on Tuesday closed the remainder of what had been a gaping budget deficit by relying on a combination of deep spending cuts, optimistic revenue projections and new fees that are sure to be challenged in court.
Cuts will be triggered during the middle of the year if tax revenue falls short of assumptions. This will include $100 million to the In-Home Supportive Services program, which already cut services 12 percent this year.
Nursing homes cost five times as much as In-Home Supportive Services per client. The number of skilled-nursing center beds has dwindled through the years as In-Home Supportive Services' success has grown at helping the elderly continue living independently.
When you're rich and lose money on a leveraged investment, you are a victim of the bad economy and deserve to be bailed out. When you're poor and lose money on a risky investment, you're a financially incompetent yahoo who chases get-rich-quick schemes.
Ted Rudow III, MA
Palo Alto