Fisher compares Goldsack to CEOs of failing companies

To the Editor:

The financial collapse of AIG, and other major industrial companies, is the result of placing short-term popular fiscal goals over more stable long term objectives. The culture of getting the highest profit in the shortest period of time eroded the very foundations on which sound financial footings must rest. Instead of building reserves for the long-term and controlling costs in the short-term these "titans of industry" did just the opposite. They engaged in the unsound practices of having just minimal reserve funding, large scale debt and salary compensation contracts that were not tied to performance or merit. Of course these company Directors were wildly popular with their followers as they lavished them with moneys even as the enterprise began to become unstable. Like any great structure the erosion of the foundation will eventually topple the walls and the roof into a pile of rubble. The collapse of AIG , et al, was quick and sudden. Those who had raised the alarm and signaled the Captain to reverse course were scoffed and ridiculed.

The foundation of all financial footings rests with having, at all times, adequate and significant capital and reserves. This is the lesson we who are citizens of the Delaware Valley School District have learned and must abide by. However, the current Captain of our great community asset the Delaware Valley School District, Bob Goldsack, is steering the ship directly into an iceberg. His decision to significantly increase overall spending last year and again next year and again reduce reserve funding, while at the same time not increasing revenues to the school district are the type of unbalanced actions that left unchecked will lead to collapse. His decision to increase compensation contracts that are not tied to performance or merit was unsound. The taxpayer citizens must remove him from the helm at the May 19 primary election.

This will not be easy as I know Mr. Goldsack is feverishly popular with his TU adherents as he lavished on them the cherished idol of a zero tax increase. Now they want even more! His propaganda material now arriving in the mail is eerily reminiscent of self-promoting statements of fiscal greatness made by CEO’s at America’s largest corporations just last summer. Basically they are the pabulum most politicians have been spewing for years. The idea that spending can go up, up, up and tax revenues can be zero or reduced. It is an illusion. A fiscal dream nightmare created by the Captain who smiles wide eyed in the fog telling all how easily he can steer the ship.

Mr. Silverstone as the Chair of the DV Finance Committee needs to restore reserve funding cut in last years budget. The Chair needs to control spending and make realistic revenue projections. Mainly Mr. Silverstone needs to publicly speak out against his running mate Bob Goldsack and return to the course of fiscal responsibility and balance.

Best regards,

JACK FISHER
Candidate for Delaware Valley School Board