Page 10 THE VILLADOM TIMES
Area
II • September 1, 2010
Senator Menendez addresses local Sunset Rotary Club
Senator Robert Menendez (D-NJ) recently addressed the members of the Sunset Rotary Club of Glen Rock, Paramus, and Ridgewood. Senator Menendez gave the large audience a firsthand description of the near catastrophic economic conditions that occurred in 2008, when the Finance Committee met with Ben Bernanke of the Federal Reserve plus finance experts and economists of all ideological persuasions. Senator Menendez recalled that the most conservative person in the room suggested that at least $1.2 trillion dollars of stimulus was needed to avoid a complete meltdown, but in the end, only about half that amount was agreed upon. When President Obama took office, jobs were being lost at the rate of 750,000 a month. Menendez also spoke of the Health Care Reform bill, emphasizing that the key concern was cost containment and the elimination of some of the more egregious policies of the health insurers, such as denying coverage for pre-existing conditions and many types of medical conditions such as autism. Double digit increases in health care costs and insurance premiums were a serious threat to the economy going forward. Another area of major concern, according to Menendez, is the nation’s reliance on imported oil. He stressed the importance of energy diversity and the development of home-based alternative energy sources. The senator gave generously of his time to allow members to pose questions, some of which were critical of the current administration’s policies. Senator Menendez agreed that not all of the administration’s new programs were producing the desired results yet, but cautioned questioners to recall the critical situation that the new administration found itself in when it took over in January 2009. While the unemployment situation was still grim, new jobs were being
Irwin Kramer, Tom Shea, Senator Robert Menendez, and past president of Rotary District 7490 Raj Bhatia.
created and the situation in the first and second quarters of 2010 is greatly improved compared to the same periods in 2009. Club President Tom Shea, past District Governor Raj
Bhatia, all Rotarians present, and their spouses and friends were honored that Senator Menendez took the time from his busy schedule to address the club.
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