When Congress adjourned Dec. 9, the nation should have breathed a sigh of relief. The old saying that “no man’s property is safe while the legislature is in session” comes to mind whenever the government officials decide to take a break.
One of the last moves of our leaders involved continuing some tax cuts. But spending also needs to be cut! The accumulated national debt tops $8 trillion, this fiscal year will have a deficit close to $300 billion, the dollar’s value is sinking badly versus the Euro and other currencies, and our nation’s trade deficit continues to soar.
Every economic indicator practically screams that the nation should end excessive spending, cut back or cancel many government programs and cease passing along huge indebtedness to future generations.
Meanwhile, foreign holders of U.S. debt, such as the Chinese communists, have the power to dictate U.S. policy. Should China and these other countries decide to sell their U.S. bonds, a worldwide depression felt most intensely in the United States would result. Fiscal sanity has not been practiced for decades. And the Bush administration, along with a compliant Congress, shows no signs whatsoever of restoring fiscal responsibility.
Eunice Friederich, Lodi