Fiscally irresponsible
To the editor:
Consider these two financial scenarios. First, you owe a balance of $110,000 on your home mortgage that you can not possibly pay. Now, YOU have a serious problem! Second, envision you owing that same bank $11 billion that you can not possibly pay. Now, THE BANK has a serious problem! If you were to multiply the $11 billion debt times 1,000, you have just described the USA’s national debt. Three very deep holes. Unfortunately, these three scenarios are being played out on a continuing basis, daily. Three very serious problems facing our financial institutions. Our federal coffer has the most serious problem.
How did it happen? Indifference, incompetence, and apathy on the part of our elected leaders and 525 representatives in Congress.
The largest bulk of our national debt accumulated since Dec. 31, 1980. Prior to Ronald Reagan the debt was less than one trillion. Only $900 billion. When he left office eight years later it was over $3 trillion. Large tax cuts and increased military spending philosophy were the major factors. GW Bush done exactly the same thing only on a larger scale. From $5.5 trillion to $11 trillion in his eight- year term. This reckless and irresponsible spending must stop if we are to remain a free and independent republic. The time can not possibly be too far away when all of the world powers consider our national debt as a poor investment and a bad risk. When this happens, we will get “fiscal religion,” instantly! And painfully!
From $1 trillion at the end of 1980 to 2009 is 29 years or 10,592 days. Divide the $10 trillion increase by 10,592 days = $944,108,761 increase per day. Divide 24 hours per day into $944,108,761 = $39,337,865 increase per hour. There are 3,600 seconds in an hour. Finally, divide $39,337,865 by 3,600 seconds = $10,927 increase per second. Yes, just shy of $11,000 increase in the national debt each and every second for the last 29 years. (+$11,000 increase / second, 24/7/365) This is not only stupidity, it is idiotic!
It is time to stop using “Think Tank” advisors who are all funded by special interests. You may see them on c-span being consulted by Congressional committees on a regular basis. Let us use our “in house” financial advisors and stop using what I consider “out house” advisors, unless there truly is an unspoken, nefarious plan to bankrupt the entire system and bring into play major political unrest. This option is not entirely outside the realm of possibility.
Robert E. Workman
Cape Coral