Letter to the Editor: Fiscal insanity
When Congress adjourned on Dec. 9, the nation should have breathed a great sigh of relief. The old saw telling us 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 now tops $8 trillion; the current fiscal year will have a red ink total 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 cease excessive spending, cut back or cancel many government programs, and cease passing along huge indebtedness to future generations.
Meanwhile, I read in the financial journals that foreign holders of U.S. debt such as Communist China have been given 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 right here in the United States would result.
Fiscal sanity hasn't been practiced for decades. And the Bush administration along with a compliant Congress shows no signs whatsoever of restoring fiscal responsibility.