Letters to the Editor

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ECONOMY: No more fiscal hocus pocus

Letter by Richard Shepard, University Place on Nov. 12, 2012 at 2:14 pm | No Comments »
November 12, 2012 2:39 pm

It’s time for Congress to stop mortgaging our children’s future and face up to the fact that the U.S. is broke. Our current monetary system is collapsing.

Anybody who has been reading the news knows that our current “recovery” is being propped up by some foolish hocus pocus from the Federal Reserve, that a single random incident could bring down the Eurozone, and maybe America with it. China and Japan aren’t doing so well either.

Some of us are old enough to remember when gasoline was 29 cents a gallon, when a Saturday matinee was 35 cents, when a loaf of bread was 19 cents. In the interim inflation has hurt the poor, elderly and infirm more than taxes do because it has stolen their savings in the middle of the night, even while it is still sitting in the bank!

Make no mistake, the reason for the inflation is simple: The federal government has been spending too much money, and whenever it needs more it prints it. It’s so nice when our politicians promise a free lunch, a new highway or an extra police officer. But these things really aren’t free.

Inflation keeps rising, the national debt keeps rising, and sooner or later some future generation will have to pay the bill. Unfortunately and whether we like it or not, that time has come and that generation is us.

If major reforms are not implemented, things will only get worse. Congress needs to stop the spending hemorrhage and balance the budget now.

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