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ECONOMY: Everyone will have to feel the hurt

Letter by Ernest J. LaChapelle, Fircrest on Jan. 2, 2013 at 11:59 am with No Comments »
January 2, 2013 1:32 pm

Re: “House averts cliff; spending cuts delayed” (TNT, 1-2).

Our representatives in the other Washington have managed to beat the clock again. However, it seems that this is just a repeat of the battle to raise the debt limit in 2011 and possibly going back further.

It has been known for at least 10 years that the U.S. is overspending and needs to lower spending to at least the revenue. This latest fix just seems to kick the can down the road to March or thereabouts. All the same problems will still be there, plus the debt limit will need to be raised again.

The American public needs to realize this is a time when any fix is going to hurt. A combination of spending cuts and tax hikes will be needed.

For too long, it has been thought that you can get something for nothing. All I have to say is that it looks like the time has arrived to pay up. The free ride is over, and it will hurt everyone – some more than others, but it will hurt.

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