Letters to the Editor

Your views in 250 words or less

Tag: debt limit

Oct.
21st

DEBT: Raising the limit is now just routine?

Under the Bush administration, why was raising the debt limit irresponsible and unpatriotic (Barack Obama’s words), yet under the Obama administration it should just be considered routine (again Obama’s own words)?

Routine? Therein lies the problem. Obama refers to tea party supporters as being radical and on the fringe. Since when is advocating fiscal responsibility and self-reliance considered radical and being on the fringe?

July
29th

DEBT: No full faith and credit for workers

Re: “Debt-limit friction bad for future” (TNT, 7-29).

James Rosen’s article on “two kinds of debt” reveals the scam around the debt ceiling and “entitlement” crisis.

The hedge fund manager’s U.S. treasury bonds are backed by the “full faith and credit” of the U.S. Treasury because he is an “outsider.” A minimum wage worker ‘s Social Security payment borrowed by the government creates no obligation to pay it back since it is not a “real debt”; she is one of us. The full faith and credit of the U.S. government does not back money borrowed from American workers.

Suppose

Read more »

July
18th

SOCIAL SECURITY: Debt no reason to stop checks

Re: Debt limit negotiations

The June 2011 Monthly Treasury Report is now available and shows that Social Security receipts are still greater than outlays. In June there was a $52 billion excess, and for the fiscal year (nine months) there was a $99 billion excess.

So there is no logical reason why Social Security checks should stop, in fact there is still a surplus that will be borrowed and used to keep some other area operating.
Of course, the Treasury would have to be careful to not spend the Social Security receipts coming in for some other purpose before

Read more »

July
15th

DEBT: Moderates need to be heard

The fate of this country’s credibility on paying its debts currently rests with a vociferous minority. It’s time that the pragmatists on both sides of the debate are heard.

Realistically, there is no practical and no politically acceptable way to reduce the deficit but to address it from both ends: Cut expenditure and raise revenue/taxes.

There are three key messages:

• Raising the debt ceiling has to be done in a timely manner; the risks are far too serious to contemplate otherwise.

• The nation has overspent in recent years, particularly on two unfunded wars. We owe it to the

Read more »

July
11th

DEBT LIMIT: Congress playing a dangerous game

How is it that as our country speeds down the road to ruin, our leaders in Congress are using the impending disaster for political point-scoring?

Greece has been in chaos as the country flirts with default on its $413.6 billion deficit. Austerity measures including $20 billion of cuts and a similar amount of tax increases have the masses rioting in the streets. And the rest of Europe is poised to bail them out to avoid further economic disaster.

Here in the United States, we are less than a month away from defaulting on our debts, totaling more than $14 trillion.

Read more »

July
8th

DEBT: Republicans trying to wreck the economy

It is a strange time. Having succeeded in shutting down the state of Minnesota, the Republicans are threatening to do it to the whole country. And they are rejecting all attempts at compromise. They want what they want, period.

In Wisconsin, Ohio, Florida, Texas and other states under tea party control, there are no job bills, just cuts in corporate tax rates; cuts in social services; and attacks on public unions, teachers, public education and women’s reproductive rights. Although taxes on the wealthiest of Americans are at record low levels, any attempts to raise them are considered anathema.

We are

Read more »

June
9th

DEBT: Don’t kick the fiscal can down the road

Members of the Tea Party movement need to be prepared for some serious disappointment. News reports have emerged indicating that “dollar for dollar” cuts to spending promised as part of a grand bargain to increase the debt ceiling may be pro-rated over 10, 20 or even 25 years. It is easy for politicians to promise future cuts to spending when many of these politicians cutting the deal will be long gone from Washington, D.C.

Vice President Joe Biden is leading “bipartisan” negotiations on a comprehensive deal to increase the debt limit. These negotiations include four other Democrats and two Republicans.

Read more »