Letter: U.S. must curb spending
Vail CO, Colorado
Each of us should be concerned regarding the economic stimulus package that is now being considered. Not only because it may or may not do much good, but also because it will further increase the nation’s debt and thus require added interest payments for years to come ” most likely, forever. And that’s more of what we’ve been doing, and that’s part of the reason that we’re “in the soup”.
I’m convinced that our exportation of dollars is a major cause of our economic problems ” and we’re doing it two ways. First, when we don’t balance the budget, our government borrows money and much of that is from other countries (like Japan and China ); and from then on, a portion of our tax dollars go to those countries as interest payments. And since we never reduce our national debt (which is now $9 trillion) our tax dollars will continue to go overseas “forever”.
The second way that we export our dollars is by importing more goods than we export. This too is a serious drain on our economy. With our annual trade deficit now at $700 billion per year, too many of our dollars are being taken “out of circulation”. Instead of individual earnings remaining in our country so that other goods and services can be bought and sold, they are leaving our country and bringing the same benefits to others. For example, more and more of a wage earner’s paycheck goes to Saudi Arabia for oil instead of to the neighborhood pharmacist, who would then buy from the owner of the hardware store, who would then hire a carpenter, etc., etc. Our economy thrives on the circulation of money.
So what can we do? First, we should balance the federal budget ” period. Second, we should continue “free trade” but it should be balanced. In terms of dollars, we should import no more than we export. Incidentally, even if we balanced our international trade, we would still be creating many jobs in less developed countries because their hourly wages are so much less than our own.
Tax cuts and stimulus packages and free trade are fine but we really must make budget cuts and reduce imports in order to stop our dollars from leaving the country. I won’t pretend that it will be easy, but I do believe that it is vital.
Share your insight into problems and solutions with the community that meets in the pages of the Vail Daily, the best-read paper in Eagle County. Send your letter to firstname.lastname@example.org or through the mail to Editor, Vail Daily, P.O.Box 81, Vail, CO 81658. There is a 700-word limit on letters to the editor. By submitting a letter you are granting permission for the Daily to publish it on the paper’s Web site.
Support Local Journalism
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User