OPINION:
On my bucket list are the following items: convince Congress to stop deficit spending; convince the president to veto unfunded legislation; and see evidence of a long-term amortization of debt.
Our federal government’s public debt reached $35 trillion on July 30, after 24 consecutive years of deficit spending. Yet the American dollar is accepted in world trade as the present “medium of exchange.” Washington leaders have no plan to pay back this debt over time as ww citizens do with our personal debt.
America has enormous debt — of the federal, state, corporate, small business and individual variety. Student loans guaranteed by our government exceed $1 trillion. Families and individuals struggle with accumulated debt. The spiraling combination of higher interest and trillion-dollar annual deficits (with huge unfunded liabilities) predicts future crises if not reversed. Debt is a liability on any entity’s balance
sheet, yet Congress creates debt as if it were an asset.
My great-grandson was born last Wednesday in Huntsville, Alabama. If Congress and the next president do not stop spending money that isn’t available to the Treasury, this innocent child will have been robbed of his future before he even reaches his first birthday.
Stop deficit spending. Pay as we go. And amortize the existing debt.
THERON FEW
Raleigh, North Carolina
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