Consider facts before blaming GOP
To the editor:
Before we blame the Republicans for all of the country’s economic woes, I think we should consider a few facts:
1. The total net worth of the United States is approximately $45 trillion.
2. When Barack Obama took office, this nation had a national debt of approximately $6 trillion.
3. The current debt of the U.S. is now $17 trillion, and with congressional approval and the president's signature, this amount has now been raised yet again. Forty two cents out of every dollar currently collected by the feds goes for nothing more than to pay the interest on the national debt. Most of this loan interest money goes to China, Japan or Korea.
4. In order to suppress the debt limit, it is important that we do two things: Raise taxes and cut services. This means that entitlements (Social Security and Medicare and Medicaid) must be adjusted before it becomes too late to save our great nation from bankruptcy. A tax and spend policy is no longer a viable option.
To do the above will require some very painful decisions, but we must remember that for years the federal government has spent much more money than it has taken in by taxation. If we do not stop raising the debt limit, the result in a few more years will be financial disaster for us, our children, and our grandchildren.