Letter: Government Needs To Rein In On Spending

Time to get the government out of choosing winners and losers by underwriting programs and projects with borrowed* money; programs and projects which cannot see a return under a 25 year window, if at all.  

Many of the currently funded programs / projects don’t even have the technology to support their proposed outcomes to attain an ‘idealized finish line’; a tax liability to taxpayers with no guarantee of a return on investment; investments which are better suited for private investors.

Financial accounting shows 2015 carried a national debt owed of $18.8 Trillion and Revenue of $3.3 Trillion. 2020 began with a debt owed of $17.2 Trillion with revenue at $4.7 Trillion. 2023-year end had a first ever I.O.U. of $35 Trillion dollar debt with Revenue of $4.4 Trillion.  

Our current government has covered the debt by ”printing paper” to keep it in circulation, and with secured loans from foreign governments to underwrite the circulation. *The cost to carry the current debt of $35 Trillion is to pay $1 Million every 100 days the interest charges paid on bonds sold to foreign countries, $300 billion sold to China 2021-23. (Which gives cause to consider our foreign relation policies.)  

Yet Democrats holding the majority continue funding future endeavors with more uncollected revenue and zero planning to budget for paying off the current debt. These practices will, just as a personal household without any remaining resources, end up in bankruptcy, causing a national and global calamity.

How that will affect us nationally would be unrecognizable to the extent that instead of inflation we would have deflation due to increased debt burdens, distorted economic decision-making, reduced consumption, increased unemployment, and put many more individuals into bankruptcy. These practices have shown the ugly side of the cost of living on inflationary earnings, which buy less but cost more due to higher interest rates, creating the vicious circle of government borrowing with no means to pay down.

Active and current government funded programs would cease when debt cannot be paid via tax revenues. Our elected still have avoided reconciling expiring funding for continuing Social Security by 2035 and Medicare in 2036 to establish reserve accounts for retirees. 

The depression of the 1930’s will be insignificant to what awaits us if the financial planning and spending isn’t resolved. Financial Security for our country is no less important than that of financial security by people who live and work to pay their bills in order to have food and housing. 

There needs to be a better return for taxpayers than to have their earnings spent on programs of no return, only to end up having their income devalued by increasing the debt with borrowed money backed by printing devalued dollars on more “paper”. 

Democrats have held the majority for eight of the previous 12 years, with the debt doubling in the current term. It’s time the elected in Washington reduce more spending and underwriting with borrowed loans. We cannot save others if we cannot save ourselves first. 

Sincerely,

Florence Alpert

Candor, N.Y.