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Editorial on national debt was deceptive

August 13, 2012
The Leader Herald

The editorial Aug. 3 was both misleading and deceptive. The editorial attributes the entire $16 trillion national debt to the current administration when in fact the seeds of this debt and its accumulation were hatched under a Republican president and a Republican Congress. The difference between the Bush administration's $10 trillion debt as compared to the current $15-plus trillion debt is Obama put the cost of the two wars on the books where they should have been all along. That cost is approaching $4 trillion and is still growing after 10 years. Add to that the bank bailouts, $800 billion, also on the Bush watch, and you have close to $15 trillion. Obama is responsible for about $1 trillion for the stimulus package, which was enacted to stop the hemorrhaging of jobs (700,000 a month on the day he took office). Whether people want to admit it or not, it worked. The economy has been adding jobs every month, including adding 151,000 jobs last month.

Bush and the Republican-controlled Congress cut taxes while going to war for the first time in American history. They enacted the biggest entitlement in a generation, Medicare part D. We didn't hear any crying about socialism when that happened.

Between 2007 and 2009, $7.7 trillion went out the Federal Reserve window at near zero interest to shore up the biggest banks and corporations in the country. A worldwide financial meltdown was averted because the government was big enough to step in and do something. In the U.S., we have two social safety nets: one for the people at the bottom and one for the people at the top. Those of us in the middle pay the biggest share of our income in taxes and are on our own. What we need to do is revise the tax code so we can start taxing the trillions in American wealth sitting in tax shelters in offshore accounts. The national debt would be gone in a year. Do you really think Romney is the guy who's going to do that? He's one of the holders. He made his money strip mining American companies and selling off their assets. Assets that, in some cases, took generations to build. That's what corporate raiders do. If the local paper is going to editorialize about complex issues like the national debt, it should at least get the facts right. Otherwise, stick to issues like shopping carts and feral cats.

FRANK DeSANTIS

Gloversville

 
 

 

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