Spending discipline needed to end debt | Letter to the Editor
July 10, 2012 · 11:01 AM
Re: Federeal spending: We’re robbing our grandchildren. Here are a few facts on the enormity of our debt:
We see on the news what has happened in Greece and other European countries. There are 27 countries in the European Union. Their total debt is about $13.7 trillion. United States’s debt alone is about $16.6 trillion. Yet Congress is seemingly blind to that and still keeps spending more.
President Obama keeps insisting we must enforce the Buffet Rule and tax millionaires at a higher rate. The Congressional Budget Office has reported that would result in $4.7 billion in increased tax revenue per year.
If that were collected for the next 250 years, it would result in $1.175 trillion. Guess what? That would not cover the projected Obama budget deficit of $1.2 trillion for 2012 alone.
It’s time for new leadership with spending discipline and the courage to make necessary cuts in spending and the social programs and the conviction to push reforms in the tax code and the social programs and entitlements.
— Paul Schwartz