U.S. finances are a wreck

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Recently it was announced that we are now in our 12th year of war in Afghanistan without any means to pay for this astronomically expensive endeavor. We as a nation have paid for these most expensive wars in our history by borrowing money from China, a nation once deemed to be an enemy of our way of life.

The cost to service this loan now takes a large portion of our national product without any return, as the money spent may as well have been for fireworks.

In all previous wars, taxes were raised as a national sacrifice, and the rest of the costs were paid for by borrowing from the American people using war bonds – the interest not paid out to a foreign nation, but back to the people of our country.

To use this method of using a credit card from another nation to support wars was, at the very best, stupid, and, at the worst, criminal.

The pushing for banks to give millions of new loans for trillions of dollars borrowed from bundled mortgages – again sold to other nations – was another stupid idea with no understanding of what would be done when the bills came due.

Michael Ferguson

Augusta

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shrimp for breakfast
5422
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shrimp for breakfast 10/13/12 - 04:34 am
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1
Good letter Michael

You cant fight a war much less two without the citizens of the country sacraficing to pay for it. Something that was not seen in this two war fiasco.

omnomnom
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omnomnom 10/13/12 - 08:54 am
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"paying your way as you go"

"paying your way as you go" is not how most Americans live according to statistics. why shouldn't we reflect that with our national spending policies?

But seriously. Either end the wars or enact a war tax. Kicking the can down the road is part of what got us in this currency crisis.

Its not like China held a gun and a credit card up to us and said "wots it gonna be"

Jon Lester
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Jon Lester 10/13/12 - 10:13 am
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When China buys treasuries,

something anyone can do, they're both making a safe investment and expressing confidence in the performance of those notes.

Having said that, it's on us not to misappropriate the monies we raise with every sale, and by my rough calculations, we could have the national debt largely repaid over the next decade or so, if we do nothing more than reduce defense spending to what the Pentagon itself considers essential.

soapy_725
43672
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soapy_725 10/13/12 - 10:31 am
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China and the rest of the world
Unpublished

are just fine with the USA fighting and dying to defend the world oil reserves and refineries. Anyone who does not know why we are in the middle east should not be allowed to vote. They clearly do not understand the global political process.

China needs OIL. They are trading in their ox carts, in case no one noticed. Out of the agrarian mist and into the position of the world's industrial giant. When the USA can not longer defend the OIL fields of the middle east, China will move an army to the middle east. OIL is MONEY. OIL is POWER. OIL is a necessity of WAR.

soapy_725
43672
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soapy_725 10/13/12 - 10:37 am
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China is worldly wise.
Unpublished

The Chinese Culture is one of hard work, knowledge, diligence and discipline. All of these are now absent fro American Culture.

How many people of the oriental culture do we see included in the "entitlement culture"? ZERO. They may have five or six family members in one house, but they are all getting an education. saving, working and planning for a better life for themselves and their descendants.

The Chinese Culture exemplify what was once proudly called , The Protestant Work Ethic. Success through Godly discipline, hard work, education and planning.

dichotomy
32080
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dichotomy 10/13/12 - 10:55 am
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Oh I agree. Raise taxes, on

Oh I agree. Raise taxes, on everyone, as a sacrifice to pay down the debt. Not just on a few. Nobody cares about taxes going up as long as it isn't on them. And nobody cares what the government does as long as they don't have to pay for it. Sacrifice......I like sacrifice as long as everyone has to sacrifice a little and they start paying attention to what the numbskulls running this country are doing with OUR money.

OpenCurtain
10049
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OpenCurtain 10/13/12 - 09:04 pm
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The Politicians Know It,

You Know It, and I Know It.
As a country we are broke.

We are right where the USSR was in 1980's.

So why isn't anything being done to fix it?

All the politicians know is the old political play book. Toss money around for votes, campaign donations and hope to get reelected in order to stay on the Gravy Train. 23% love the handouts and demand even more. They even teach their children how to use the system.

Too much needs fixing, and the problem is the very ones that created the problem are the only ones with power to fix it.

We are screwed as nation, unless a Constitutional balanced budget amendment is implemented soon.

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