In response to the letter “Government should default on national debt” (April 30, TribLIVE): Well, I do agree that as citizens we have no input on the national debt and someone has to be responsible, but this is what you overlooked. Experts agree the following events would occur:
• Unemployment would soar to 12% within six months. That is over a million people out of work, leaving taxpayers on the hook for their benefits.
• Inflation would soar to 11%, putting us back to the mid-’70s when gas went from 26 cents to 45 cents overnight and all consumer goods followed suit.
• The economy would backslide by 10%, leading to a rapid recession that could last decades.
• The global inpact would be devastating to say the least. The U.S. would lose the dollar as the money standard. The value of the dollar might end up at 50% to 60% of its current value.
I do believe incompetent politicians on both sides of the aisle are to blame, compounded by the gross incompetence of the current administration. Voters must demand change and do it at the polls. There must be accountability. Democracy means for the people and by the people, not for the interest of individual political agendas.
Jack Juris
Buffalo Township