Another ongoing threat against America is taking place — and it has taken a back seat during these troubling times. This threat is government overspending, printing money and handing it out for free.
While the Treasury Department prints the money, they sell bonds, usually to China, to back it up. America goes deeper and deeper into debt and still, Wall Street posts record highs on its indexes. This means everyone’s 401(k)s are doing well.
But what happens when interest rates go up? What happens when Western fires and hurricanes hit the United States? What happens when the next pandemic strikes?
Clearly taxes need to be raised to pay for stimulus checks, vaccines and the interest on bonds China buys. Clearly, government spending must be cut by hiring fewer government workers and trimming the budget elsewhere. Adjustments need to be made to Social Security and Medicare.
Having Democrats controlling both houses of Congress and the White House does not bode well with regard to controlling government spending. Fiscal conservatism must come to the forefront of the Republican Party again since its abandonment during President Trump’s term. And this is a Democrat writing this letter.
Richard Patton
Franklin Township, Beaver County