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We need to get our fiscal house in order

October 11, 2012
The Alpena News

We are over $16 trillion in debt and are borrowing at least $1.3 trillion more each year. How much is one trillion?

One million seconds is 12 days; one billion seconds is over 31 years; one trillion seconds is over 31,000 years. If we steal all the profits from our Fortune 500 companies, all the billionaires and tax the "rich" at 100 percent, we can get through the next three years without borrowing more but we'd still owe $16 trillion in debt.

We are spending $3.8 trillion (of which, we are "borrowing" $1.3 trillion) a year meaning we are borrowing 50 percent more than our income. Can any person who passed basic math understand this is not sustainable? Ask any housewife, farmer or businessman how long they can spend 50 percent more than their income and not go bankrupt.

I'm tired of selfish gimme people: retirees who say they paid into Medicare so we cannot cut it (no, you paid for your parents' Medicare, not yours, and you never paid for your drug benefit) and unions who want to feed at the public trough and hold us hostage for pensions unheard of in the sustainable private sector.

Who is not at fault? The under 25 group did not cause this financial mess. The rest of us should bear the cuts and force our politicians to spend only what we take in to right this for these children. We are responsible for voting irresponsible liars into office. Conversely by 2016, the federal tax rate needed on everyone just to pay for existing programs will be 63 percent - based upon Boston University economics data. And we'd still be at least $16 trillion in debt. Add on state and local tax and see if anyone wants to live in America, let alone Michigan.

Allan Frank

Alpena

 
 

 

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