Now is the time to pay down the US debt
Government spending is often blamed as the only reason our national debt increases. The debt also increases when taxable income is lost. During the 2008 recession, hundreds of thousands of jobs were lost. This loss of taxable income caused the debt to grow.
In order to save our capitalistic economy, stimulus was needed to get the economy growing again. (The U.S. economy does not operate like a household.) This stimulus spending also caused the debt to grow, but was necessary in order to get the economy growing again and get people employed.
I realize that this sounds elementary, but many do not seem to understand how the debt ballooned.
The economy presently is stable and flourishing with low unemployment. Now that capitalism is saved and the unemployment numbers are low is the time to lower the debt. Priming the pump with tax cuts is exactly the opposite economic solution.
What will happen when the bubble bursts again? Job losses, lost tax revenue, with an inability and reluctance for stimulus and inflation. Will capitalism be able to recover again? And will the debt sentence the U.S. to become a Third World country?
Diana Nadanyi
Bluffton
How to submit a letter
Send letters to the editor by email to letters@islandpacket.com or letters@beaufortgazette.com.
Or you may submit a letter online.
Letters to the editor must be 250 words or fewer and include your first and last names, street address and daytime telephone number so we can verify the letter before publication.
You are limited to one letter per 30 days.
Letters may be edited for length, style, grammar, taste and libel. All letters submitted become the property of The Island Packet and The Beaufort Gazette.
Letters will be accepted only if they are typed into the body of an email, not sent as an email attachment.
This story was originally published December 19, 2017 at 9:46 AM with the headline "Now is the time to pay down the US debt."