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The Verde Independent | Cottonwood, Arizona

home : opinions : opinions November 24, 2015

2/11/2012 1:03:00 PM
Letter: Our biggest deficit is one of responsible leadership


Awareness of our nation’s skyrocketing national debt was brought into focus last summer as we witnessed the Congressional debate (debacle) over raising the debt ceiling from $14.2 trillion to $16.2 trillion.

In 1978, federal debt finally reached $1 trillion. It took 20 more years to reach $5.5 trillion, and only another 10 years to double to $10 trillion.

As our spending spree accelerated in 2008, the debt surged to over $15.5 trillion. This is well over 100 percent of total gross domestic product, a level which many economists believe will cripple our economy, and if not brought under control, could eventually lead to default. To date, neither the President nor any Republican candidate has clearly defined how they will reduce the debt.

A budget surplus is required to reduce the debt. FY 2011 federal expenditures totaled $3.9 trillion, over $1 trillion more than received in taxes, etc. In order to reduce the debt by only 2 percent, Congress needs a budget surplus of $300 billion, which would require a 33-percent reduction in spending to $2.6 trillion for one year. Reducing the debt will be painful and will require strong leadership, but who will provide it?

Skyrocketing national debt and the trillions of new dollars being printed each year will have the same effect on us in the near future as it is having on Europe today. More jobs will be lost, taxes will be raised, and pensions cut in an effort to bring the budget back into balance. Wall Street and the banks will continue to prosper with our bailouts. Enough is enough. Our biggest deficit is one of responsible leadership!

David Haskell


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Reader Comments

Posted: Monday, February 13, 2012
Article comment by: bob grant

the big problem is when people claim to be leaders ,but in reality they have signed an agreement out side of their elected office to follow instruction from a person not elected.The repubs who signed with the no tax ever ,and any of the bought and paid for by corporate $$ these are not leaders.PRESIDENT OBAMA has been trying to lead but with a corrupt congress blocking no matter what .The system is not working !
You can not steer a vessel with opposing rudders!!!

Posted: Sunday, February 12, 2012
Article comment by: Slater Slater

Trivial,it's just cost overruns DAH!!

Posted: Sunday, February 12, 2012
Article comment by: Peter, Yavapai County

Thank you, David. This is by far the most important issue. However, going from $3.9 to $2.6 T means reducing spending by 1.3 trillion per year. That's $1300 billion in cuts per year. To my knowledge, even the most fiscally conservative politician hasn't shown how to accomplish this with real, itemized cuts to actual current spending.

Posted: Sunday, February 12, 2012
Article comment by: Great points

Great points made by Mr. Haskell, and one that most Americans probably agree with.

No question our country is headed in the wrong direction under the leadership of Barack Obama.

Fortunately, we as voters can do something about it in November.

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