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home : opinions : letters April 29, 2016


11/27/2012 1:03:00 PM
Letter: Do the math, we’re buried in debt

Editor:

Please America, wake-up! The financial status of the United States is unsustainable; in other words if we continue: even if we do not borrow any more money from anywhere, the interest obligated on the national debt will bury this nation as we know it.

Just a few simple mathematical calculations should be enough to bring any thinking person out of their rosy dream-world and make them realize this is too much and we have got to cut spending now, not in 10 years.

The national debt is in excess of $16 trillion, so let’s use that as a base amount and figure in some hypothetical interest rate figures and time.

$16 trillion to figure 1 percent equals $160 billion and since the interest rate is figured on an annual basis; that is what we would owe each year if we were paying only the interest, (nothing to reduce the debt) and at the rate of only 1 percent, which no one that I’ve heard of, lends money at that low rate generally 3 percent minimum.

So let’s take this a little further; figuring only the interest; not paying anything at all to bring down the principle. Three percent of the $16 trillion is equal to $480 nillion. Let’s calculate: cost per day: $1.39 billion for the interest each and every day.

If you have the mistaken belief that we can just print more money, think about this. Presently, the United States dollar is the World Reserve Currency and in the last couple of years our credit rating has been lowered, and the other nations of the world are getting spooked about the stability of the U.S. currency.

If our credit gets lowered again we could be in big time trouble. This debt can collapse this nation as we know it and if it does, it will be too late to think about saving this beautiful, glorious nation that our ancestors worked so hard to build for us, many fought, a lot of them died or were severely wounded and some have never been found, all this so we can call this place home.

God Bless the USA and take control or our leaders’ decisions and bring them in line with your desires. In Jesus’ mighty name I pray.

Dale Gohr

Clarkdale



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Reader Comments

Posted: Wednesday, November 28, 2012
Article comment by: Mary Ellen Dunn

Out of each paycheck since I started working at age 14, came social security tax. I will be at retirement age soon but probably will keep working for a while. I think if you are healthy and can work it wouldn't necessarily hurt (generalization!) . But when will everyone stop referring to my hard earned dollars that I have invested in social security (a system that works) as an "entitlement"? An entitlement is when you get something for free, for example, congressional retirement benefits.

Posted: Wednesday, November 28, 2012
Article comment by: Slater Slater

Facts are, that a man with sandles saved you..
Science can't compete with that truth.No matter
how hard they try.


Posted: Wednesday, November 28, 2012
Article comment by: two cents

When you pay into something from your first paycheck until you retire or are disabled and that money was supposed to be held in a trust for retirees.
It was not supposed to be plundered by our government to the tune of 3.7 trillion, who are living on and enjoying public 'entitlements' and benefits that were in part stolen from the American citizens.

Social Sec. would be healthy and solvent if it hadn't been misappropriated and stolen from almost as soon as it came into existance.

Even with the soc.sec. funds heavy withdrawals, by the very government that was sworn to protect it, there are still enough funds available and taxes that are going to be collected, to keep it viable for another 20 years.

What the republicans want to do is eliminate soc. sec. medicare and medicaid and use the funds that are set aside for those insurance 'entitlements' and pay off part of the national debt, while leaving the Bush-era tax breaks in place for the benefit of the wealthy.

Take from the poor, and continue to cater to and help the rich, the new American way?
just my two cents for what its worth


Posted: Wednesday, November 28, 2012
Article comment by: READ the world news you have the Internet!

I find this letter entirely funny.

Iceland threw out the banksters and their debt.

Guess what? THEY STILL EXIST!

http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html

http://americanfreepress.net/?p=4183


Posted: Wednesday, November 28, 2012
Article comment by: Danny Smith

Religion aside, Two more things , You insult someone who is showing you facts, maybe because they don't fit in your fairy tale world, Then you wish they would leave so you can live in a world of facts and science. Typical liberal idiocy, You condemn people who don't believe like you and then get in an uproar about how mean and nasty conservatives are who treat you exactly like you treat them. But don't worry Barry the Messiah is here to save you. Oh by the way I happen to believe in science myself, I just don't ignore the parts I don't like.

Posted: Wednesday, November 28, 2012
Article comment by: Much More Worse than this...

... is that you are throwing out unsubstantiated numbers.

Gee, mis-information from the far-right?

What a surprise.

From Politifact:

"Wolf claims that the U.S. faces "over $62 trillion in unfunded liabilities."

First, he and many others misuse the term "unfunded liabilities" to describe the future costs of government promises. Unlike a home mortgage, the U.S. is not locked into paying a certain amount based on existing terms. In fact, Congress changes the terms all the time.

Secondly, the numbers Wolf based his claim on are badly outdated. In fact, using the 75-year estimates he cites, the figure would be significantly lower than $62 trillion based on 2011 figures.

So, while Wolf’s claim is based on an actual figure, it’s an old one that was shaky to begin with given the distant projection and likelihood of change.

We rate his claim Barely True."

http://www.politifact.com/virginia/statements/2011/may/23/frank-wolf/rep-frank-wolf-says-us-has-over-62-trillion-unfund/




Posted: Wednesday, November 28, 2012
Article comment by: Worse than this

Dale, some bad news ... it's actually far worse than this. When unfunded liabilities from entitlements like social security and medicare are included, our country's actual indebtedness is more on the order of a staggering $85 trillion.

You could take 100% of the income from everyone and still not be able to make the interest payments on that debt.

Let's hope congress and the president is upfront and honest about this and deals with it responsibly.


Posted: Wednesday, November 28, 2012
Article comment by: Two More Things, Lord.

In Jesus' name I pray for the Rapture of you folks.

Today would be fine with me.

It would accomplish two things:

1. Rid the US of you Bible thumping hypocrites (republicants) and,

2. Make the again US a quiet place where fact and Science might have a chance for comebacks.

pf



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