Second only to the weight of government and its regulations, we are struggling under the weight of all that borrowed money.
When politicians want to fund a program or make one bigger, they can raise taxes – but it’s less painful to borrow the money from someplace. And borrow they have done – to the tune of $12 trillion.
The interest on the national debt this fiscal year is set to be $224,413,543,168.81. You could buy a lot of schoolbooks for that. Or policemen on the street, fix a few bridges or any one of a number of other things.
So rather than raise taxes, here’s a thought: Call the bankers. Tell them government needs to cut spending. Tell them government needs to reduce the vig on the loan.
What? The bankers would have to give up a few Mercedes to survive? Hey, one in every 10 people in this country are looking for work. Unemployment trust funds are scraping the bottom.
What would they do, start foreclosure proceedings on the White House? Not likely. They could get by with a bit less.
Let’s insist that this (reduced interest payments on the national debt) idea join all the others on the agenda for discussion.
