To The Reader's Forum:
I read the Readers' Forum article about "Bankers Which I Fear" and the U.S. debt. It's encouraging to know that others are concerned about the reckless spending and printing of money. Our debt of $17 trillion is stunning. Since both parties are responsible for our rising debt you have to wonder why they do it in such a matter of fact and uncaring manner. Maybe because the debt ceiling has been raised 74 times since March of 1962. It's become common practice I guess.
U. S. Treasury Secretary Timothy Geithner has suggested that we eliminate the debt ceiling. If debt doesn't matter, then taxes aren't needed, right? If the Federal Reserve can just create trillions of dollars a year in new money why are tax revenues needed at all. Why does the government need to confiscate more of our income in order to increase revenue. Just print more money and abolish the IRS. There must be something more that we don't know about and it must be good for all of us. But, I don't think so. Something stinks on ice as far as I'm concerned.
This we do know. If you earned $5,000.00 in 1960 you would have to earn $39,450.00 today to maintain the same buying power. If you earned $10,000.00 in 1970 you have to earn $60,192 today to keep up with inflation. If you earned $50,000.00 in 1980 you would have to earn $141,715.00 today to have the same buying power. If you earned $50,000.00 in 1945, the year I was born, you would have to earn $648,739.00 today to keep up with inflation. Put another way if you purchased an item in 1960 for $2,500.00 that same item in 2013 would cost you $19,725.00. If you purchased an item in 1970 for $10,000.00 that same item would cost you $60,192.00 in 2013. And if you purchased an item in 1945 for $50,000.00 that same item would cost you $648,739.00 today. So, now you know how your parents raised two, three or four kids on $50.00 a week in the fifties and sixties. They also had a roof over their heads and possibly a vehicle.
Do not listen to those politicians that claim the national debt and incessant printing of money is good for us and the country and it doesn't matter. All they care about are votes. I'm sure you have witnessed the prevarication and out right lies that we have been told by certain politicians just for votes, any vote.
Please, someone has to educate me and the gentleman who submitted the article in the Reader's Forum and many other folks why the $17 trillion debt doesn't mean anything and doesn't matter. If you listen to some of our elected officials you are making a horrendous mistake. No wounder this country is going down the tubes.