To the editor:
One of the top election issues for me is the national debt. Regardless of who wins, the nation as a whole will reap the pain of over $16 trillion and will become a servant to its lenders.
Kurt Bills, an Advanced Placement Economics teacher running for U.S. Senate, has illustrated this number well. One million seconds was 12 days ago. One billion seconds was 31 years ago. One trillion seconds was 31,688 years ago. Can you do the math and try to understand $16 trillion?
In fiscal year 2012 the U.S. government spent $3.8 trillion while it took in $2.5 trillion and overspent $1.3 trillion. To simplify a little, the U.S. spends about $10 billion/day, takes in about $6 billion/day and overspends about $4 billion /day. The good news is that we just need to go back to 2005 levels to balance the budget at current revenue levels.
Large debts also lead us to another potential problem in interest rates. Currently rates are at historic lows but in 2011 the U.S. spent $454 billion in interest on servicing our national debt. What if interest rates return to normal levels? What if the U.S. credit is downgraded again?
Recently the U.S. money supply more than doubled. We now run the huge risk of inflation getting out of control in the future. I believe with a Romney/Ryan win the U.S. economy will come roaring back as banks, businesses and foreign investors pour their money into our economy. We will quickly have too many dollars chasing too few goods. How do you stop this inflation? You reduce the money supply by raising interest rates. How high could rates go with this current money supply? What would 10 percent rates cost us to service our $16 trillion?
No matter who wins, our country is in trouble! If President Obama wins we will likely continue on to $20 trillion in debt by 2016. This will lead us to an implosion of our economy, bankruptcy and loss of many popular programs. If Gov. Romney wins the economy will roar back but lead us to inflation.
Kurt Bills and Allen Quist are the only two candidates that I have heard that stand out on the issue of debt. Allen Quist's campaign signs say; "To balance to the budget, vote Allen Quist."
Ultimately though if America is to survive it needs God's blessing. We will have to do what is found in the fourth stanza of the Star Spangled Banner; where is says, 'And this be our motto: In God is our trust." God is reminding us with Hurricane Sandy that America's fate lays not in the hands of the politicians but in His mighty hands! Do you trust in Him? Thomas Jefferson once wrote that, "Indeed I tremble for my country when I reflect that God is just: that his justice cannot sleep for ever." I agree with Jefferson!