Borrow ever more or else
President Obama and Treasury Secretary Timothy Geithner have created another crisis to achieve their political objectives by announcing that raising our debt limit will prevent a catastrophic default on the federal debt. They are telling the world we need to borrow money to pay the interest on the money we borrowed. No wonder the dollar is decreasing in value and losing its prestige as the world’s reserve currency.
Federal Reserve Chairman Ben Bernanke admits that we could prioritize payments from the Treasury, paying off debt interest first, but says we would have to withhold disbursements to Medicare and Social Security. This is the same political ploy of saying lay off the police and firemen to balance the budget.
Mr. Geithner himself reveals the proper solution. He threatened Congress with taking the money from their G Fund Saving Plan of $128 billion. This plan guarantees Congress a 5.9 percent increase in their savings each year. This is where funds should be withheld plus the cushy congressional pension payments.
This administration has no intention of relieving our children of the excessive debt they have placed on them. If it did, it would start reducing government expenditures now and not increase our debt under the subterfuge of preventing a crisis. Frank Solis West Deptford, New Jersey