Bor­row ever more or else

The Washington Times Weekly - - Letters To The Editor -

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

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