2008 Woodie Awards
Letter to the Editor:
Canyon resident apologizes to youth of America
Issue date: 11/2/06 Section: Opinion
- Page 1 of 1
I apologize to the youth of America for the failure of my generation to be responsible stewards of our financial status as we are transferring our debt to you with less ability to pay for it. This is indicated by the rapid deterioration of the twin deficits since 1982, which are gross debt/gross domestic product and international trade deficit.
At the end of the Carter administration and the beginning of the Reagan administration, our debt was $995 billion and the GDP $3.061 trillion, or 32.5 per cent of GDP. That was the lowest and best debt/GDP ratio since World War II.
Today, our debt is $7.905 trillion and the GDP $12.290 trillion, or 64.3 percent of GDP. It is the result of our debt increasing much faster than the economy during the Reagan, Bush 41 and Bush 43 administrations. In the 12 years of Reagan and Bush 41 administrations, the debt grew 437 percent while the economy grew only 214 percent.
During the first term of Bush 43, the economy grew 123 percent while the debt grew 137 percent.
During the eight years of the Clinton Administration, the debt grew 133 percent while the economy grew 153 percent.
The debt/GDP ratio declined during the Clinton years as the economy grew faster than debt. In 1982, our international trade surplus was more than $225 billion and we were the world's largest creditor nation.
By 1986, we were the world's largest debtor nation, and today our cumulative trade deficit is $5.2 trillion. In 2005, our yearly trade deficit was a record $782 billion.
Do these deficits matter? Yes, by the end of this decade it is estimated that our national interest cost will be more than 31 percent of all discretionary spending combined, and it is the fastest-growing category of federal spending.
That means less government services and increased taxes in the future. If we do nothing about our trade deficits, others will claim our assets and incomes.
That means they will increase control over politics and our freedoms will be reduced.
Is it a moral issue? It should be. Why have many Christians been AWOL on this issue? It is high time the American people regain control of America.
We need to get the facts, get involved in politics and vote for candidates who have the vision to honor rather than burden our youth. Our youth are depending on us.
Ed Hinders
Canyon
At the end of the Carter administration and the beginning of the Reagan administration, our debt was $995 billion and the GDP $3.061 trillion, or 32.5 per cent of GDP. That was the lowest and best debt/GDP ratio since World War II.
Today, our debt is $7.905 trillion and the GDP $12.290 trillion, or 64.3 percent of GDP. It is the result of our debt increasing much faster than the economy during the Reagan, Bush 41 and Bush 43 administrations. In the 12 years of Reagan and Bush 41 administrations, the debt grew 437 percent while the economy grew only 214 percent.
During the first term of Bush 43, the economy grew 123 percent while the debt grew 137 percent.
During the eight years of the Clinton Administration, the debt grew 133 percent while the economy grew 153 percent.
The debt/GDP ratio declined during the Clinton years as the economy grew faster than debt. In 1982, our international trade surplus was more than $225 billion and we were the world's largest creditor nation.
By 1986, we were the world's largest debtor nation, and today our cumulative trade deficit is $5.2 trillion. In 2005, our yearly trade deficit was a record $782 billion.
Do these deficits matter? Yes, by the end of this decade it is estimated that our national interest cost will be more than 31 percent of all discretionary spending combined, and it is the fastest-growing category of federal spending.
That means less government services and increased taxes in the future. If we do nothing about our trade deficits, others will claim our assets and incomes.
That means they will increase control over politics and our freedoms will be reduced.
Is it a moral issue? It should be. Why have many Christians been AWOL on this issue? It is high time the American people regain control of America.
We need to get the facts, get involved in politics and vote for candidates who have the vision to honor rather than burden our youth. Our youth are depending on us.
Ed Hinders
Canyon
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