Monday, July 28, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

Basically bankrupt

By
From page A7 | January 25, 2013 |

EDITOR:

Either Mr. Longhofer is the most obtuse person on the planet or he should be a politician the way he tries to divert from the point. I talk about spending money we don’t have and he talks about Haliburton. I could waste time with Obama putting his friend ahead of taxpayers in getting money back from the Solyndra bankruptcy and many other Obama shady deals, but that’s not the point. Mr. Longhofer talks about stimulus spending like we are a fiscally responsible country and just need to borrow a little to get us past a difficult time. Newsflash: We’re not.

What we are is a basically bankrupt country heading for $20 trillion or more in debt by 2016 even without Mr. Longhofer’s desired stimulus. It might be useful here to point one of the reasons the last stimulus didn’t work. It was hoped that with stimulus companies would hire people. Stimulus is short term and hiring decisions are long term. With Obamacare and continued talk of higher taxes companies are putting off hiring those they don’t absolutely have to have until they get an idea of what the playing field will look like when all these taxes and federal programs settle down. Back to our situation. We are up to our eyeballs in debt, so Mr. Longhofer’s stimulus would require us to print and borrow even more money than the disastrous amount mentioned above. Maybe he figures he’ll be gone before those school children you see boarding those yellow busses realize the crushing mountain of debt that he is advocating burying them under. Or maybe he figures those children are so screwed now that a little more won’t make any difference. Maybe he thinks that when we are like Greece, which unfortunately is not probably more than ten years away, another half trillion or so won’t matter. Sort of like the guy that’s $100,000 in debt and planning to declare bankrupcty figuring that upping it to $120,000 won’t make any difference. If you are planning on this country not financially surviving you are right. If, on the other hand you envision us getting back on our feet someday you are wrong.

GEORGE ALGER
Placerville

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