It's been six months now since Ronald Reagan was sworn in for his second term and we have yet to hear one sensible idea from him for reducing the deficit. All we hear is that the President is pushing Part II of his income tax program to further reduce the taxes of the rich at the expense of the middle class. His tax program does nothing to eliminate the deficit.
If the head of a household puts his family into a debt that he has trouble getting out of, he's considered a fool. Yet, that is precisely what Reagan has done with his four-year long party. It's easy to party with borrowed money. But sooner or later the party has to end and the money paid back.
The majority of the voters don't understand the seriousness of the deficit. What this means is that money earmarked for important programs ends up being spent paying rich bankers and investors for the money that was borrowed. And I'm not talking about the principal, but the interest on that money.
When the head of a family charges merchandise beyond his ability to pay for it when the bill comes, he's gambling not only his own future, but also that of his family. He's gambling that nothing will go wrong with his ability to pay for the privilege of having what he bought on credit. All it takes is one serious illness or injury and he's cooked.
That's bad enough. But Reagan is gambling with the future of millions. The government is paying as much as 15% interest for this "borrowed money." If our economy goes into a tailspin, as it did shortly after Reagan came into office (due in part to his tax cut and massive defense spending) with millions unemployed not paying taxes, this country will end up in a depression that will make the 1929 one look like a picnic. With the memory of the previous one still fresh in the minds of some, there will be very violent riots. One in a lifetime is bad enough, two is unbearable. I've heard some people say that the economy won't go sour. Only a fool would believe that. No one knows what the next day will bring. Ask anyone who was around the day before that infamous day in October of 1929.