Debt: 'Owing the World'

In 1975 I wrote:

"Sixty years ago my father said, 'Son, if you continually spend more than you earn you ultimately end up broke.' "

This is just as true today as it was in 1914. To stop inflation, to keep from going bankrupt, our national state and local governments should stop spending more than they are taking in. It's that simple.

As the editorial indicates--my father's advice in 1914 is surely applicable to our country's debt situation today. When Franklin Roosevelt was elected in 1932, the total yearly budget for the U.S. was less than the $23.5 billion for foreign interest yearly payments of today.

What's to be done? Fiscal responsibility? Our present Administration and our present Congress don't know what fiscal responsibility means!


Palm Desert

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