To the Editor:
The Democrat-run Congress sent a $1.2 trillion so-called infrastructure bill to the president to sign into law, which devoted only a few billion to infrastructure and much more to Green New Deal projects.
The national debt is over $86,000 per every person in the United States. Do you have $86,000?
This kind of irrational spending will bankrupt our country. Here’s how: our debt is funded by selling our Treasury bonds. These bonds are rated by Standard & Poors and other rating organizations. They have to maintain a high rating or countries and other investors won’t buy them. The rating is based on our ability to pay the proceeds at maturity. Rating companies look at debt-to-revenue ratios and if the debt exceeds a certain ratio the bond will be downgraded and we won’t be able to sell them. If we can’t sell them we can’t fund our debt.
One measure of a country’s financial health is the percentage of GROSS domestic product to the debt. We are reaching historic highs of debt to GDP which makes our bonds unattractive as well.
President Biden apparently could care less as he grows government and debt at historic rates.
We are falling head long into a very dangerous time under his leadership.
This must stop or our children and grandchildren will pay a heavy price.
Larry Moran
Village of Mallory Square