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Letter to my Son

Last year’s college graduate sent me a note. He achieved a job, but recently sent me a link he referred to as “not news.” He follows current events and had to go to the BBC for a comment on our current fiscal status.

I sent Son this response:

You make about $50k … were you the Federal Government, you would have spent $88k for the year. Your debt would be overwhelming (oops … it is … you are “the kids” that will have to pay it off). This is why you might consider voting or writing your CongressCritter about their incompetence.

Note:  Republicans increased the National Debt (your liability) by over $500 billion a year while they controlled all branches of GovernmentThe Democrats are twice or thrice as efficient at borrowing against the future. Neither set of politicians has a clue.

I love the fact that Democrats AND Republicans blamed Standard & Poors (S&P) in part for the recent recession/depression: because they over-rated all the mortgage securities and derivatives. Now that S&P is trying to be honest with a “negative outlook,” nobody wants to hear the bad news.

Love,
–Dad

PS:  Good luck with your “indentured servitude.” Your studies in the Chinese language should help.

I am amused that our Republicans cut $38 billion (maybe as little as $352 million ) from our current budget with weeks of TV time over the argument: these same guys increased the National Debt by over $500 billion a year, every year they controlled both houses of Congress. Big deal … The Public caught on in 2006 and 2008, only to replace them with more expensive idiots.

I applaud Rep. Ryan’s attempt at a budget. From a liberal blog: Ryan would would “add $3 trillion less to the debt than Obama’s budget proposal over the next decade.

I’m sorry, but the politico-speak of “we will reduce the increase” is just so much horse-pucky! Since Congress is unimaginative, they tend to base this year’s budget on last-year’s budget. I would suggest starting with a budget that subtracts the Bush TARP and the Obama “stimulus” from the total before even thinking about a budget. Better to just re-enact the 2006 budget, because 2011/12 revenues might just cover it!  Remember, Congress has no original thoughts.

I despair for my children. Congress ought to give a dang about theirs. But with the 2012 election campaign already in force, I suppose it is too much to expect Congress to care about the future, other than their own reelection. Or for the Parties to give a dang about The Public, as long as they “win the debate” … whatever it is.

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