The following is a Counterpoint:
After this diatribe, I'm sure to be labeled “Son of Cassandra." But so what!
Over the last few decades, this country, in order to support its lavish lifestyle, has begun to rely not on our hard work, not on our vast resources, not on our intelligence and education, not on our democratic institutions, but on our willingness to borrow money in the form of (1) a national debt and (2) a negative trade balance.
We're using a credit card, so to speak, to buy gas, clothes, weapons, mansions and trips to Las Vegas, and we are close to our credit limit, where the risk of not making the minimum payment is high. No matter how well an individual citizen manages his affairs, as a member of U.S. society, he is a debtor to the rest of the world (China, Germany, Saudi Arabia, etc.).
And, like the sub-prime mortgage fiasco, this loan must eventually either be paid back, with less left for us to spend (that is, higher taxes or a weaker dollar), or be defaulted (that is, hyper-inflation).
The bubble may explode next month, next year or next decade, but sooner or later it will burst. And when that happens, great will be the sound thereof, making the current sub-prime case sound like a whisper. We can push the “full faith and credit of the United States" only so far.
Unless, our leaders, the politicians we elect, do something about it. Let's elect people who say, “Voters, we are going to have to tighten our collective belt -- raise taxes, weaken the dollar, or take whatever unpleasant steps needed to head off this impending debt crisis."
Politicians of both parties, I appeal to you to be statesmen and to refuse to run on an “everything is going to be all right; we can go on borrowing forever" platform.
Promise that you will work to eliminate our two deficits by the end of your term or, lacking any progress, you won't run again.
There's little time left. Voters of all persuasions, I appeal to you to vote for these statesmen.
Let's hope they succeed. If they do, they will deserve a second term.
Philip T. Porter lives in Greensboro.