National Debt

President James Madison said each generation should bear the burden of its own wars, not foist their expense off on future generations. Since Barack Obama became president, he and the Congress have been responsible for one-third of the current national debt. Record spending for entitlements, war, bailouts to banks, businesses and states have paved the way for future unfunded liabilities of up to $100 trillion. Obama and the Democrats, who hold to the Keynesian theory of economics, spout the class warfare argument that we need to tax corporate jet owners and raise taxes on millionaires and billionaires to preserve the sacred cows of big government.

Some may call letter writer Ronald Thompson a fool for wanting to send money directly to the government to reduce the national debt via an Internet site to be established by the White House ("Send Uncle Sam whatever you can spare," July 11). Well, I think it is a fabulous idea. If we can use the Internet for all sorts of worthy charity drives and come up with millions of dollars, why not use it for the good of our own country and our people? We may not come up with $14 trillion, but whatever it comes to, as he stated, it can decrease taxes, interest rates, and prevent reductions to Social Security, Medicare, student loans and government jobs.

We need to cut the national debt, but everyone should share in the pain, especially the people who can afford it most - the rich. How about if we agree to cut the "discretionary" spending and increase taxes on the rich in equal amounts. A 5 percent tax increase on the rich would produce around $4 trillion over 10 years, and we could cut other spending a like amount. That's still not fair, but it's fairer than putting it all on the backs of those who can afford it least, such as people who depend upon Social Security and Medicare.

I would like for everyone to call the White House and ask that an Internet fund site be opened for those who wish to donate directly to reduce the national debt. Maybe the White House can make the donations tax deductible. I would like every American who can afford it to give a dollar, and those who can afford to give more, to do so. We can directly reduce the national debt immediately. The high national debt affects tax rates, interest rates and other personal finances. I believe that reducing it will help Americans feel comfortable to go spending again which, in turn, will help other economies of the world.

My suggestion to the Government Accountability Office and the president is to give the citizens of this great nation a venue to buy back our national debt and hold it in perpetuity, never to be used as collateral on a national mortgage again. If the president and the GAO will tell us, the citizenry, the account number and an address to send the money to, those of us who are willing and able can put our money where the problem is. Since Congress is so involved in political wrangling in the midst of a crisis, we shouldn't involve them.

Contrary to conventional wisdom, the United States does not have to default on its debt, and the Social Security and Medicare checks can continue to go out, even if Republicans and President Barack Obama cannot strike a deal to raise the debt ceiling by Aug. 2. Though the government cannot borrow additional money, it still has tax revenues equal to about 55 percent of expenses - $2.2 trillion against expenses equal to about $3.8 trillion, for...

The Sun's op-ed article by Mitch McConnell ("Difficult choices await on spending, debt," June 15) is a perfect example of the way the Republicans still don't "get it" in regards to our national debt, what caused it, and how to get out of it. It doesn't take long to realize that either. In his very first sentence, he repeats the Republican lie that raising taxes on the rich we will somehow "kill jobs. " Obviously, the Republicans still subscribe to the "big lie" theory that if you keep telling a lie big enough and repeat it often enough, the gullible public will start to believe it. Actually, the last few centuries of human existence, and in particular America's experience since World War II, show us that exactly the opposite is true.

Letter writer David Gosey makes the statement, "During the administration of President George W. Bush, the national debt increased from $5.7 trillion in January, 2001 to $10.7 trillion by December, 2008" and then questions why is it that now "Republicans get religion" on the subject ("Raising debt ceiling has long bipartisan history," June 7). By Mr. Gosey's own numbers, during the Bush years the debt rose $5 trillion in eight years. Under Obama, the debt has grown $4 trillion in three years.

Letter writer Edward Leventhal might be more believable if he got his facts right. He contends "Obama tripled our national debt. " ("Insisting on budget cuts before raising the debt ceiling isn't 'playing chicken,' it's being responsible," June 7) Facts: When Bill Clinton was our president, he had us on the road to eliminating the national debt within 10 years. Then George W. Bush came along with "vote for me and I will send every American $300. " He said this because we had a surplus!

Let's take another look at the idea promoted by conservatives that Medicare is responsible for the national debt. Prescription drugs would have cost a lot less if Congress had been more concerned with minimum expense to Medicare than with maximum profit for drug companies. Increases in monthly premiums for higher-income beneficiaries are negligible, and their needs are similar to everyone else's. It is possible that healthy lower-income seniors are subsidizing their care. General fund "subsidies" are actually repayment of loans from the Medicare Trust Fund.