To the editor:
I listened to President Obama, with incredulity, as he lectured the American people on the spending habits of the last administration and his own efforts to revive a struggling economy. This president rescued nothing and, if anything, has led this nation to the precipice of financial disaster. Everything he or his administration has proposed, economically speaking, is a failure. It is all based in academia and nothing from the world of reality.
The major bond rating companies of the world are considering downgrading the credit of the United States. Does the term “full faith and credit” mean anything to anybody? This is what our currency is based on. These rating companies are not looking at the debt ceiling; they are looking at our out-of-control spending. Has anyone considered what would happen if our currency is devalued?
Rep. Boehner’s proposal of over $1 trillion in cuts, to match a debt limit increase, is over a 10-year period. This is like bringing a squirt gun to a brush fire. It won’t work. Future congressional bodies are not obligated to honor these cuts. A balanced budget amendment must be put into place immediately. Congress must take definitive steps to restrict its own spending ability.
The American people deserve better than this because we are better than this. The federal government needs to get out of the way and allow the engine of the free market to once again drive the prosperity of our great country.