Vote The Spenders Out

To The Editor:

From the War on Terror to fixing our financial crisis and Obama-care President Obama’s direction ignores reality, fundamentals, and the majority opinion.

Consider our financial crisis and that of other countries around the world. When a country’s cost to service their debt as a percentage of Gross Domestic Product (GDP) gets too high (usually over 60 percent), several things always happen historically. Those things are: default on the country’s internal debt, excessive inflation (like Germany in 1936), and war. Remember the devaluation and defaults of Argentina, Russia, and Iceland.

Nationally our growing deficit could lead to bankruptcy if we don’t limit spending growth. Remember when President Carter raised interest rates to 21 percent and crashed the economy that it took some six years to recover and this crisis is far worse. Every day we add $4.8 billion more debt. Our total country debt is over $12.3 trillion and growing by trillions yearly.

President Obama will never turn things around printing more money continually covering all the deficit spending by states and the federal government. His appetite for bailouts and excessive deficit spending quadrupled our deficit and exacerbates our problem. Experts predict that even with a moderate recovery that servicing this debt will exceed 80 percent of all federal revenue within ten years leading to bankruptcy.

More socialism supported by deficit spending offers no remedy! All state budget deficits will get worse if spending is not curtailed. Just nine of our more socialist inclined states account for one third of the $180 billion in deficits for 44 states in the “Red.” State spending if not curtailed is projected to grow state deficits to over $350 billion within five years. Internationally look around the world: Iceland, Greece, Spain, Portugal, Hungary, Mexico, Ukraine, England, and Argentina these socialist states are either bankrupt or near bankrupt. And still President Obama keeps pushing more socialism as his answer.

Note: when you want to stop your car it is most important to first take you foot off of the gas pedal otherwise stepping on the brakes will not work. Locally when politicians say this or that project will not really cost us X amount because the state will give us matching money. Beware, that is not really true. And when states are billions of dollars in the red, it is even worse. Connecticut and the 43 other states with deficits in the billions of dollars would be bankrupt if the federal government stopped excessively printing money to bail out their fiscal irresponsibility. Excessively printing money devalues the dollar and our savings. Deficit spending eventually increases taxes, and becomes future debt out children will be taxed to pay back. On a local level Board of Finance members know this but most have no will or wisdom to stop growing budgets at excessive rates. Maybe politicians prefer dithering until the country goes bankrupt? But we don’t have to, we can vote the progressive socialist spenders out this November.

Daniel Kormanick

85 Great Ring Road, Sandy Hook                          February 15, 2010