Re: “Our national debt threatens future generations,” By Ryan Binkley, Wednesday Opinion. Did Binkley write this essay recently or 10 years ago? It’s hard to...
Re: “Our national debt threatens future generations,” By Ryan Binkley, Wednesday Opinion.
He’s an investment banker, so he probably does not want to increase corporate taxes, which are at an all-time low. Nor would he want to raise taxes on those earning more than $500,000 a year, a category to which many in his profession belong. As Ryan Binkley wrote in Wednesday’s Opinion, we are $31 trillion in debt. Every year more and more of the country’s income will be needed to pay the interest on this growing debt.
Defense, Social Security and a much slimmed down, day-to-day running of the government’s basic functions would suffice for the nation’s spending. Everything else could be put on hold and hopefully go away altogether when we find it shouldn’t have been a federal government matter to begin with. In keeping faith with the work of those two men, the U.S. Constitution included a clause requiring the repayment of those loans, though there was no other legal obligation to do so. And Uncle Sam has been repaying such obligations since 1787.
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