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Our gluttonous country needs to get control of our ballooning debt

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Posted: Saturday, May 7, 2011 12:00 am | Updated: 6:44 am, Sat May 7, 2011.

It's somewhat comforting reading that we're in recovery from the very deep recession we're in, but it's difficult to believe given the increasing unemployment, bankruptcy and foreclosure figures, continued job outsourcing, the highest prices ever for gold and fuel, and our imbalance of foreign trade with China.

I am not throwing rocks in pointing out that China's holdings of long term U.S. Treasury securities totaled $1.16 trillion at the end of December 2010 according to an annual revision report released by the U.S. Treasury Department. This figure was an increase of 30-percent from a government estimate reported Feb. 15, 2011.

China is the largest holder of U.S. Treasury securities ($1.16 trillion); Japan is the second-largest owner of U.S. debt ($882 billion), and Britain is the third ($272 billion). The federal debt has surpassed $14 trillion at the end of 2010, and the federal government is at the edge of bankruptcy if Congress doesn't increase the debt ceiling, which is $14.3 trillion, before the deadline.

It's true old habits die hard or not at all, and the bottom line is that no matter from what perspective we see these figures — the handwriting is on the wall. The U.S. is deeply indebted to communist China and socialist Japan.

But past these very negative and dangerous figures, the USA continues to indulge in the self-defeating, gluttonous behavior of using more energy, importing more oil and falling further into unnecessary debt. We (USA) will continue to be more dependent on the aid of foreign countries for selfish, immediate gratification until America is forced to sign all of the international treaties already effective in virtually the whole world.

We are selling our inheritance, our birthright, in exchange for a savory stew charged to a credit card whose fine print being "Jell-O" words of compromise and capitulation, like a pitiful old decrepit Alpha Wolf waiting to be fed.

William Van Amber Fields

Morada

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Welcome to the discussion.

14 comments:

  • Gary Musto posted at 2:15 pm on Mon, May 9, 2011.

    Gary Musto Posts: 506

    Mr. Fields could have been talking about the State of California when he mentions unemployment, jobs, and welfare, this state is over $26 billion in debt with no signs of improvement.
    In the April 2011 issue of Chief Executive Magazine, they list California as the worst state in the nation to do business in for the 7th straight year.
    "Cypress Semiconductor Corporation" CEO T.J. Rodgers, who oversees the companies $680 million dollar operation, tells the magazine that he agrees with the view of over 500 fellow CEO's across America, when it comes to California's business climate it's ABC (anywhere but California). The Democrat party, who has run this once great state into the ground with high taxes and burdensome regulations are now trying to take their failed policies nationwide.
    The magazine list Texas as the number one state when it comes to business growth and employment. According to the magazine, over the past three years, California has lost 1.2 million jobs while Texas has increased it's job growth by over 165,000.
    From March to April of this year, Texas has added 37,000 jobs while California has lost 11,000, California's unemployment rate is currently 12.3%.

     
  • Account Deleted posted at 9:09 am on Sun, May 8, 2011.

    Jesse Hallum Posts: 57

    I am in complete agreement. Not mentioned here (and of greater importance) is WHY we are in such a position. We are a nation of corporate bailouts, giveaways, subsidies, welfare, food stamps, free medical (and soon Obamacare), huge tax credits, Section 8, free tuition for illegals, free medical for illegals, cash for clunkers, Social Security, Disability, SSI, foreign aid, and the worst thing imaginable: a wasted $800+ billion stimulus that did NOTHING for this economy. We can't seem to give hard-earned taxpayer money away fast enough.

    These social welfare programs along with a government that is way too big and overreaching are killing us financially and it is all unsustainable. Next up: hyperinflation, as the Fed begins printing hundreds of billions of dollars just to pay their bills. It is the only thing left, as borrowing will be cut off, and our leaders are not willing to trim the size of government nor reign in massive spending.

    Our leaders don't seem to care. They are very well off and have Cadillac-Medical Plans, pensions, millions in the bank, paid-for luxury homes and retirement bennies. You and I can go pound sand.

    Two suggestions: support removal of all socialist policy and govenance. It is the only way to try to swing the Titanic about. Second, prepare for the economic worst-case scenero. I predict 2-3 years before the USA goes into default. Think hyperinflation; think Weimar Republic and the horrible solution people voted in to deal with it, think Great Depression of the 30's in the USA. Don't think it can happen again? We have a serious eye-opener comming...soon.

     
  • Darrell Baumbach posted at 3:13 pm on Sat, May 7, 2011.

    Darrell Baumbach Posts: 9405

    Steve... I am patient and will wait for your future articulations ...I think you are like a fine wine.... give it some time.. let it age and ferment to just the right time, and come forth to please its audience... I'm sure it will be worth the wait... wisdom always is.

    look at the car you have... it fermented perfectly... good choice...you will do the same.

     
  • daniel hutchins posted at 2:46 pm on Sat, May 7, 2011.

    daniel hutchins Posts: 1338

    OK, Steve. I apologize.

    Also, I do think you would enjoy a good you tube video on the apollo 11 landing, and listen to the audio feed where they interject "1201 alarm" during the descent, and by this time, they had already determined that the 1201 alarms were not a catastrophic failure and that they could have a moon landing in spite of these memory overloads.

    The engineer on the ground who made a split-second decision to "GO" with the moon landing got an award from President Nixon, along with the astronauts.

     
  • Steve Schmidt posted at 1:19 pm on Sat, May 7, 2011.

    Steve Schmidt Posts: 2476

    It is a sweet car though, isn't it. Musty Gary was giving me a hard time about Nova's the other day and he got me thinking. I could just go out and buy one of these.

    Point to ponder.....

     
  • Steve Schmidt posted at 10:30 am on Sat, May 7, 2011.

    Steve Schmidt Posts: 2476

    Darrell, I neither affirmed or denied the veracity of Mr Hutchin's statements. All I said was that they were a fine example of local conservative thinking.

    If you disagree with my statement, you are certainly free to do so although, in fairness to Mr Hutchins, you probably ought to explain why.

     
  • daniel hutchins posted at 10:13 am on Sat, May 7, 2011.

    daniel hutchins Posts: 1338

    Steve, good point below. (Darrell's comment.)

    Your therapist has offered you an easy template where you only need to fill in the question-marks.

    Mr Field's point about ???? is wrong... What I think is right is ?????? The reason why is????..

    I agree with Darrell that it's easy.

     
  • Darrell Baumbach posted at 7:43 am on Sat, May 7, 2011.

    Darrell Baumbach Posts: 9405

    Someday.. Im looking forward to Steve actually articulating points he disagrees with... Maybe Steve should just write a permanent post that states... the right is looney and all ideas generated from it...
    Then, he can actually get on with making real points... Ill start it off for you Steve...Mr Field's point about ???? is wrong... What I think is right is ?????? The reason why is????.. Its easy Steve... give it a try. I imagine what you think because I have yet to read what you think other than... people who think differently that you are crazy nut cases.... by the way... love that car!!!

     
  • Charles Nelson posted at 7:38 am on Sat, May 7, 2011.

    Charles Nelson Posts: 259

    The problem is that we have too many voters who sell their vote to the highest bidder. We want the government to take care of us at their expense. But, the government doesn't have any money unless it takes it from someone else. P.J. O'Rourke wrote a book called "Parliament of (prostitutes)" (I've changed one word in the title so the LNS will print it, but you get the idea). Throughout the book he derides our government about its excessive spending. But, at the end, he concludes that the (prostitutes) are us.

     
  • Steve Schmidt posted at 4:58 am on Sat, May 7, 2011.

    Steve Schmidt Posts: 2476

    Together, they really give us a snapshot of the unique aspects that define conservative thought here in Lodi.

    Now, if only we can get the fake moonshot guy to weigh in!

     
  • Steve Schmidt posted at 4:57 am on Sat, May 7, 2011.

    Steve Schmidt Posts: 2476

    This is exactly the sort of response that I would expect from our community's second most profound conservative thinker to its third.

     
  • Steve Schmidt posted at 4:53 am on Sat, May 7, 2011.

    Steve Schmidt Posts: 2476

    I feel that Daniel's comments confer all of the dignity that this letter deserves.

     
  • daniel hutchins posted at 3:27 am on Sat, May 7, 2011.

    daniel hutchins Posts: 1338

    There is a remedy for this, and it is not through voting.
    To wit: US citizens (of the 14th amendment variety) have been voting for 150 years.

     
  • daniel hutchins posted at 3:24 am on Sat, May 7, 2011.

    daniel hutchins Posts: 1338

    recall that the Chinese and British raided the US Treasury building.

    The amount was $47 Trillion. Chinese and British forces did not seize the funds. Instead, they withdrew funds out of Swiss bank accounts.

    Then the story goes that the Secretary of Treasury was arrested and tagged with an "ankle bracelet" which was capable of audio transmission.

    The best journalism I have ever seen is at www. worldreports.org.

    Not so funny is that the editor Christopher Story reports that George H.W. Bush had threatened to assassinate him, and then the website has his obituary.

     

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