Tea Party activists, Republican leaders and Fox pundits keep warning us of the future problems that will be caused by current deficit spending. They talk about how these deficits will severely cripple the economy in the future.
They talk about how our grandchildren will bear the burden of these deficits in the future. They seem to have forgotten the deficit spending for two unfunded wars and the tax cuts during the wars that helped us get into this mess.
They also fail to note that President Obama and the Democrats in Congress have prevented a major depression by continuing to fund TARP (a Bush initiative) to keep the banks from collapsing, rescuing the major American automobile manufacturers, and instituting a variety of economic stimulus programs to put people back to work or prevent them from losing their jobs.
Over 300,000 jobs were created or maintained since the stimulus programs began. If the advice of the Republicans in Congress had been followed, our country would likely be in a major 10-year depression with 20 to 30 percent unemployment, just like the one in the 1930s (also caused by Republican deregulation and tax cuts for the wealthy). The readers should ask themselves, which would you prefer, a three- or four-year recession with 9.5 percent unemployment or a 10-year depression with 30 percent unemployment? I think the answer is obvious! We need to elect Democrats to prevent a depression and get us out of this Republican-caused recession.
Once we get out of the recession, just like after World War II, the economy will pick up and with prudent pay-as-you-go policies, the deficit can soon be eliminated. What we should really be afraid of now is drying up spending and falling into another Great Depression.
George H. Schriner