Re: Mary Sanchez: (Aug. 22) “The Betrayal of the American Dream,” and the statement “Congress has taken a 30-year holiday from economic reality.”
I agree with this statement. This just reinforces the premise of Milton Friedman (recognized as the greatest economist of the 20th century) that the federal government is neither qualified nor capable of managing large and complex programs. Examples: health care, college tuition, residential mortgages, etc. Despite investing billions, the costs of these programs have risen, not decreased. We have thousands of programs that receive subsidies with lobbyists to ensure continuance. Many are duplications of other programs, and generally unworthy of any financing. Politicians generally use public monies to repay patrons and/or buy constituencies.
Our deficits and debt are absurd, immoral and, I believe, criminal. Interest on the debt is $240 billion annually and, when added to the known waste and fraud, the cost is well over $1 billion a day. When interest rates increase, this cost will double.
We need term limits, a balanced budget amendment and a complete revision of our tax code, along with the elimination of subsidies, bailouts and loopholes. These changes, along with a smaller government, will benefit everyone, particularly the middle class.