December 11, 2006
Editor, Delaware State News
Congress and the administration have been ignoring the elephant in the living room – the retirement of the baby boomers. Demands for Social Security and Medicare will be much larger than the taxes that workers will be willing to pay.
The danger of this situation for the next generation is explained in Peter G. Peterson’s book, “Running on Empty.” Peterson, former chairman of the Federal Reserve Bank in New York is very knowledgeable and we need to take his warning very seriously.
Congress and the administration have not only failed to consider the danger for the next generations, they have made the situation worse by increasing the federal debt. This is truly irresponsible.
For the sake of our children and grandchildren, we should demand a big change in policy before it’s too late. Large cuts in spending are needed to pay down the debt. The government should be downsized to make room for Social Security and Medicare. Big cuts are possible as outlined by Chris Edwards in his book, “Downsizing the Federal Government.” Elimination of federal grants ($467 billion in 2005) would go a long way toward protecting the next generations.
Here’s what’s going on: We send taxes to Washington, D.C. The bureaucrats spend part, then let us have the rest if we spend it according to their complicated rules.
I say, use the money to pay off debt, to help protect our children and grandchildren. Let the states raise the money they want to spend.
Barry Dorsch