Letter to the Editor

Dear Editor,

The upcoming elections are about many things. One vital item is the status of our nation's fiscal health. For many years elected officials of both major political parties have been anything but responsible stewards of taxpayer monies. We have not had a balanced budget for years, our official national debt exceeds $16 trillion, government spending is out of control and seemingly neither party has a clue how the fix the bipartisan mess they got us into. As we ponder how to cast our votes in November we need to consider where the candidates stand on these matters. And, regardless of political party, we must only vote for candidates who are committed to restoring the fiscal health of local, state and national governments.

Here are a few of many problems we face and which candidates must confront on our behalf.

In January 2012 Investers Business Daily reported that over the past four decades government direct payments to individuals has been on a gradual upward spiral. However, the last three years have seen a 32% increase totaling $600 billion. Given current projections another increase of $500 billion will occur by 2016. At that time direct government payments to individuals will consume two-thirds of all federal spending.

 

According to the most recent Bureau of Labor Statistics (BLS) numbers the nation's unemployment rate has been above 8.1% for the past 43 consecutive months. In contrast during the 60 years between 1948 and 2008 the monthly unemployment rate topped 8% only 39 times. Further, the BLS reports that over the past four years unemployment has increased in 26 states. In addition, they reveal "that the number of working Americans shrank last month as payrolls fell in 21 states, the result of tens of millions of discouraged workers who have stopped looking for a job and are no longer counted."

 

According to the US Department of Agriculture, as of June 2012, more than 46 million Americans are on food stamps. The numbers are steadily increasing.

The Tax Foundation reports that Americans "will spend an average of 29% of their income on federal, state and local taxes in 2012." They add that it will take average workers 107 days to earn the money needed to just pay those taxes.

 

Sentier Research, a economic consulting agency, found that between January 2009 and March 2012 the median household income had declined by $4,300. Current conditions suggest this trend is continuing.

 

As recently as 24 January 2011, the National Council on Aging reported that a government analysis found that one in six elderly Americans were living at or below the federal poverty level. Given the state of the economy that number has most likely increased since.

 

The nonpartisan National Center for Policy Analysis has conservatively estimated that as of 2011 the federal government's unfunded obligations totaled $84 trillion.  This is a debt our government has accumulated but which taxpayers must repay.  It includes $30.3 trillion "...due to public debt holders, federal employees or current retirees through their Social Security and Medicare benefits."  They add that "...in the long run the federal government will need to increase taxes from its previous 50-year average of 18 percent of GDP to 24 percent of GDP or a tax increase of 30 percent.  The growth of the economy will slow as a result, making it more difficult to meet the federal government's unfunded obligations."

 

Most of the topics being debated along the campaign trail are diversions since facts such as those highlighted here are uncomfortable and likely to scare the voting public.  But, we must insist that issues such as these be front and center.  No matter which candidate we vote for we must be convinced that they understand the implications of these and related issues and are prepared to deal openly and honestly with them.  This means they must possess common sense, honesty, integrity, strength of character, an understanding of the role of government and a real sense of fiscal responsibility.  For our part we must vote with our heads, not our hearts.

George Burns