Dealing With National Debt
The result of Washington’s tax-and-spend mentality has finally caught up with us. For the first time in modern history, interest on the national debt is the No. 1 budget item. We spend more on interest than we do on defense, social programs or even congressional salaries.
According to the National Taxpayers Union, expenses for servicing the national debt are expected to top $304 billion for the 1992 fiscal year. This figure represents 57 cents out of every income tax dollar.
As a Libertarian, I am appalled at the continued, unrestrained deficit spending that created this situation. The much-heralded “budget agreement of 1990†has done nothing to curtail this spending. Instead, it raised our taxes, increased the deficit and wrecked our economy.
It’s clear that the people in Congress aren’t interested in financial responsibility. This coming election year, we should replace them with people who are.
JOHN WALLNER, La Jolla
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