Posted by
Buster Foghorn on Wednesday, June 10, 2009 9:05:25 PM
My wife and I are both retired, and we are very concerned about the threatened punishing effects of inflation (“Why Inflation is so Scary”). We write to ask that you not vote to change health care for the foreseeable future—meaning, at least until the yearly budget is balanced, social security is fixed, the recession is over, and tax revenues increase and return to previous highs.
We are feeling—almost on a daily basis–the impact of rising energy and food prices (Fortune writes: The next great crisis: America's debt). Can you tell us when fuel will no longer be needed, or how long until research does a work around for drilling oil, since Iran can have nuclear energy but we cannot? How do you know there is another viable option in the short term, meaning within 20 to 30 years?
We look at the exploding federal debt: lower tax revenues; spending for the stimulus bill and GSEs; spending on other programs increasing around 12%, adding $222 billion to the budget (Exploding Debt Threatens America); and the demand by the financial markets for greater yields to finance our debt (US long-term interest rates hit high) and we are less than confident about the future.
Elected representatives in Washington are expanding our debt, increasing our debt service, stressing our creditors—the laughing Chinese students responding to our Treasury Secretary were an ominous sign—as a debtor we are not trusted (Enjoy Stimulus Now, Pay Your $14,000 Share Later: Kevin Hassett)?
You are spending as if the law of economics for individuals has no relevance for a country. You are reportedly borrowing $.46 for every dollar we spend. President Obama says “we are out of money.” Taxpayers will opt to retire, stay at home with their children, cut back their hours, or not expand their business if you punish them for working. Please remember what happened when government passed a tax on luxury boats—the industry almost died, revenues declined, and the bill had to be withdrawn.
If the financial markets dry up and lenders refuse to accept our dollars, or if our credit worthiness is downgraded (A Wake Up Call, Indeed), or if the cost of all the new programs is as inaccurate as the unemployment estimates—do you have a quick fix to turn it all around? What is the exit strategy (Exploding Debt Threatens America)? When credit markets refuse to lend, do we sell off oil rights beyond 20 miles of the West coast to China and Japan in return for necessary debt financing?
A Heritage Foundation chart in March 2009 visually captures the runaway spending-- this chart is causing us to lose sleep.
Vice President Biden says we will waste money and stimulus checks go out to grandparents dead for 35 years! How do you know government can improve health care by being more involved? Where is the evidence of government success: Katrina; TARP; the stimulus package this year?
When it comes to health care reform we ask that you please “do no harm.” How about first requiring some evidence of a program that works before changing it all and making things worse? England and Canada are not good examples of an acceptable one payer system for Americans. Reports suggest fewer people will want to practice medicine with government mandated care—just at a time when demographics mandate an increase in health providers and specialist.
Please: at a minimum require that any changes apply to all members of Congress and all government employees before adopting changes.
Sincerely,