Debt paydown talk just fantasy
Several years ago, I wrote a few letters to the editor talking about the national debt and how important it was for our leaders to take it seriously and begin measures to pay it off. A recent editorial in this paper focused on the need to pay down this debt.
I was stunned in 2010 when politicians had the cover of the Simpson-Bowes report (bipartisan deficit reduction plan) and refused to adopt any of it. I have changed my outlook on the national debt in the last 10 years or so. I can see now that our leaders will never take steps to try to harness this monster debt, but market forces will someday dictate what happens.
These forces will entail all or some of the following: printing of more money, increased interest rates, debt default (can’t pay back those who own the debt), and rapid inflation.
So when politicians make the case that we need to limit spending and pay down the debt, I ignore this rhetoric. This is not going to happen and we are at the mercy of the financial forces and the markets will rule.