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View Diary: LaRocco Closes the Gap in Idaho—Conventional Wisdom Flipped on its Head (59 comments)

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  •  Another question about money - the other extreme (2+ / 0-)
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    pattisigh, Shirl In Idaho

    Speaking of Risch going into debt, I saw a preview of the 4-episode TV set Ted Koppell is launching tonight.  The "teaser" was a statement to the effect that China and India (I think) now own about half of our national debt - through purchase of T-bills on the open market.

    How do you think Congress/Pres should go about balancing our budget -- which seems to me to be a first step toward correcting things -- and how high a priority should that be, whether near or long term?

    . . . then I'll be quiet about money!


    •  The Bush Deficits Need to be Reduced (3+ / 0-)
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      Odysseus, Shirl In Idaho, Mike McL

      When I served in Congress we led the way towards a balanced budget and a surplus.  The Demos acted without one GOP vote and then the GOP took the ball further down the field after '94.  The base was set in '93 when we took measures on the revenue and spending side.  One of the biggest tragedies of the Bush years is the squandering of our surplus that should have been directed towards health care, infrastructure, education and military preparedness.  20% of the cost of a barrel of oil is due to the weak dollar.  We have a weak dollar due to the skyrocketing deficits.  In '09 we will need a bi-partisan approach to deficit reduction.  If the GOP continues to stonewall and attempt filibsters then we must do it ourselves.  The negative impact of high deficits is too great and our grandchildren are stuck paying the interest on the treasuries bought by India and China.  This is a huge priority for me and all Idahoans.

    •  Half the debt is... (0+ / 0-)

      owed to us, in the form of debts to Social Security and Medicare and miscellaneous other gov't programs with surpluses.  I think that you're referring to the half or so that is owed externally.  Otherwise your point is excellent.

      "Enlightened statesmen will not always be at the helm." James Madison, Federalist No. 10.

      by Mike McL on Wed Jul 09, 2008 at 01:12:08 PM PDT

      [ Parent ]

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