GOP's role in national debt

There is presently a great deal of discussion about the fact that the United States has reached the national debt limit set by Congress. If this situation continues and the U.S. does not pay its obligations, then Treasury bonds will no longer be risk-free, interest rates for the government and everyone else will rise, and the role of the dollar globally will be weakened, perhaps permanently. A failure to pay Social Security and Medicare benefits will loom on the horizon.

Due to the amount of spending required to win World War II, the National Debt was increased from 42% to 106% of the gross domestic product (GDP). During the 16 years of the Eisenhower and Truman administrations the country had a top individual marginal tax rate of 91%, balanced the budget seven times, and when Eisenhower left office the debt had been reduced to 44% of the GDP.

With Republican control of both houses of Congress during the first two years of his administration, Donald Trump had the opportunity to attack the size of the National Debt. Instead the debt limit was suspended, income taxes were reduced, and in the first two years of his administration the level of the National Debt flatlined at about 77%. Then with the strain of the pandemic, it increased to 100%. On a percentage basis this is its highest level since World War II.

If the Republicans are serious about reducing the national debt, they need to support putting increased income taxes on the table.

JOHN PIEPHO, Cape Girardeau