National debt is good indication of need to cut

To the editor:

It is time to put our government and ourselves on a diet. According to Strategic Investment, this country's total debt is $31 trillion, or three times our total yearly gross domestic product, and is growing at 7.7 percent annually. Each person's share of this debt, which includes personal, government and business debt, is $110,000. The last time this country had debts this high (measured against GDP) was in 1933-34. In 1935, these debts were written off. Lenders lost almost all of their money. Bank accounts were wiped out. And the stock market went to nearly zero.

In just a little over 20 years we have increased our debt to over $31 trillion from $4 trillion in 1980. At the present rate of growth, it will soon be more than $40 trillion. Eventually we will be unable to pay the interest on that growing debt. More than $7 trillion of this debt is held by foreign investors. It is unlikely they will continue to subsidize our standard of living forever.

The Federal Reserve, along with miscreant politicians, has led us into a debt trap. Government must cut back its size and spending to allow people to keep more of their own money. This enormous debt load is why we don't need prescription drug coverage or any of the other many unfunded programs. This spending beyond our means is rapidly getting out of hand.

JAMES NALL

Marble Hill, Mo.