Mt. Vernon Register-News

Opinion

October 16, 2013

Country awash in debt, deficits

Dear Editor:

The country is awash in debt and deficits. According to former Federal Reserve vice-chairman Alan Blinder “the federal budget is now running around $750 billion a year (The Wall Street Journal, Oct. 11, 2013). Also writing in The Wall Street Journal Oct. 10, 2013, economist David Malpass says that the U.S. Treasury will borrow $1.1 trillion in 2013 at a time when the national debt is $17 trillion with another $60 trillion in unfunded federal spending promises. Mr. Malpass cites the lack of presidential leadership to rein in federal spending as a major factor in the creation of these “crisis-level problems.”

Unrestrained spending and promises of future benefits have brought crisis level problems to Illinois as well. (See usgovernmentspending.com collecting national and state tax and spending data). Although our state ranks near the top for political corruption we are dead last in credit worthiness. Two years ago our “leaders” in Springfield hiked the state income tax 67 percent and then proceeded to give more than half the increased revenue to some of the largest corporations in the county (Walgreens, Sears, Caterpillar) to encourage them not to leave Illinois: A reverse Robin Hood approach to representing working men and women.

Closer to home we in Jefferson County have our spending and deficit problems. In a joint meeting of the MVTHS board and the past presidents’ council of the Jefferson County Chamber of Commerce July 20, 2013, we were informed that the new school school project will cost some $10-12 million more than the $62 million figure the school board leadership (Mike Smith, Carl Miller and Karen Goodwine) gave the voters at the time of the bond referendum. Although it went unreported in the local newspapers, both the district’s financial consultant and it architect (FGM) stated at that meeting that FGM told the school board before the referendum vote that the cost estimates the board had given to the public were unrealistically low and that the project could not be built for $62 million. What kind of leadership is it that conceals crucial information from the voting public?

Text Only
Opinion
  • Pensions need to be addressed I will have to admit that I am slightly overwhelmed today with the receipt of articles and suggestions for a column. One of my Fitness Mafia colleagues constantly tells me the columns are too long and trying to address different subjects just dilutes

    July 22, 2014

  • VA still failing our vets Jymm’s preferred attire is a skin-tight Minnie Mouse T-shirt with bright pink windbreaker pants. Even when not sporting his choice outfit, he dons short shorts and shirts with holes in them, because that’s what he finds most comfortable. His Santa Mo

    July 22, 2014

  • Feed your home piggy bank with a 15-year mortgage This summer, we finally decided to take the plunge we’d been contemplating for a while: converting our 30-year mortgage to one with a 15-year payoff. It’s a big step. Our payments will go up somewhat (the PITI — principal, interest, tax, and insuranc

    July 19, 2014

  • Under the dumb There is a TV series about an entire town trapped under a giant, mysterious crystal-clear dome that appears out of the blue one day. The dome is impenetrable; no one can get in, no one can get out. Who made the dome? Aliens? God? A super-secret branc

    July 19, 2014

  • Widening the loopholes This week, two more U.S. companies moved to reestablish themselves overseas, allowing them to pursue lower corporate tax rates. They will join dozens of others who have chased lower tax bills abroad while maintaining operations in the United States,

    July 19, 2014

  • Patriotism not questioned Editor:I am responding to Mayor Mary Jane Chesley’s Reader’s View article in the Thursday, June 19, 2014, Register-News “Patriotism is strong.”The mayor has missed the point of my Reader’s View/opinion article in the local newspapers regarding Flag D

    July 19, 2014

  • Who's telling a story now? For this administration, failure is always the result of a “communications” problem. Otherwise, failure might be taken as evidence of misguided ideology and incompetent execution, right? It’s a weird excuse for the president who fancies himself to be

    July 18, 2014

  • Why cutting corporate taxes won't help the middle class WASHINGTON — Earlier this week, I testified in front of the Joint Economic Committee on the topic of assessing the recovery after five years.As you can imagine, congressional testimony can be pretty frustrating these days for members of the fact-base

    July 18, 2014

  • Heart of darkness in buffer zone BOSTON — “Be careful. This is a dangerous corner.”It’s not until you visit the Boston Planned Parenthood clinic at the heart of the recent Supreme Court buffer-zone case that you realize the unnecessary danger it created. And I’m not even inside.On t

    July 18, 2014

  • When should U.S. use force? Was the Iraq war the greatest strategic error in recent decades, as some pundits have suggested recently? The simple answer is no. That honor belongs to the failure to take action against al-Qaida and Osama bin Laden before the attacks that killed ne

    July 17, 2014

Twitter Updates
Facebook
Stocks