AP NEWS

LETTER:′ Republicans are the spendthrifts’

May 7, 2019

The booming economy is the talk of all the news shows, why wouldn’t it be? Unemployment is at near-record lows and we just added another 263,000 jobs in the month of April. Why then doesn’t this feel like 1969, the last time unemployment was this low? Let’s look at a couple of very telling statistics and you can begin to understand why this is the case.

I’m 73 now and my Grandma Olga often told me when times are good, pay off your debts, and when times are bad, if you must borrow money to make ends meet, be sure to have a plan to pay it back. Wish the Republicans had listened to my grandma who emigrated here from Russia in 1905, but they haven’t and they show no signs of learning from their mistakes.

What was the deficit (in other words, how much money did the federal government have to borrow to meet its obligations) in 1969? The answer? Zero. We ran a surplus that year and used the booming economy to pay down our debt. We listened to my grandma and it paid off. This year, we have a booming economy, and are we paying down our debt? Nope. The projected deficit for 2019 is $1,092,000,000,000.

In every Republican administration since Reagan tripled the size of the national debt, the deficit has increased. We ran surpluses during the Clinton years. The Republicans are the spendthrifts. John Shuck, Sioux City