From my perspective, at age 93, it is with great interest that I listen to people worry over the national debt and the resulting inflation and debt interest, instead of assessing progress.
I have lived in both the United States and Europe and have followed economic trends for a long time. I first heard about the national debt in the 1920s when the big complaint was that we couldn't pay for WWI when we still hadn't paid for the Civil War. The concern is still the same.In reference to inflation, the most difficult time that I have ever had financially was during the period of deflation during the 1930s. This was a hard time for all businessmen, including the bankers. Wheat, which had previously sold for $1 per bushel, sold for just 18 cents even though the dollar was worth $3.
With regard to debt interest, who is holding the debt? Those who buy government bonds are adequately compensated. When bonds were first sold, the return was 1 percent or less. Now the return rate has been as high as 16 percent during the Ronald Reagan administration. Thirty-year bonds were at 8 percent in January. It would seem to me that if people do not like the rate, they shouldn't buy the bond.
As I look back, I see that the debt has done no harm to the United States. Even though the value of the dollar is currently down to 3 cents, times are good and have been good for everyone, including the bank. This nation is the wealthiest, most powerful and the leader for the rest of the world. Ours is the highest standard of living, the most technologically advanced and surely the most politically free.
Do we complain about the benefits of minimum wage, Social Security, workers' compensation, Medicare and Medicaid, unemployment insurance, public housing, social programs and military expenses? No, just the costs - but those costs haven't hurt anyone. We have all benefited from the economic progress of the United States and continue to do so.
Ezra J. Zollinger
Logan