Your View: National debt crisis will impact city government
A recent edition of The High Point Enterprise described the new regime that will be governing High Point and the tough decisions ahead for newly elected officials. While there are several tough budget issues to be faced – more taxes and/or less services – there is another problem which dwarfs these issues.
A team of economists – Bob and David Wiedemer and Cindy Spitzer have described the U.S. economy as a bubble economy and have correctly predicted the bursting of the dot.com, housing and financial markets bubbles. They predict another bubble burst, which will negatively affect every American citizen – the U.S. Dollar.
This bubble burst is tied to the ballooning national debt – now over $16 trillion and rising by more than $1 trillion per year. It is expected to be over $20 trillion by the end of the next Obama administration. This rising debt level is unsustainable and is already eroding the value of the dollar.
Within two to three years, we can expect the value of the dollar to crash (with the loss of purchasing power) and a rocket increase in inflation. Local budget issues will pale in comparison with the dollar and national debt bubbles bursting. This will be the real challenge facing the new city government.
The writer has just finished serving a term on High Point City Council.
In second term, will we be blessing to world?
In response to the “Our View” column by Mousa Alshanteer in the Nov. 29, edition of the High Point Enterprise, I applaud his efforts at attempting to persuade his audience of his worldview, however, whenever I recognize an attempt at rewriting history I plan to speak up and expose it.
Contrary to his statement, Republican President Hoover certainly did not inherit “the worst economic depression of the century” but instead, by some of his actions brought on the worst depression – not of the century – but indeed, the worst in the history of our country and from there worldwide.
I also am firmly convinced that had we not been blessed by having Barack Obama appear on our political stage exactly when he did, we may have lost the best hope ever for mankind, these United States of America (yes, all 50). I believe we came perilously close, closer even than we know. The question now is, what will we make of this second chance? Will we fall back into our deceptively prosperous war-mongering ways ... or will we be a blessing to the world, that shining light upon the hill?
YOUR VIEW POLLS
The “fiscal cliff” is approaching. Some say compromise. Some say jump off. What should Congress and President Obama do to solve this immediate federal budgetary situation? In 30 words or less (no name, address required), email us your thoughts to email@example.com. Here is one response:
• If we don’t go over this cliff, we will face bankruptcy/insolvency. The “fiscal cliff” is not our enemy, it is our friend. We must go over it and then some.
Are you having your own personal fiscal cliff this year? Do you plan to spend more or less this year on Christmas gifts, donations, festivities? In 30 words or less (no name, address required), email us your thoughts to firstname.lastname@example.org.