It’s time to reject national debt fear-mongering

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Regarding the letter “Our Nation Will Be at the Mercy of Our Creditors” (March 8): Alexander Hamilton was a crafty man, but I doubt that even he could have designed the 225-year-old ticking time bomb that letter writer Michael Guy thinks the national debt is. Mr. Guy seems to inhabit a fantasy land where “the Benedict Arnolds in Washington” are deliberately borrowing money from foreigners so that, when we default, the “foreign plutocrats ... [will have] control of the laws, policies and agendas of our government.” In fact, our “progressive Potemkin village” is only allowed to survive because the foreigners know they’ll eventually take control.

What Mr. Guy fails to realize is that we’ve always had a national debt, we’ve always worried about it and Herbert Hoover’s attempts to shrink it intensified the Great Depression. National debt is not an issue as long as it expands more slowly than GDP, so the real answer (certainly the more palatable one), is to make investments that will jump-start the economy and give us the human capital and technology that we need to survive and grow in the 21st century. Our nation needs to abandon the fear-mongering of latter-day Hoovers and look ahead with optimism and courage.

If this makes me a traitor, or a Chinese double-agent, then so be it.

Point Breeze

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