Our Constitution empowers only Congress to lay and collect taxes, duties, excises and imposts, and to borrow money for the common defense and general welfare of the United States. If Congress were fulfilling its constitutional mandate, it would spend no more than it collects, but it has developed the bad habit of covering deficits by selling bonds to foreign governments, rather than increasing taxes to cover the difference. Also, Congress insists on relieving the richest from paying their fair share of taxes, rather than tying the breaks to business re-investment and coinciding creation of jobs.
This Congressional lack of willpower causes foreign governments who are our creditors to question the value of our currency. They see a superpower under the weight of debt and undetermined by the lack of political will of the U.S. Congress. Our country is at risk; our middle class majority of consumers is getting poorer every year; demand for domestic goods and services is lowered and our credit is at risk.
Now Congress must put other matters on the back burner and act Constitutionally to put our financial house in order.
David R. Correll