Economy ruined by credit, improper habits

Letter to Editor by Brent Black

It’s no secret: the participation of voters under age 24 is abysmal. Most college-age citizens are apathetic to politics, but they are the voters who should care the most.

When the American government was in its infancy, its spending was limited by the revenue it could collect in taxes. Today’s government has no limitations.

When the executives of Goldman Sachs need bonuses, Congress swipes their credit card. When Washington fancies a new stimulus package, again Congress swipes the credit card. When the next election draws near — and this is when money falls from the heavens — Congress perfunctorily reaches for the credit card.

It has been half a century since America’s representatives didn’t take out a loan to cover their immoderate expenses. Now the creditors are beginning to call.

The national debt accumulated by the central planners in Congress has crested $12 trillion. The annual interest on the debt alone is over $164 billion.

What college students should quickly realize is that the national debt represents a claim on future taxes, taxes that soon will be imposed on us. The de facto credit card is the Federal Reserve; every deficit is furnished by their printing press, along with every penny of inflation. It is instrumental in redistributing wealth away from the middle class.

When politicians pander for votes, the students of Kentucky should take note of the issue of the Federal Reserve. The fall of the Fed will be the flowering of your future.

Brent Black

economics junior