That was an excellent guest editorial you had in the 4/1/09 paper, the one titled "Plea to China: Don't buy government bonds." Thoughtful and timely, it was the kind of piece that would have been in the New York Times back when it was a good newspaper.
Far from being unpatriotic, writer Sheldon Richman is doing us all a favor when he warns of more careless government spending and a staggering $10 trillion debt. My grandchildren will be working like slaves, 12 hours a day, to pay that back. In fact, among the unfunded financial commitments, he neglected to single out over-generous government pensions. Counting federal, state and local, these are estimated to be another $5 trillion. In a country of only 13 percent private pensions, we can no longer afford the 20-year double and triple government pensions, an increasing number more $100,000 yearly. It will bankrupt us. It is killing the goose that laid the golden egg.
We need to curtail government spending and re-industrialize America. It was interesting to see the Bill Gross Investment Outlook today recommending delivering, deglobalization and re-regulating our economy. In his letter, Gross reminds us that the Global Economy began with trade between the U.S. and England, both having wage rates of about $17 an hour. Only when this was extended to China with wage rates of $1 an hour, did the trouble start. Gross points out that globalization is not an irreversible phenomenon. Let's hope we have some leaders who will see the potential in this.