Spending, borrowing can't continue in U.S.
After reading several letters to the editor about those who did not vote for President Obama being sore losers, I felt that I must respond.
It is true, we are not happy about the results of the last presidential election.
Some people, a minority I think, believe that the federal government's big spending and borrowing can only go for so long and then there will be bad consequences. This has happened in the past in other countries and their currency became inflated and eventually worthless.
This caused great distress for the citizens of those countries. It resulted in very high unemployment, people on fixed incomes becoming destitute and the population in general having great difficulty in purchasing basics such as food and fuel.
For example, if a person is receiving $600 a month in food stamps and all at once that $600 will only purchase half as much food as the previous month, and the next month only half of that, there is a huge problem. This type of situation spells great difficulty for the general population.
Here in the U.S. it probably won't be as dramatic as that example, but at the height of the future inflation it will probably lose value at say 5 or 6 percent a month. But in time people will suffer the same consequences.
I think most of us have become immune and spend little or no time thinking about the government's borrowing and spending. But to paraphrase a famous politician, a trillion here and a trillion there and before you know it, it adds up to real money.
If this country can borrow and spend indefinitely, we will truly have utopia here on earth. I do not believe that will happen.