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PROPOSED SOLUTION TO NATIONAL DEBT CRISIS

Story ID:9263
Written by:Frederick William Wickert (bio, link, contact, other stories)
Story type:Musings, Essays and Such
Location:Washington D.C. USA
Year:2003
Person:Uncle Fossil
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PROPOSED SOLUTION TO NATIONAL DEBT CRISIS
By Fred Wickert


I read Bob Mitchumís latest post on his Uncle Fossil. In his post he described a call from Uncle Fossil to tell him of trying to get a government loan with which to grow more corn.

As I was reading this, the idea began to take shape in my mind, and I believe I have it. I know how to solve the national debt problem. Actually it is so simple, I wonder why it has not been thought of before.

People in this country are always borrowing money for one thing or another. We borrow to buy a house. We borrow to buy a car. We borrow to make home improvements. We even borrow to consolidate our debts. We borrow the money for these things from banks or finance companies. The interest rates are quite high on these loans. They are certainly much higher in the interest rates they charge than is the rate the banks pay us if we have a CD or a savings account.

The money the government is borrowing from China, Japan, and the Arab nations I believe is at around one or two percent interest. I propose the government start giving car loans and mortgage loans and home improvement loans, even boat loans. The government can charge a percentage point lower than banks and finance companies. Then they can use the higher returns from interest to repay the loans from other countries, which they have borrowed at a much lower rate. After a while they will have the loans or national debt paid off and they can start building up a surplus.

Once they get the surplus built up, it seems to me they should easily be able to cut taxes, and they will be able to fund all sorts of programs for the poor and needy, for the space research and medical research and all those things.

When they get finished with all the hand out stuff, hopefully they will have enough to properly equip our military and give them the very latest and the very best. Many politicians make all these grandiose speeches that we do that now, but it is a lie. Our Air Force is still flying B-52ís. Those planes are 60 years old. We are only now replacing our tanker fleet which is 50 or more years old. We are flying cargo planes that are so old they have all kinds of problems with metal fatigue. Personally I believe it is a crime for us not to equip our troops with modern and up to date air craft. Probably the best ground support aircraft we have is the A-10 Warthawg, but it is 50 years old. They keep upgrading them with better avionics systems and so on, but they are still old planes. Something better needs to be designed. With some new carbonite materials we have now, they should be able to build some new and awesome aircraft at a reasonable price to replace all those old ones.

Yes, I do believe that is the answer. All we need to do is have the government turn to being a loan company. They could solve all of our financial problems with all the money they can make from interest and late fees. If they adopt it and it works, and I donít see why it canít, we can owe it all to Bob Mitchum and his Uncle Fossil.


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