Today, BBC Business announced the United States' record deficit of $1.4 trillion - almost three times that of last year. This is unacceptable. I understand that desperate times call for desperate measures and that government cannot always operate within its means. But more and more, it seems as though Washington is spending absurd amounts of money to insulate the wealthy and powerful from the effects of an ailing economy, and that is not right.
A huge portion of this year's deficit can be traced to Washington's crusade to protect corporate interests at the taxpayers' expense. Instead of investing in Main Street and retaining some sense of fiscal sanity, the federal government has provided unconditional safe haven for the wealthy political donors and Wall Street bankers who created this crisis in the first place. Since 1990, Goldman Sachs alone has contributed over $31 million to federal campaigns and has consequently become one of the Troubled Asset Relief Program's biggest benefactors, according to opensecrets.org.
Our fiscal irresponsibility is leading us to a point of no return. Soon, foreigners will no longer be willing to buy our debt, forcing the dollar into irreparable decline. We cannot afford this risk, and therefore, reducing the deficit should be among our top priorities. But first, we must end the corruption and corporate welfare policies that are at the root of our irresponsible spending habits.
Scott Trumbull\nCLAS IV
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