A major challenge in listening to both parties is filtering out the truth. This applies to the exchange of letters to the editor as well. I wish to clearly state my belief that the long-term solvency of the Social Security system is a major issue and that any politician, Republican or Democrat, who attempts to deal with the issue is to be commended. What I dispute is whether the proposal by President Bush actually addresses the problems with Social Security and whether it is the most important financial issue the country faces now. President Bush’s proposal is rejected because, by his own admission, it does nothing to solve the solvency issue for Social Security, and it passes the burden on to our children by relying on borrowing. Why would the nation want to borrow money now when, if it did nothing, it wouldn’t have to start borrowing to pay Social Security benefits for 10 to 15 years? It is ironic that the Republican leadership, which has always painted Democrats as tax and spend, has established a pattern on both the state and federal level of borrowing and spending which, from a financial perspective, is much worse. The worst part of reliance on borrowing is that it creates a myth: we can enjoy our standard of living without having to pay for it. The out of control borrowing the federal government is already doing is the key financial issue for America. Republican chairman of the Federal Reserve, Allan Greenspan, has stated this numerous times over the last few months. Concern about borrowing goes back to the old adage that if you owe someone money, they own you. This is especially true for the United States, as almost all of the money it borrows to finance its debt is lent by foreign governments or individuals. At a time when we are obsessed with our physical security because of 9/11, we are willingly subjecting ourselves to far greater risk by our reliance on borrowing. The result is that the financial status of the United States now is worse than it was for Argentina before it collapsed. Most worrisome is that the country is three years into what is called a recovery, has the lowest interest rates in history, the largest public and private debt in history and still has the largest federal budget deficits in history. Still, predictions are that the deficit will be eliminated by 2013, as if all of these factors will continue and no recession will occur during that time period, something that has never happened in American history. Osama Bin Laden could only dream of putting America at such risk. Where does the responsibility lie in dealing with these issues? In both Minnesota and the United States, the Republican Party has been the dominant political organization for years; to suggest that they do not bear primary responsibility constitutes a myth. If America does not soon face the reality of its financial situation, as well as problems such as Medicare and the cost of health care, there will not be a happy ending to this story.
