To The Herald-Whig:
In Robin Anderson's letter to the editor on May 26, she stated that the U.S. needs a high speed rail system in order to compete globally. She also stated that China was spending up to 1 trillion dollars on their high speed rail system. However, China is doing well economically, they can afford to spend 1 trillion dollars. We could have the Federal Reserve print 1 trillion dollars and loan it to us. However, they just printed $600 billion this winter and it caused the dollar to weaken making everything cost more. This in turn made the stock market shaky.
The U.S. is broke and we are $14.5 trillion in debt. President Obama and Congress are acting like irresponsible teenagers spending money with no regard to future consequences. The IMF has discussed switching the world monetary standard from the dollar to a different currency because of the U.S. debt and the unstable dollar. If this were to happen we would plunge into a depression with 50-60 percent unemployment.
We can't borrow our way out of this, we can't print our way out of this, we can't spend our way out of this -- like you suggest. The only way out of this mess is to make deep cuts in all spending, including entitlement programs. With 47 percent of the people in the U.S. not paying any federal income tax, it means there are a lot of freeloaders out there.
Robin, there is a limit to how much money that the U.S. government can spend. Look up how much money Japan pours into their high speed rail every year to keep it running. It is a money pit.