We are experiencing fiscal insanity. Donald Trump and Congress approved a two-year budget increasing our $21 trillion debt by $320 billion. The Federal Reserve chair in 1980, Paul Volcker, said a $500 million increase in our national debt will cause interest rates to go up 1%. Volcker exceeded that and by 1982, the prime rate went to 21% and mortgage rates to 17%
Are we going down that path again? What happened to the Republicans who were against increasing our national debt? I’ll tell you, they don’t care because they are personally making a great deal of money thanks to lower taxes. They “feathered” their own nest. Also their lobbyists are putting them into profitable stock deals.
The fox is in the henhouse. Guess who pays?
Richard Goodwin
Snowmass Village