Paying for the Iraq War

One of the issues you avoided mentioning in your editorial is the important question about how the war is to be paid for (Unfinished Debate on Iraq, New York Times Week in Review, January 13, 2008: 11).

It would be unconscionable for us to pass the cost, with interest, on to our children and grandchildren. It would be unwise for us to continue to pass the debt off shore as that puts control of our economy in the hands of foreigners.

We must therefore start paying our way and we must bring the debt on shore. We should have done this three or four years ago when the economy was more robust; but despite the costs we must do it now. We must increase taxes (combine that with a government spending stimulus package) and we must force the richest Americans into a forced savings scheme to bring the debt home.

If we fail to do this we will be letting down the next generation of Americans.

Sent to the New York Times