To the Editor: President-elect Joe Biden's campaign promises would cost trillions while overlooking the fact that Washington can't bail out everyone.
As is, our Federal $27-trillion long-term debt will grow by $1 trillion a year until 2030. The first series of CARE COVID-19 relief bills totaled $3.7 trillion, primarily borrowed money. Congress and the White House are negotiating a second CARE COVID-19 bailout between $600 billion and $2.2 trillion.
Biden will ask Congress for trillions more. How will we pay for this? Only government can max out its credit cards with no consequences. Sooner or later, China and other creditor nations will collect the bill. You can't continue spending money you don't have forever.
Government and the private sector must make difficult financial decisions on how to use existing resources. Americans prioritize their own family budgets. They make the difficult choices in how existing resources will be spent. If it can wait till later, it should be postponed.
The President-elect and Congress need to offset some of these costs by changing priorities within the fiscal year 2021 $5-trillion budget.
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