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Debt Growing Out Of Control by Larry Belmont Published in Spokesman Review June 127, 2006 President Bush may not be worried about our debt, but the International Monetary Fund certainly is. Again it has urged that we pay down our national debt, and it even suggested tax increases! As usual Bush is ignoring its advice. We must deal with this soon. In 2001, 30 percent of our debt was owed to foreign nations. Now it's 43 percent and growing. Bush may try to divert the national attention away from our real problems and waste time and money on silly issues like gay marriage and flag-burning, but when this bill is paid by our grandkids, they are the ones who will suffer. In the past when the debt was paid down, as President Clinton did, that money circulated within the U.S. and helped our economy. This time almost half of the growing debt will go to other nations, and it will not circulate in or stimulate our economy. There will be less money for our grandkids, and that will reveal the real Bush legacy. Bush must stop borrowing $200 billion a year from our kids and Social Security and instead reduce his debt by ending his egregious tax gifts to the wealthy. Larry M. Belmont Suggestions and submissions for this page may be sent to: Web Master   Back Home.