No one understands economics

Our so-called good economy is grinding to a halt.

With reduced revenues to the treasury because of a combination of the president's tax cut to the wealthy, his Iraq war, and no offsetting program expenditure cuts, the national debt is now $9.3 trillion.

Since September of 2006, it has been growing at the rate of $1.5 billion per day. One of the first things he did when taking office was to throw out "pay-as-you-go" budgeting, and deficit spend like a family on the loose with a credit card.

Former Comptroller General, David Walker who just recently resigned from the General Accounting Office, had been saying all along that the president's economic policies of deficit spending will put us on a path to financial destruction. No wonder he resigned; no one would listen. The sad thing is he was right.

Historically, a series of deficit budgets have always led to inflation to correct these deficiencies. Well, it has started and evident with the declining dollar, the increased cost of oil, food, and housing.

The media should be reporting issues such as this. The media obviously is not interested in the real issues, but rather is intent on driving all questions and focus to only emotional issues, such as Pastor Wright, Hillary under fire, and McCain's age.

The media is doing an extreme disservice to America by not reporting on the real issues. No one is talking about living within our means and the dollar continues to fall, which is most evident in the cost of oil. Our credit has run out. This should be the real issue being reported.

The decreasing value of the dollar is the biggest reason the cost of oil is where it is at, and these costs will spread into all other products and services paid for by us all in terms of inflation. Doesn't anyone care? No one is talking about it. Is there no one in Washington or the media who understands business and economics?

Leo A. Dietrich

Lake Villa