Letter: Having too much debt hurts nation's economy

In his opinion commentary John Strauss states "debt is not the demon politicians claim." It appears he is like many if not most Democrats to be naive and uninformed. He says debt should not be a concern because it is an investment by households and governments for a higher standard of living. Too much debt can be damaging to a household and can lead to bankruptcy. The long term effects of excessive government debt leads to higher inflation, higher interest rates, increased interest payments, slower economic growth, higher unemployment, devaluation of the dollar and higher taxes to name a few. Excessive use of credit and debt is a very bad investment. When I was younger I believed government debt was not a concern because governments can tax. Many countries have learned the hard way and have had to be bailed out by the IMF and or paid the consequences.

Wade Kiess

Mount Prospect