U.S. government is close to bankrupt

In a June 8 New York Post article, Michael D. Tanner, senior fellow at the Cato Institute, reported that the U.S. government's debt was $13 trillion and that President Obama's 2010 budget will spend $3.8 trillion. He also wrote that “Just keeping up with currently projected spending would require raising both corporate and top income tax rates from 35 percent to 88 percent, the current 25 percent tax rate for middle income workers to 63 percent, and the 10 percent tax for low-income workers to 25 percent.”

Obviously this nation cannot tax at those rates without making the Obama depression worse. Unfortunately, members of the Obama administration and the Democrat-controlled Congress still want to pass legislation to tax industrial carbon dioxide emissions, increase taxes on small businesses and citizens earning $250,000 or more annually, increase the “death tax” to 55 percent and set up funds to rescue state governments that are seriously in debt as well as to set up new departments to give amnesty to illegal immigrants, regulate banks, credit card companies and mortgage institutions, etc.

Unless we soon reduce government spending, I fear that the U.S. government will soon face bankruptcy. I believe spending can only be reduced by re-electing Sen. Chuck Grassley and Republicans to replace the three Nancy Pelosi Democrat servants who currently represent the 1st, 2nd and 3rd Iowa congressional districts in November's election.

J. Fred Doornbos

Iowa City