I offer my thoughts in this draft letter to Senator Ted Cruz and Senator John Cornyn. Also, see thoughts from Richard D. Wolff.
Sincerely,
Ed
Draft Letter to Senator Ted Cruz and Senator John Cornyn – Ed O´Rourke
When the US government defaults on June 1, 2023 my comfortable existence will take a deep dive.
I am a retired certified public accountant from Houston now living in Medellin, Colombia where the peso dollar exchange rate is 4,500 to 1. With the default the dollar will stop being the world´s dominant currency. My dollar retirement payments will draw far fewer pesos.
When I earned a master´s degree in Latin American Studies from UT-Texas in the early 1970s, most courses were in economics. I offer some solutions not currently discussed.
In 1946, the US defense budget decreased because the Allies had won the war. After the Soviet Union closed its doors on December 26, 1991, the Pentagon budget has increased, now equal to the next 9 countries in line.
Recommendation one: The US has 750 military bases overseas. Keep 100 and close the rest.
A nuclear exchange between Pakistan and India will provoke nuclear winter. The US has 5,500 nuclear warheads.
Recommendation two: Keep 1,000 nuclear warheads for deterrence and wandering asteroids. Decommission the rest.
Recommendation three: Restore tax rates on corporations and rich individuals as we had when Ike was president. I was a child in those days which were prosperous.
Thank you for your attention.
Sincerely,
Edward T. O´Rourke, Jr., CPA
Current Debt Ceiling Deceptions
Current debt ceiling deceptions favor corporations over individuals and the richest individuals over the rest of us.