Toronto Sun | 20Mar2011 | Orest Slepokura

Escalating debt
Re “‘It’s a Wall Street government,’” (Lorrie Goldstein, March 13, 2011):  
Consider the annual $200 billion in interest America pays on its national debt. This takes money out of the private economy, sending much of it to foreign investors who hold American Treasury bonds. The National Academy of Sciences has warned that by 2030 the U.S. could be transferring 7% of its entire economic output, or $2.5 trillion, to foreigners every year merely to service its debt. That, of course, assumes there still will be a U.S.A. by then, with a functioning government solvent enough to honour its debt obligations.

Orest Slepokura
Strathmore, Alta.

(We’re still waiting for one senior Wall St. executive to be tried, let alone convicted, for causing the global economic crash in 2008)