Living with the debt

Ben Cady and his high school economics teacher have ignored several crucial points in their analysis of the budget deficit ("Life and debt," March 9). Yes, it is fixable. However, it need not actually be fixed. We can continue to spend like a drunken sailor on his first leave after a year at sea if we take a few precautionary steps.

First is to cut the trade deficit. We now import more goods across every market (including food) than we export. If instead we purchased American products, it could increase our GDP, curtailing the effect of the rather large deficit.

Secondly, we can bail out the bond markets. The current surplus of Social Security funds is invested heavily in government bonds. Re-investing this money in the private sector (i.e. the stock market) would allow the government to avoid repaying its entire debt to the citizens of the United States. Otherwise, when those bonds mature in 2042 our government will be even more cash-strapped than it is now.

Thirdly, we can ensure that oil stays traded exclusively in U.S. dollars. Countries like Iraq, Iran, and Venezuela (one's been invaded, one's been threatened, and one's had a military coup promoted by us) have all toyed with the notion of selling oil in Euros instead. What happens when the single most valuable substance on earth is no longer exclusively traded in dollars? The value of the dollar drops to nil.

So, simply put, we can reinvigorate our own economy by buying goods made here, employing our workers. We can renege on our debt to our future selves, or we can guarantee the value of our currency by the devious means of conquest, threats, and undermining legitimate democracies.