Why are we untroubled by huge debt?

Editor,

It seems that there are no more fearful words in the American voters' mind than "Raise your taxes." The term is political death. All politicians avoid these words as though they were the enemy.

Why is it that the American electorate is untroubled by the enormous debt this country is accumulating, in part due to the war in Iraq? Do they not care, as long as their immediate taxes are not increased? Who do the voters assume is picking up the tab on this war?

According to an editorial in the New York Times, Oct. 21, 2006, "The Chinese sell a lot of merchandise to the United States and, in the process, accumulate a lot of dollars. They then loan many of those dollars back to the United States in exchange for all manner of American IOUs including Treasure Bonds, federal agency bonds and private sector debt."

Quoting this source again: "America's indebtedness to China, as a result, is staggeringly high, although the Bush administration — which needs foreign loans to help finance the budget deficit — seems unfazed."

But there is reason for pause. The Wall Street Journal reported this week that China's holdings of foreign currency and securities would soon top $1 trillion, a fivefold increase since 2000. Roughly 70 percent of that is believed to be in dollars or dollar-based assets.

How can we look at our grandchildren who will assume this debt and reply, "Well, at least the government did not raise my taxes?"

Are we really the enemy?

"Read my lips, no new taxes" is a boondoggle for generations to come.

Ken and Adell Hansen

Polson