Miles and miles of debt.

• Author: Haseltine, Robert W.
• Position: National debt - Column

The balanced budget bill seems to be one few legislators wish to consider. Perhaps, this is because it would put a crimp in pork barrel outlays destined to increase the number of wasteful projects that only help certain districts of the country. I am not referring to funds needed to relieve those who suffered during the great Midwest floods of 1993, the assorted tragedies that hit California over the past year, or the horrible winter that caused distress throughout the Midwest and East. Such monetary assistance certainly is necessary.

Neither am I referring to funds that already are contracted for, such as Social Security payments. These certainly are vital for the majority of those receiving them, especially individuals unable to achieve the higher levels of retirement income senators and Congressmen have granted themselves for their untiring service to the people of this nation.

Many blame past presidents for getting the country into the economic morass in which the U.S. finds itself They tend to forget, or don't want to remember, that Congress passes the money bills and allocates funds for these projects. It also makes sure to give no president a line item veto.

The past two Republican administrations are not absolved for their part in the deepening of the budget crisis. At the same time, had they not been aided and abetted by a Democratic Congress, Americans might not be in such a financial mess.

Certainly, there are a number of issues coming to the forefront. The mercantilist economic theories under which the Japanese operate lead them to export as much as they can, import as little as possible, and take the balance in gold. Outmoded since Adam Smith's Wealth of Nations doctrine in 1776, these theories still are the basis on which Japan operates.

The major issue is not this, but one foisted on Americans over the past decade and a half - the ever-burgeoning national debt. This would not be so bad if it were owned within the limits of the U.S. economy. Until about 1988, such was the case. Little of the debt was owned overseas. This is not so anymore, as America now is a debtor nation with more than half its debt owned by other countries. This means they have a call on U.S. products and resources if they demand payment.

Over the past decade or so, Americans have developed a mental block concerning large dollar figures. Anything over $ 1 0,000 or so and their minds refuse to accept the added zeros. Second, people have become so used to...