The "President's Perspective".

• Author: Cragin, John
• Position: READERS'FORUM - Letter to the editor

* The "President's Perspective" in the February issue of National Defense was logically disquieting. It got me thinking about the biggest logical bomb we face--the national debt, a major part of which is owed to foreigners. No plan, scheme, or fund exists for the honorable payment of that $3.8 trillion at maturity. Most of us (actives, vets and other oath-takers) who were sworn to defend the nation and its Constitution are hard pressed to figure out how.

One idea floating around is to buy the debt (bonds) back, from foreigners. Then interest of roughly $185 billion annually would stay in the United States, where it belongs. It would take a little effort on the part of the Treasury to facilitate buying those bonds, but it's doable.

I remember 1943. As an eighteen-year-old draftee, earning $52 per month, I contributed about $12 monthly to buy stamps and bonds to support the war effort. I think today's potential bond-buying pool of over 400 billionaires, very many millionaires and well-to-dos, could...