To the Editor:
In 1991 the Russian ruble fell from $1 (one dollar) for a ruble to one dollar for 138 rubles.
This week, while in Russia, I asked what had happened?
The general reply was that lavish social spending including government grants of $1500 for every student attending tuitionless college and free medical care for every Soviet citizen coupled with massive military spending brought the hyper-inflation to the Soviet, now Russian, economy.
By way of illustration are two incidents, which I witnessed in Russia in 1991: The first was a widow who had saved carefully her whole life and had an equivalent of $50,000. In 1991 her savings had evaporated to $2000, because of hyper-inflation.
The second was huge lines in front of State owned jewelry stores. The lines were made up of desperate citizens trying to obtain some value from the crumbling ruble before its complete collapse and hyper-inflation ascendency.
Currently we, the United States, are spending 40 percent more than the IRS’ receipts. We need to cut spending on social programs by 40 percent, cut military spending by 40 percent, and cut Federal EPA, Education, Agriculture and Commerce spending by 40 percent folding them into Treasury.
Right now, we are floating down the Niagra River, closing on the rapids. Once we enter the rapids, turning back is virtually impossible and losing the republic becomes likely.
It is time for our congressional delegation to stop dithering with our future adding at least a trillion dollars a year to our debt.
In the name of God, Susan Collins, Olympia Snowe, Chellie Pingree Sussman and Michael Michaud act or exit.
Richard Gerrity, Damariscotta
