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April 27, 2011     The Florala News
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April 27, 2011
 

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PAGE 4 THE FLORALA NEWS - WEDNESDAY, APRIL 27, 2011 Comments Letter to the Editor The Florala News' editorial section is intended to provide our readers and citizens as complete an opportunity to express themselves with as few re- stnctions as possible. Profanity, direct or implied, and attacks on one's per- son rather than on actions or deeds are not acceptable. Publication on this page in NO WAY REFLECTS AGREEMENT OR ENDORSEMENT BY THIS NEWSPAPER. The week before last, the kids and I went on our annual 9-day pilgrimage to the House of Mouse and it never fails to entertain. It's amazing how the time leading up to the event seems to drag along, but once the day arrives, and the vacation begins, time flies by like it's on fast forward. At least I can take comfort in knowing we had fun 'cause time only flies when you do. The drive down was uneventful, as it usually is, but boring and coma-inducing between the ramp onto 1-10 at DeFuniak Springs and the ramp Onto 1-75 south. To make matters worse, I choose to drive in the middle of the night making it even more boring. My children do their best to stay awake and keep me occupied, but eventually fall into slumber land, dreaming of all that they will purchase using their spending money. Money that is saved by me, so tech- nically it's mine, but we won't go into semantics. It's theirs and once it's gone, it's gone. We arrived at our resort around 6:30 a.m. and to my surprise, we beat the sun there. That had never happened before and for a moment it felt as if the sun was not going to appear. Maybe it was just my lack of sleep. We went to check in - a task made easier and faster by my checking in online 10 days before - and to my surprise, heard that our room was ready. Great! But our cards (which is our tickets and room key combined) could not be printed off for another half hour. Boo. Alas, it gave us some time to stroll around and get better acquainted with our home for the next 8 nights. And to feed my hungry, just awoken children. I had checked the weather, and Disney World crowds, the few days before we headed down there and was glad south. And early-to-the-party summer. After a few days, it began to "cool" off and was much more bearable. Our first Sunday there was one I was looking forward to. That night we had reservations for a table service res- taurant we had been wanting to eat at. It is located in the Mexico pavilion at Epcot and the scenery and ambiance is worth the elevated prices alone. The food turned out to be pretty good as well, so I had no complaints. What made it more enjoyable was the fact that a friend of mine from high school, Julia, who lives in Tampa now, joined us for, dinner. She had done the same the year before last, and at that meeting, it had been twenty-something years since we had seen each other. She was unable to come see us while we were down her way last year. She always comes bearing gifts from the Boston Crusaders Drum and Bugle Corps, of which her son James is a member, and has been for several years now. That Sunday was much more nostalgic for me in another way as well. One of my dear friends from junior high, Ter- rie, who also lives in Tampa now, came over to visit with her morn, Gerrie. I had not seem either of them since 1987. That just happens to be the time that I was a Cast Member at Epcot and spent countless hours in their home to cure myself on my homesickness, And they know Julia as well. Small world seeing as though I went to junior high and high school in two different cities in North Carolina. To be walking around Epcot with Terrie, her morn, and her daughter, Marianna, who I had just met for the first time, and Julia, was a little strange, but time-of-my-life material nonetheless. If you could crawl inside my brain, it was home 24 years before. And there we were experiencing it together, in a much different, and much better, time in our lives. Pretty cool. Wednesday brought my mother and Bobby down to spend some time with us and we couldn't have been happier. It took some convincing to get Pops away from work for that long, but he caved and I think had a pretty good time being dragged along with us. I think the highlight of spending time with them was one night when it was just the 3 of us. Cydney had a blister, and after walking around all day, did not want to head over to the Magic Kingdom for late-night walking. Dylan didn't want to go either, so I sent them back to the room, telling her she had to go swimming with him at the pool. Let's just say the gift I brought her later was not unwarranted as she took care of her brother famously. While traveling through Magic Kingdom, Pops and I had somehow managed to get my mother on Splash Mountain. Probably by the same tactics I used to get Dylan on it for the first time this year- just walk up to the entrance, not men- tioning anything about going on it beforehand, and saying, 'ou're going on it." Well, wouldn't ya know she loved it and even rode it a second time with her arms in the air going down the 50-foot drop. Yap, we got wet, but the picture we got of the 3 of us, with our arms in the air, smiling through the initial fear of that big drop, is the best I've ever seen... CROSSWORD to see that the temps were not going to be that bad. But as might be more understandable, but for the purpose of my allweathermen, ahem, excuse me weather PEOPLE, are statement, let's just say there I was walking around some-  " -T-]II-IEE wrong, the temps our first few days in the Orlando area where I used to work, with great people (Terrie andher --  -- is - - were pretty brutal. 90's with high humidity. Welcome to the morn) who did whatever they could to make me feel like I __  -- 13 - - " la es th - - ' -- Downgrad,ng Amer, ca: S&P dec r e obvious ilflIlltlt by Fred A. Kingery this debt will mature in under one year and just under 50  27 29 I 1 2 A' : If you had been living on another planet the last three percent of the debt will mature in less than three years. years, you would be shocked to learn that the credit-rating Moreover, the annual deficit (new debt) is projected to be -- -- --     - - agency, Standard and Poor's (S&P), has placed the current over $1.5 trillion and will remain as an additional ongo .... ,2 Y - AAA,credit rating for the debt issued by the U.S. Treasury ing annual borrowing requirement for as far as the eye can on a negative watch" status. Most of us who live on planet see. ' --  -- " - earth had already concluded that the credit worthiness of America's current borrowing cost is at a historic low __-- __ __5-7 5!1! ! _ _ I our sovereign debt would be downgraded--unless Congress of about 1 percent compared t O a historical average cost and the president were to fix the nation's debt problem, of funding slightly over 5.5 percent. As noted above, the ! b 's ! Although the financial markets reacted to this "negative current annual budget interest expense is projected to be  62 watch news as if it wasn't really news, S&P did get the $200 billion per year. Whathappens if the cost of financing nation s attention. After all, it was the first time since the returns to anywhere near the historic average of over 5.5 attack on Pearl Harbor (70 years ago) that a downgrade on percent? the outlook for U.S. Treasury securities had been issued. A recent analysis published by Lawrencei. Lindsey proj- Like Pearl Harbor, Americans don't have a minute to waste eats that marketable debt held by the public could rise to --  -- - - in responding to the threat. $13.1 trillion by 2015 and $16.7 trillion by 2019. The inter- What prompted this change in the credit outlook by S&P? eat expense is projected to rise to $847 billion by 2015 and" II jESIi i ! lii To answer that question, consider the following: $1.15 trillion by 2019. As a percent of the tax revenue flow- Suppose you were to buy a home using a 30-year, fixed- ing into the federal treasury, interest expense could easily rate, $200,000 mortgage that cost you 5 percent. Your exceed 30 percent and approach as much as 50 percent. All monthly payment would be $1,070 for 30 years. Your debt other forms of budget expenditure would be threatened by level is initially fixed anddeclines going forward. Other this major claim on the nations tax base. This is the future --..u....,,  ,, .  00i/ell letA'00rl00/lafch,ercT than the assumption that you have the income security to financial trap being laid out by the policies of the current maintain the monthly payments, the risks associated with government and finally being acknowledged by S&P. Where volunteering begins. Oh, and here's the rest of the news flash S&P forgot to mention for our professional political class in Washington: The day of reckoning for this national financial train wreck is approaching much faster than you think. The fed- eral government's current policies of extend and pretend wilt no longer appease the financial markets. If our politi- cians don't fix the nation's debt problem on their own terms now, with substantive and credible policy changes, then the financial markets will fix the problem for them later. Spe- cifically, later is sometime between now and the November 2012 elections. The clock is ticking. -- Fred A. Kingery is a self-employed, private-equity in- vestor in domestic and international financial markets from New Wilmington, Pc., and a guest commentator for The Center for Vision & Values at Grove City College. the debt and its cost are defined and fixed. Now consider the case of our national debt. The level of debt is not fixed. It's set to grow almost exponentially going forward. The cost of funding the debt is not fixed either. Current Treasury debt yields are at a historic low and set to rise going forward. The assumption that we have the ability as a nation of taxpayers to service our debt via tax revenue is dependent on the variability of the growth rate of the U.S. economy going forward. Clearly, the risk connected to our ability to service our nation's debt is not defined and fixed; yet, it's set to rise dramatically. Specifically, the total federal debt level will exceed $14.3 trillion in the very near future. The portion of that debt held in the form of marketable securities is over $9 trillion. The current interest expense on the marketable portion of the debt is $200 billion (2.2 percent). Over 20 percent of LETTERS TO THE EDITOR: ,t ' : The Florala News welcomes Letters to the Editor All letters will be published at the discretion of the editor/publisher. No letter will be published that does not bear the actual name of the writer and their city or town of residence. A contact number or e-mail address is required but will not be published. Letters cannot be returned. The Florala News (.c) 2011, StatePoint Media, lnc, THEME: FAIRY TALES ACROSS 1. Lowest male singing voice 6. Extinct flightless bird 9. *What did the boy cry? 13. Type of dental practice, for short 14. Be unwell 15. A wheeled wagon or trolley 16. rind=rt 17. " at ease" 18. Made a mistake 19. *Pied Piper's stomping ground 21. Slacked off 23. Mightier than the sword? 24. Via 25. Jump key 28. Boxing practice 30. "Stay "mom or dad 35. Chromaticities 37. The Beehive State 39. Affirmatives 40. Europe/Asia mountain di- vide 41. Things on a to-do list 43. Takes a seat 44. An address to a woman 46. Go from solid to liquid 47. "Que Sera " 48. Trumped 50. Worth a million dollars? 52. Scottish hero Rob 53. Break or destroy 55. mode 57. Blisters, as in burns with a hot liquid 60. *He faced 40 Thieves 64. Islamic beauty of Paradise 65. Often used with "off," as in cut off 67. Twilight 68. *Hans Christian Andersen's "The Hill" 69. First woman? 70. From this time 71. Living room seat 72. Duty 73. Trips or travels DOWN 1. Pretentious or silly talk 2. River in Armenia 3. Flower holder 4. *It often represents the meek 5. Loads 6. Street in Anytown, USA 7. "There Will be Blood" was based on this Upton Sinclair book 8. Islam's Supreme Being 9. St. John's __, plant 10. *Shrek, e.g. 11. *What Pinocchio did 12. U.S. central banking sys- tem 15. *Beast's true love 20. Entry into a computer, e.g. 22. Lingerie staple 24. An item given as payment for a new one 25. *Tom 26. Saints' lights. 27. Mardi Gras souvenir 29. A-bomb particle 31. Nazi villain 32. Twig of a willow tree 33. The first 'M' in MGM. 34. English homework? 36. Fence piece 38. Ship's cargo space 42. Take a base in baseball 45. *Famous wizard 49. Defective firework 51. Ablaze 54. Small body of land 56. More capable 57. A musician's time to shine 58. "Off the __," as in with little preparation 59. "Summertime" in Porgy and Bess, e.g. 60. Mt. Everest is this to Earth 61. First-rate 62. " in the U.S.S.R." 63. Hollywood actor Leon __ (1902-1993) 64. The Chiffons hit " So Fine" 66. Spermatozoa counterparts last week's solution