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Cutting Taxes, Increasing Debt

July 24, 1986

Could someone explain the value of jump-starting an economic recovery, already sustained for 3 1/2 years by debt, with lower interest rates and yet, more debt?

Whenever companies or individuals try this method, as I did some 16 years ago, the result is disaster and for many, like me, bankruptcy.

Debt upon debt is not recovery, but, a growing bubble of bills and when it explodes it will drop IOUs on my kids and grandchildren. Of course the reply envelope will be addressed to Washington, D.C.

PAUL RICHARD

San Francisco

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