Have the respective political leadership campaigns now fallen unwittingly into a “can you top this” mode that inevitably portends continued federal deficit spending? Given uninterrupted increases in national indebtedness over the past decade totaling 40%, the present total of $35-trillion exceeds the gross annual product of our entire developed economy. That reality is daunting enough, but a further threat lies in the current budget-busting cost of debt service at today’s elevated interest rates. Further downgrading of America’s deteriorating financial condition can only lead to additional loss of confidence in the dollar as a standard for international trade. One year of balanced belt-tightening and lower interest rates would silence the alarm bells now threatening our nation’s competitive future. Instead of problematic price controls, focus on distributed budget reductions should stem further inflation. A disheartened public burdened by record personal borrowing also would be uplifted toward a restored spirit of American exceptionalism, even as we inevitably assume some responsibility for assimilating uninvited immigrant newcomers. Phil Osifer