Financing this war (originally published August 30, 2005)

In September, Congress is going to vote to permanently remove the estate tax, also known as the death tax. This is a tax that only effects those who have millions of dollars to pass down. it brings in to the government about $1.5 billion every week which is, coincidentally, what we are spending in Iraq. So if this tax is revoked it's another roughly $80 billion a year added to our debt. Another $80 billion plus interest the Chinese will own of America.
The Koreans own two thirds of our mortgages and the Saudis have hundreds of billions of dollars invested in American companies. Dependency in a global economy is a good thing. It's incentive not to go to war and for free trade but it must be a two way street. All this does is make us dependent on loan sharks who could call back their loans any time they please which will be whenever they think we won't be able to pay all of it back anymore. Which, at this rate of cutting taxes and spending beyond our government's means, will be pretty soon.
What happens when the world economy has to metaphorically break our knees? I don't know about you, but I'm writing my Senators and Representative to vote no.