We have been listening to all the rhetoric about cutting government spending, but nothing substantial has even been undertaken - just a lot of talk and threats of cutting Social Security benefits and Medicare.
Both programs are funded in part by working people's contributions and should not be considered entitlement programs. None of our so-called representatives in Congress addresses the issue of foreign aid. This is the best place to start cutting government spending especially when you learn that we are giving foreign aid to countries we are borrowing from.
A report from the Congressional Research Service states that in 2010 four of the world's top 10 countries received foreign aid. A total of $1.4 billion went to 16 countries that each held at least $10 billion in treasury securities. China holds $1.1 trillion and still received $27.2 million in aid. Brazil holds $193.5 billion, and it received $25 million. Russia holds $127.8 billion, and it received $71.5 million. Mexico holds $15.3 billion, and it received $316.7 million.
Egypt, believe it or not, holds $15.3 billion and received $255.7 million, and Secretary of State Hillary Rodham Clinton has promised additional millions in aid.
These grants of Foreign Aid do not come off the top of our balance due to these countries. We simply are borrowing money from these countries and giving it back to them in foreign aid. This does not make any sense at all.
What is it going to take for those in Congress to realize that we cannot afford this method of mismanagement? It would be interesting to know why the media does not expose this outrageous behavior.
Joseph E. Colton