U.S. needs higher interest rates to survive

Re: 'Fed foolish to raise rates now' (June 13)

Dear Editor:

Any nation that runs a budget deficit cannot afford to keep its benchmark rates low for too long. Why? Because foreign direct investment finances our nation's huge deficit. By keeping interest rates low, foreign direct investment into our dollar-dominated debt decreases, devaluing our nation's currency. Since our nation -- due to high taxes, high labor costs and egregious environmental restrictions on our industry -- cannot ever compete with other nations, the United States is a net importer of goods and services. Our devalued currency has caused inflation to balloon.

The only answer to today's national financial dilemma is to reduce all tax rates, raise interest rates and slash government spending. By reducing taxation you spur growth and investment -- a net gain for GDP. By raising interest rates you fight inflation. By slashing government spending our nation can finally rid itself of foreign countries that are in essence our bankers today, freeing our great nation from enslavement and allowing it to become financially independent!

Garry Donald Iozia II
Kaida Holdings LLC
Hackensack, N.J.

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