Thomas Jefferson once said that “the principle of spending money
to be paid by posterity, under the name of funding, is but swindling futurity on
a large scale.” In other words, he believed that government debt was the
equivalent of stealing money from future generations on a massive scale. Right
now, the U.S. government is stealing roughly $100,000,000 from future
generations of Americans every single hour of every single day. And it is being
projected that the U.S. national debt will more than double during the 8 years
of the Obama administration. In other words, the federal government will pile
more debt on to the backs of our children and our grandchildren during the Obama
years than had been accumulated during all of the rest of U.S. history
combined. The federal government is literally destroying the future of America,
and what we are doing to our children and our grandchildren is beyond criminal.
If there was one thing that the Republicans in Congress were
supposed to do, it was to do something about all of this debt. These days
Republicans can’t seem to agree on much, but the one issue that
virtually all “conservatives” were supposed to agree on was the national debt.
The American people gave the Republicans control of the House in 2010 and 2012
for a reason.
Unfortunately, nothing has been done. Our debt has continued to
spiral out of control and now John Boehner and Paul Ryan are pushing a “budget
deal” that will essentially give the free-spending Democrats virtually
everything that they want for the next 10 years. That is why John Boehner and
Paul Ryan should immediately resign.
This “budget deal”
actually increases the deficit in the short-term.
Yes, you read that
correctly.
Overall, it is supposed to reduce the
federal budget deficit by about 20 billion dollars over the next decade. But
even if the unrealistic assumptions that those numbers are based upon end up
working out (which they never do), the “savings” will average just 2
billion dollars a year over the next decade.
And considering the fact that federal
budget deficits will likely average well over a trillion dollars over that time
span, that is a complete and total joke.
It is kind of like spitting into
Niagara Falls and thinking that it will actually make a difference.
Even Paul Ryan is admitting that “this isn’t the
greatest agreement of all time”, and in interviews he is complaining that the
Democrats wouldn’t allow him to do more.
As if we are supposed to feel sorry for
him.
Look – according to the U.S.
Constitution the federal government cannot spend a single
penny without the approval of the U.S. House of Representatives.
The Democrats cannot force the
Republicans to do anything.
So if the national debt more than
doubles during the Obama administration it is the fault of both the
Democrats and the Republicans.
Today, U.S. Senator Rand Paul called
the proposed budget deal “shameful“, and he was exactly correct.
It is utterly shameful that the
Republicans believe that it is just fine to steal more than 10 trillion dollars
from future generations of Americans during the Obama years.
It is utterly shameful that the
Republicans believe that it is just fine that the U.S. government has
accumulated more than 200 trillion dollars of unfunded liabilities that
will need to be paid in future years.
It is utterly shameful that the
Republicans believe that it is just fine to keep running up a debt that is now
more than 37 times larger than it was just 40 years ago.
House Speaker John Boehner, R-Ohio, who
ceded control of the budget talks to Ryan, likewise pushed back on outside
groups’ attempts to influence lawmakers. “They’re using our members, and they’re
using the American people for their own goals,” Boehner said, “This is
ridiculous. Listen, if you’re for more deficit reduction, you’re for this
agreement.”
The Democrats don’t even have to attack
fiscal conservatives anymore because the Republican leadership is taking care of
that job for them.
And John Boehner has got to be joking
when he uses the phrase “deficit reduction” in relation to this proposed budget
deal. In fact, even CNN is admitting that it essentially does nothing to help
our long-term debt problems…
It doesn’t really move the needle much
on the country’s long-term debt trajectory. That’s because Ryan and Murray opted
for pragmatism, explicitly ruling out wrestling over entitlement and tax reform
in this round of negotiations.
That means that we have added 1.16
trillion dollars to the national debt in a little more than 14 months.
This is a recipe for national
suicide.
We were the wealthiest nation in the
history of the planet, but that was never good enough for us.
We always had to spend even more.
Now we have accumulated the greatest
mountain of debt the world has ever seen, and someday if our children and our
grandchildren have the chance they will curse us for what we have done to
them.
Anyone that has run up massive amounts
of credit card debt knows that the ride up can be quite enjoyable. At times, it
can seem like the good times will go on forever and that there will never really
be any consequences.
But in the end, a very painful day of
reckoning always arrives.
The rest of the world is watching what
is going on. They can see us running up all this debt. The can see the Federal
Reserve wildly printing up money.
At some point the rest of the world is
going to stop using our increasingly unstable currency to trade with one another
and they are going to stop lending us trillions of dollars at super low interest
rates.
When that time arrives, the
consequences of decades of very foolish decisions will catch up to us very
rapidly.
If only we had listened to our
forefathers.
I wish it were possible to obtain a
single amendment to our Constitution. I would be willing to depend on that alone
for the reduction of the administration of our government to the genuine
principles of its Constitution; I mean an additional article, taking from the
federal government the power of borrowing.
How much better off would we be today
if we had only listened to him?
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