"No generation can contract debts greater than may be paid in the course of its own existence"....Thomas Jefferson
America is in a tragic situation and we - readers, voters, her citizens - are responsible. We've allowed our gluttony and economic arrogance to create a situation where 40 cents on every dollar our government spends is debt we've borrowed. That's a stunning reversal of our balance sheet for one generation.
One of America's great debates is whether to raise the debt ceiling. The current debt ceiling is over 14 Trillion dollars or $14,000,000,000. Our interest payments exceed $1 billion a day. The President and Congress recently fought for weeks threatening a government shutdown because the two sides argued about cutting approximately $41 billion dollars from next year's budget.
$41 billion is less than six-weeks of interest payments on our debt. How can the President or Congress retain any credibility for fiscal prudence while the two sides spend months arguing and bringing the government to the brink of a shutdown over six-weeks of interest payments? This showmanship is nonsensical relative to debt reduction.
Just a few years ago, then U.S. Senator Obama voted against raising the debt limit and had a harsh rebuke for then President Bush: “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure…..Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.” Senator Obama, March 16, 2006.
You were right before you were wrong, Mr. President. America has a debt problem and a failure of leadership - you.
The world may owe her freedom to America's greatest generation, but America may owe her demise to our generation.
* Messrs. Casey and Rivkin's WSJ opinion editorial aided this piece and some content above is credited them.