Philosophical Musings

Philosophical Musings

Monday, August 1, 2011

US Debt

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006[/quote]

I really agree with Obama here.. if only he was consistent with his fiscal views, i'd be an avid supporter.  His analysis is spot on, & his conclusions are right.  Why did he change his views on this?  He is right, the debt is a hidden enemy, robbing us of our resources.  We should cut the debt, stop the spending, & become fiscally responsible in the federal govt.  A balanced budget amendment is also long overdue.. since we cannot trust the politicians to be fiscally responsible, we should force them.  Obama says the debt is robbing all these sectors of society.. the poor, elderly, etc.. why does the dem party want to continue 'robbing' the citizens with this scathing rebuke from the chief Democrat?  We finally have some repubs with fiscally responsible views who want to cut spending, why not come together & bring us to financial sanity?  Why this stupid division over something that is plainly obvious that we must do?

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