President Obama is on track to add over 5 Trillion dollars to our national debt, and he is not done yet. There is no real plan to deal with ongoing and massive deficits. Neither the Democrat Senate nor the Republican House has been willing to ‘go to war’ for our future and demand fiscal restraint. (Hell, the Senate has not even passed a budget in YEARS.) All but a few politicians in DC are living in the now, so to speak, and refuse to make the tough choices. Massive spending and borrowing has been the drug of choice in Congress for decades, and they cannot kick the habit.
Here is where a President should come in. The President is the only elected official charged with doing the best thing for the entire nation. Every President in my lifetime has preached the gospel of balanced budgets and fiscal responsibility. None have lived that particular religion very well. President Obama is just the latest heretic and the worst (so far). He is wholly unwilling to cut any significant spending at all, and is going one worse: His ‘payroll tax’ cut is a direct hit to Social Security, one of our massive entitlement programs on its way to insolvency. The payroll tax is the sole funding mechanism for SS, and this ongoing ‘tax cut’ is helping to bankrupt it faster. Senior citizens take note, as well as any of you thinking about retiring in the next decade or so.
By the end of his first (and hopefully only) term, President Obama will have added more to our national debt then all presidents from Washington through Clinton combined. http://cnsnews.com/news/article/obama-pace-borrow-62t-one-term-more-all-presidents-washington-through-clinton-combined In fact, He is on pace to add almost 6.2 Trillion to our debt. The entire debt itself was a miserly 6.2 Trillion in August of 2002 (year and a half into “dubya’s” first term). Bush was a record breaker at the Presidential debt game, wracking up 4.9 Trillion in debt. He did that in 96 months. Obama just hit the 4.6 Trillion mark days ago, and will add 1.2 at least this year. This is the amount he is now asking the Congress to increase the debt ceiling by. All that in 48 months. So Obama is the new Presidential Debt Champion.http://hotair.com/archives/2011/08/23/obama-set-to-beat-bush-debt-aggregation-record/ (And Congress gets the blame too folks, both parties.)
Citizens and voters, it is time for us to admit that we have a problem. The blame does not really belong on the heads of those in Washington, although they certainly share in it. The problem is us. Yes, you and me. We are to blame for having a national debt that has just surpassed the size of our country’s annual economy. We are to blame for the disastrous shape of our retirement and health care safety nets. This blame continues down to the massive debt loads of our states, towns, and schools too, but before you are overcome with grief, I’ll stick to national issues.
“How can you say that, Jason?” Easy. Politicians give us what we demand. We want our food subsidized. We want our mortgages subsidized through tax breaks for interest paid. We want our children subsidized through the Earned Income Tax Credit for poor families and through Child Tax Credits for everyone. We want our charitable and church giving to be tax deductable. The wealthy enjoy all kinds of tax loopholes and dodges (Warren Buffet, anyone?), and the poor and middle class clamor for more and more entitlements, Medicare Prescription Drug coverage, for example. Our largest entitlements, Medicare and Social Security, are NOT means tested…meaning there is no level of income or wealth too great to disqualify someone from receiving benefits from the Treasury.
We demand multiple other forms of tax breaks, including those we get from 401k contributions. We get to deduct our
property tax off of income tax. We don’t want to pay a war tax, but we allow ourselves to be constantly at war. Every American will deride ‘corporate’ welfare…until the subsidy to the industry that employs them is to be cut.
If I were to list all of the ways we are the problem, this column would either be hundreds of pages long or I will have hanged myself before finishing. I think you can see where I am coming from.
It is time to admit our addictions. It is also way passed time to kick the habit instead of kicking the can down the road. Notice how just today, more Euro nations are having their national credit downgraded because they are drowning in debt. That is inevitable here as well. No nation, no business, no household can go deeper into debt year after year without a day of reckoning. All of us are going to have to give up on a lot of our government freebies. We are going to have to say goodbye to our beloved tax dodges. We are going to have to pay more, and for awhile, do with less.
But this need not be a permanent damnation. If we reel in spending, and begin to pay our bills as we go (and institute pro growth economic policies guys) the light at the end of the tunnel will shine brightly again, and sooner than we may now think possible. America is still a special place, and Americans are a special people. We work hard and dream big. And as Reagan said in his first inaugural, referring to great national challenges:
“It does require, however, our best effort and our willingness to believe in ourselves and to believe in our capacity to perform great deeds, to believe that together with God’s help we can and will resolve the problems which now confront us.
And after all, why shouldn’t we believe that? We are Americans.”