Monday, March 21, 2011

Yes, it's another post about our crushing debt

Monty at AoSHQ links to a Victor Davis Hanson article then echoes my feelings exactly:

We are in a very real sense selling our own children into indentured servitude so we can continue to live beyond our means.
This makes me incredibly angry. It offends me on a very deep moral level. If we had simply arrived on the scene with the situation as it is, we'd be baying for blood and demanding fundamental changes. But since we have marinated in this dream-world for our entire lives, we simply take it as our due. There is the incoherent but widely-spread belief that...well, things will just work out, somehow, without anyone having to make any difficult decisions.
That's accurate: everybody except the "crazy" Tea Party is buying into the fiction that we can "grow" our way out of debt if we could just get the economy moving again even as the CBO reports that Obama's budget would double the national debt by 2021.

What's equally annoying is that a lot of newly-minted history buffs are pointing to Americans 100%+ debt-to-GDP load after World War II as a sign we can erase this debt again. Impossible. In 1946, Social Security didn't have pubic hair, Medicare wasn't yet enacted and America's economy was the only game in town, flush with returning GIs to fill the labor force. The situation this time is the exact opposite: our economy is losing ground to rapidly expanding economies (the ones lending us money), and the mandatory spending of entitlements and interest on the national debt are swallowing the federal budget.

What do we do? Congress is holding drag-out, knock-down debates on cutting $6 billion from the annual budget as we roll up over triple that amount in overspending in February alone. This is how the country dies, not with a bang but with the whimper of a downgraded credit rating.


SR said...

This is why I read your blog. I am in sympathy with this drumbeat; our government is on an unsustainable path.

Anonymous said...

B_sh t_x c_ts

Supposed fiscal hawks: "This puzzle's solution does not exist, Pat."

Eric said...

Why do you want to bash tuxedoed cats?

I'm on record for saying that ALL the tax cuts should have been repealed but asking everybody to pitch in to pay for this thing we call "government" was too much for the Obama White House.

klipo said...

While all the representatives you support are on record saying exactly the opposite.

How can we vote for you instead?