“I wish it were possible to obtain a single amendment to our Constitution… taking from the federal government the power of borrowing.” -Thomas Jefferson, Nov 26th, 1798
In the face of our absolutely exploding national debt, the scum and eunuchs of our political class have decided to fix the problem by only increasing the national debt by 7 trillion more dollars rather than the originally planned 9 trillion dollar increase as well as increasing the debt ceiling from 14 trillion to 16 trillion. This is the great “compromise” that was passed yesterday in the US House, today in the US Senate, and was signed by Mr. Obama just hours before a national default. As usual, the political class of both parties are hailing this disaster as a great step forward. This compromise merely kicks the can further down the road while solving none of the underlying problems and will only make truly fixing this financial mess that much harder in the future. Mr. Obama has made the claim that, “we will not face this same kind of crisis again in six months or eight months or twelve months”; just the type of baldfaced lie we’ve come to take for granted coming from him.1 Of course we will be dealing with this again and very soon; not only are our current levels of debt completely unsustainable, but they are growing at an ever increasing rate. The current politicians are just hoping that they won’t have to be the ones to deal with it and they can punt the responsibility of making hard cuts to someone else down the line. Further, while the political class may believe their own lies, investors aren’t going to fooled by this flimsy rhetoric and this compromise will not save the US from having its bond rating downgraded from AAA, which will of course just make our financial situation that much worse. It’s almost hard to believe that just ten years ago the national debt was “only” 6 trillion dollars.
US Senator Rand Paul2:
I voted in opposition to this bill because it doesn’t do enough to provide a stable solution to our nation’s debt crisis. It never balances, and it will add at least $7 trillion in NEW debt on top of our current 14 trillion. This is not sustainable.
The President called for a “balanced approach.” But the American people are calling for a balanced budget. This deal does nothing to fix the overreaches of both parties over the past few years: Obamacare, TARP, trillion-dollar wars, runaway entitlement spending. They are all cemented into place with this deal, and their legacy will be trillions of dollars in new debt.
Americans deserve more from their government than a weak compromise that doesn’t actually cut spending and they deserve better leadership from their President. I will continue to fight every day for fiscal sanity and a solution to our debt crisis.
Footnotes
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