Last week, as most Americans
were celebrating the holidays with family and friends, the Obama
Administration announced plans to seek yet another debt ceiling increase in
the New Year. While some fiscal conservatives will try to block this
increase, their efforts are designed to fail thanks to the procedure set up
by the last debt ceiling negotiations. Congress would have to pass a joint
resolution opposing the increase, which the president could simply veto.
Thus, an additional $1.2 trillion on top of our already unsustainable debt is
a foregone conclusion. Our Gross Domestic Product continues to contract and
now stands at $14.5 trillion. The debt already far exceeds that and will soon
hit the new ceiling of $16.39 trillion.
Everyone in DC acknowledges
that the debt is unsustainable, yet few are willing to take serious steps
toward addressing it. Politicians in Washington cannot face the fact that the
blank checks must stop. Many think we can ignore the mounting debts and
deficits and eventually the economy will magically turn around and grow its
way out of the mess. If you really understand why the economy is foundering,
you understand the burden cannot all be put on the backs of the American
people while politicians stick their heads in the sand.
According to a USA Today
analysis, there are currently over $61.6 trillion in unfunded future
government liabilities, which amounts to $528,000 per American household. A
huge part of these liabilities are Medicare, Medicaid and Social Security -
promises made to make the American people feel secure in their futures. But
how secure should the American people feel knowing that a default is becoming
more mathematically unavoidable with every NEW program added, every bailout,
every debt ceiling increase, every new war we rush into, and every round of
quantitative easing from the Federal Reserve? The last thing politicians
should be doing is adding to that $528,000 household burden, with either more
spending or more taxes. This is unequivocally a problem of too much spending
by a government far outside its Constitutional bounds.
It is especially a slap in the
face to the American family when the Federal Reserve dilutes the dollars we
work for in order to bail out profligate banks and governments in Europe. The
already perilous state of our economy and our currency should not be further
endangered in a futile attempt to save the Euro. The least the government can
do is allow Americans a choice in how to actually secure their financial
futures that doesn't depend on a sinking dollar and irresponsible government.
My competing currency bill allows for that and I will continue to fight for
economic freedom from foolish and selfish whims of the central bank.
It is nothing new for
Washington to kick economic pain down the road. Optimistic politicians hope
things will stay cobbled together just long enough to get through another
election cycle, or that another administration will have to deal with the
mess. The longer this cowardly attitude prevails, the bigger the problems
become. Congress and the administration should exercise some good judgment,
some political courage, and make the needed budgetary changes now. It would
not be that difficult to do if Washington would simply work its way back to
the Constitution instead of straying even further from it.