More wants more...
We haven’t got a chance when the ‘progressives’ think the government should be in charge of the economy and meet the needs of its citizens.
(Every day on CSpan I hear at least one caller ask for the oil companies to be nationalized.)
Regean said we could loose our freedom in a generation. He was right.
Well, we all know something’s got to give.
The national debt is about $9 trillion, I think. Then to that, you have to add the unfunded liabilities of Social Security and Medicare, which could be as much as $20 trillion more, from some reports I have seen. This long-term debt is fundamentally the same as a giant Visa/Mastercard bill that the gov’t has to pay off. In recent years, we haven’t even been able to pay the interest on the debt. It just rolls over and accumulates and adds to the total debt.
Either we will see big tax increases in the future to keep up with the debt, big sales of gov’t bonds to other countries to get money to keep pace with it, increases in the money supply to keep pace, which will cause inflation, or some combination of all of these.
A balanced budget and eventual paying down of the debt is a sound business principle to bring to gov’t; i.e. don’t spend more than the gov’t is taking in.
Obama and McCain both should be challenged on this, esp. Obama since he wants to expand gov’t spending. He should be challenged on where he’s going to get the money to “invest” $150 billion in “green” energy programs, when the gov’t is broke to start with and deficit spending is projected even before Obama gets control of the national checkbook.