America's Debt Crisis

Americans know that debt, as an instrument of finance, can help us in our personal lives attain a higher standard of living by using mortgages to buy homes, consumer loans to finance new cars and student loans to finance educations. This kind of constructive debt has been used by countless Americans to attain the American Dream.

There is another kind of debt. This is public debt incurred in our names, and for which we, the taxpayers, are responsible. This is government debt incurred by our political class to fund their ear marks, vanity projects, and vote buying redistribution schemes. The “Ruling Establishment” has spent America into debt by trillions of dollars. They have created a debt that can never be repaid in our lifetimes.

The stark reality is America has a debt crisis. This crisis is being caused by irresponsible, entrenched career politicians in Washington D.C. who can't stop deficit spending. This has translated into trillion dollar annual deficits, and the imbalance is accelerating. It was only this past August that our Congressional Representative, Leonard Lance, went along with the Republican leadership and agreed to a deal with Democrats to raise the debt ceiling by over a trillion dollars.

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Although claiming to be fiscally responsible, Congressman Lance betrayed the public’s trust by agreeing to this weak and destructive legislation. In fact, as recently as Wednesday, Barney Keller, Club for Growth, called out Representative Lance’s hypocrisy in an alert to his membership:

Subject: Debt Hypocrisy Alert: Rep. Leonard Lance (R-NJ)

“All –

Our second winner of the day: Congressman Leonard Lance of New Jersey’s 7th Congressional District. Congressman Lance finished speaking on the house floor about how he will vote to disapprove of President Obama’s request to raise the debt limit. During his speech, he railed against Obama and “some in congress” that don’t make “difficult, long-term spending choices”:

“President Obama and some in congress still refuse to make the difficult, long-term spending choices necessary to begin restoring fiscal discipline to the federal budget.”

– Leonard Lance on the house floor, 1/18/12

Of course, Congressman Lance was one of the 176 House Republicans who voted to give Obama the power to raise the debt ceiling in the first place.

And now, four months later, Barak Obama, who has burned through that extra trillion, is back asking congress for another 1.2 trillion raise in the debt ceiling. This is just one example of Congressman Lance’s pattern of failed leadership which is contributing to the erosion of the American dream.

Truth be told. We are being plundered. America's 15.2 trillion dollar debt is now equal to our annual gross domestic product. That means our debt equals every penny of wealth created by the entire American economy in a year. Adding in all the unfunded liabilities for social programs puts American indebtedness well over 117 trillion dollars. That is a debt obligation of over one million dollars for every person in America. This is a debt that will take generations to pay off, even if we stopped deficit spending tomorrow. To spend the wealth of those not yet even born is the worst sort of taxation without representation. It is the essence of tyranny. It is immoral, and it must be stopped.

America is at a crossroads: Will we return to constitutional, limited self-government, or will we choose to consign our children to the kind of suffocating, overbearing, centralized government our ancestors fled from in Europe? We know where the socialist road ends. We see the imminent economic collapse coming in countries like Greece. We know what happens when governments over-promise on entitlements, when they spend money they don't have and run out of other people's money to borrow. High public debt leads to high levels of taxation. Businesses, and the jobs they create, flee such toxic tax environments. Today, we are exporting our jobs, tomorrow we will be exporting our children.

The solution is for Americans to elect the right kind of Republican for Congress in the next primary election. We need to elect true conservatives, not the incumbents who talk like Republicans and vote like Democrats. With a majority of true conservatives in Congress, we will be able to pass bold legislation to undo the crisis we find ourselves in like:

1) Eliminating baseline budgeting;

2) Cutting the size of government;

3) Cutting marginal tax rates to increase revenue, as Ronald Reagan did;

4) Transforming social security to the Chilean model;

5) Transferring programs like Medicare and Medicaid to the states to administer more efficiently rather than use a one size fits all approach.

This debt is stealing the American Dream. We need strong conservative leadership that will stand firm to end the run-away spending and Restore the American dream for all Americans.

 The Guest Column is our readers' opportunity to write about a given issue or topic in an in-depth and educational manner.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of or anyone who works for is not responsible for the accuracy of any of the information supplied by the writer.

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