Sunday, January 08, 2006

Your Debt

Remember when Republicans believed in smaller government? Maybe you don’t, because that was literally decades ago. Today when the Republican Party is in power they outspend Democrats by a large margin.

Fiscal conservatives like me are upset to see credit-card Republicans borrowing excessively and spending inefficiently. Today our individual share of the public debt is $27,551.46. That’s how much every man, woman and child (even those being born this second) owe to the government’s creditors – mainly places like China. The total debt under Bush has grown from $5,656,270,901,615.43 to $8,160,320,491,591.57, the largest percentage increase in the history of the country.

If current trends continue, by the time Bush leaves office, the national debt will exceed the national income for the first time in history. In other words, even if we were somehow able to apply every single dollar made by the economy to paying down the national debt, we couldn’t do it in a year.

The Republican penchant for spend-and-borrow finance is particularly ironic when one stops to consider the draconian IMF policies they favor for the world’s developing economies. The IMF typically frowns upon regimes which allow debt to exceed say 10% of national income. The United States is now at about %75 of national income and will be 100% or more of national income in the near future. It’s time for us to practice what we preach. No more tax cuts for the super rich, no more corporate welfare, a freeze on increases in entitlement and most importantly, an end to foreign military misadventures which harm our national security and cost far more than we can afford.

0 Thoughts:

Post a Comment

Links to this post:

Create a Link

<< Home