The current federal debt is over $12 trillion dollars ($12,000,000,000,000.00) not including the other$55 trillion worth of unfunded liabilities in Medicaid, Medicare, and Social Security. Proverbs teaches that the borrower becomes the lender’s slave; our “lenders” are primarily Asian central banks and oil-exporting countries. Our elected officials, both Republican and Democrat, have failed to reduce this burden; instead, it grew by over seventy-five percent (75%) since 2000.
Who pays this debt? Our children, grandchildren and even great-grandchildren will. Each child born today is automatically indebted to the tune of $45,000.00 in federal debt alone. Proverbs says a “good man leaves an inheritance for his children’s children;” Solomon did not have this kind of “inheritance” in mind.
We face similar obligations at our state government level as well; for example, Medicaid, State and municipal employee benefits.
In this election season, we know, as H. L. Mencken wrote, that politicians “will all promise every man, woman and child in the country whatever he, she or it wants. They’ll all be roving the land looking for chances to make the rich poor, to remedy the irremediable, to succor the unsuccorable, to unscramble the unscrambleable, to dephlogisticate the undephlogisticable,” because they understand that “votes are collared under democracy, not by talking sense but by talking nonsense.”
However, our times call for seriousness; the time for silliness has long past. Let us have sober minds. Let us remember the caution of
Every dollar spent by the Government must be paid for either by taxes or by more borrowing with greater debt. To make large additional savings in the cost of Government at this moment means seriously weakening our national defense. I do not know any friend of the United States who wants that, under present world conditions. Now the only other way to make more tax cuts now is to have bigger and bigger deficits and to borrow more and more money. Either we or our children will have to bear the burden of this debt. This is one kind of chicken that always comes home to roost. An unwise tax cutter, my fellow citizens, is no real friend of the taxpayer.