Thursday, May 29, 2014

17 Trillion And Still Counting More

With all of the scandals from this incompetent and corrupt administration flooding the political zone, there is one issue that has fallen in the background, almost never mentioned anymore.  Our increasing, at a dangerous pace, national debt.  It is now at an unbelievable 17.57 trillion and counting.  Unless this trend is countered soon, this, more than all of the other scandals combined, could bring down our country.

Thomas Jefferson
There have been warnings about why a national debt is dangerous for the health of our country for hundreds of years.  In 2010 Rep. Bob Goodlatte [from Politico] quoted this warning from Thomas Jefferson:  "to preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude."

From Fox Business: "The Congressional Budget Office said Tuesday [Sept. 2013] the nation's debt is on an unsustainable path and warned that by 2038 if current law continues federal debt held by the public would hit 100% of GDP.  The nonpartisan CBO added by the same time frame if no action by Congress is taken entitlement spending would increase to 14% of GDP, or twice the average over the last 40 years."

Put simply, from the Old and Tried blog: " a constant state of increasing indebtedness either means less money for government programs or inflation. Only so much additional tax revenue can be collected before it begins to hurt the economy and that revenue cannot payoff existing debt and pay for increasingly costly government programs."

From Defeat the Debt blog: "A growing debt means higher taxes, painful cuts in government services, job loss, and a very real danger of economic catastrophe. Unless we stop this out of control spending now, the consequences could be devastating."  "The debt is dangerous because it isn’t under control. We cannot force anyone to loan us money, and the interest we pay can become more expensive. If that happens, our expenses go up, but our income doesn’t - so we sink even further into debt.  If investors are unwilling to lend the U.S. money, the government can go to the Federal Reserve. The Fed can literally create money out of nothing (print it), and then lend it to the government. But creating new money has a catch — inflation. Printing money can lead to a vicious cycle, as inflation devalues the money already in the economy."

From CNN Money in late 2012, Admiral Michael Mullen, former chairman of the Joint Chiefs of Staff, stated that this unsustainable debt is also a threat to our national security: "A nation with our current levels of unsustainable debt ... cannot hope to sustain for very long its superiority from a military perspective, or its influence in world affairs."

Senator Rubio warns about debt
Senator Marco Rubio, R-FL, also warned of the national security threat that our debt poses in 2012: "The President’s failure to tackle our debt is killing our economy, weakening our national security and threatening the very essence of America’s exceptionalism."



Yes, it seems as if the unsustainable national debt issue has faded in the background because of the so many scandals from this administration.  Hopefully, at some point this issue will finally be addressed.  Let us hope that time comes before those politicians and economists who have been issuing dire warnings of the pending disaster economically and on the national security front to our country because of an unsustainable national debt are proven to be correct.
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If only Tennessee Ernie Ford had the vision to make the sequel to his great song, 16 tons.  Yes, 17 tons is much more relevant in 2014.

"Tales" in an effort to help out the late great Mr. Ford, has taken it upon itself to revive 16, err 17 tons, so that it will remain seared in the minds of Tennessee Ernie Ford fans forever.

Of course, the singer's name of this video will be changed to protect the innocent.

Music: from Tennessee Ernie Ford's 16 tons
Words: the Tales literary editor, sometimes known as Tarzana Tales
Singer: NOT Tennessee Ernie Ford [although when hearing you may say to yourself, "that's hard to believe."]

17 Trillion and Still Counting More:




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