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$14.7 Trillion Debt - It's an American Problem

09/28/11

$14.7 Trillion Debt - It’s an American Problem

“A nation that does not control its debt does not control its destiny”

President George Washington: 
"As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible."
  — Farewell Address, 1796
 
Alan Greenspan
"I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes."
  — April 27, 2001
 
President Ronald Reagan:
"Only a constitutional amendment will do the job. We’ve tried the carrot, and it failed. With the stick of a Balanced Budget Amendment, we can stop government squandering, overtaxing ways, and save our economy."
  — April 29, 1982
 
Admiral Mike Mullen
"[Debt is] the single greatest threat to national security."
  — 2010
 
Since our country was first conceived, the issue of debt and government spending has been at the forefront of the minds of our political leaders, national security advisors, business owners, and citizens, alike.  It’s obvious that our $14.7 trillion debt is not a Democrat problem, nor is it a Republican problem - it’s an American problem, and we’re all going to have to start speaking out in order to do something about it. 

Over the last decade, our economy has stumbled.  It’s affected everyone.  Entrepreneurs aren’t creating businesses, and businesses aren’t creating jobs.  American competitiveness is at an all time low and we’re losing jobs to overseas competitors.  Families are making tough decisions and have cut down on their spending to live within their means.  However, one thing hasn’t changed is the way government spends your tax dollars.  We must work together now to resolve our spending-driven debt crisis. 

In 1995 a Balanced Budget Amendment passed the House of Representatives, but was just one vote short of passing in the Senate.  Since then, our debt has increased by $9 trillion, a 180% increase!  Can you imagine how different our economy and, more importantly, our country would look today if the Balanced Budget Amendment passed? 

The simple truth is Washington must stop spending money it doesn’t have.  If government begins to live within its means, just as Minnesota families do, we will begin to level the playing field for our job creators.  If businesses can gain confidence to invest, they will invest in manpower, which means jobs for Minnesotans and Americans.  It’s time to work together, take real action, and produce real results.  It’s time to pass a Balanced Budget Amendment to get government spending under control.   

This fall, Congress will once again consider passing a Balanced Budget Amendment.  Nearly all 50 states have been operating under either a constitutional amendment or statute requiring a balanced budget; the Federal Government should do the same.   

This initiative won’t be easy.  It will take work, and it will be a bipartisan effort to put our economy back on track.  But, with some effort, confidence will restored in the markets, businesses will create more jobs and Americans will get back to work.  

Our debt crisis is a legitimate threat to our nation’s security and future.  A nation that does not control its debt does not control its destiny.  In order to give our children and grandchildren a secure future and economic stability, we need to balance the budget. 

There is no other issue that affects the livelihood of more Americans than the need to keep our debt, and therefore government spending, low.

 

Read the entire article online here.