Editorial #72 The National Debt
The concerns about our national debt has been an issue for as long as I can remember. My first recollection of the term was in 1960 when President Kennedy mention that our debt was $200 billion. Today our national debt over $20 trillion or 100 more.
Of all the problems we have, the debt is not among our top five concerns. National security, Illegal immigration, lack of respect for life and corruption are much more serious problems.
Not to minimize the seriousness of the debt situation but when our government spends money, it is put into our economy in the form of wages, goods and services. I am not a great fan of government spending but at least the money is not put in a pile in the middle of the street and burned.
Debt is a tool that must be controlled. That is why it is important to have our government run like a business. Government does only three things: Provides infrastructure, security and makes our laws that are fair, truthful, sustainable that have integrity. To run government like a business means tax dollars are put into those things that defer future expenses, not spent to buy votes. Today over 70% of our annual budget goes to entitlements. That means of the $3 trillion in tax receipt, about $2 trillion is redistributed directly back to the people.
Today, these concepts of business management are ignored with the politician never worried about things like debt, but only about getting through tomorrow and never about the long term future. They will do or say almost anything to survive one day at a time and get re-elected.
Conservatives seem to be more concerned about the debt because they realize it is their money, earned by doing or making something for which people well pay and realize that debt will be inherited by future generations, if not addressed.
Liberals seem less concerned because they feel it’s everyone’s money with a sense of entitlement based on their socialist approach to government and life. They don’t care if the burden will be put on the future generation because, like a trust baby, dad (Uncle Sam) is good for the money. The liberal elites know our national net worth is over $150 trillion with our national debt a mere 15% loan to value ratio. Banks often make loans with an 80% loan to value ratio….so they feel the country is really good for the money.
If there is any silver lining about our $22 trillion national debt; it is like a drunken sailor with a huge bar bill. Even the most spend-thrifty individual should pause before running the bill higher. The other point is: just think, if the debt were completely eliminated, one can only imagine the excitement of spend-thrifty politicians who would gladly run it up again.
The bottom line is: We will always have a national debt, but the government must control spending like we all do in managing our household. The liberal agenda wants an inheritance tax to take your property when you die and not let your family have it. This is a form of class warfare. They want wealth redistribution because it gets votes from those who think people with money are not paying their fair share. They want to spend the national family jewels and be Santa Claus all year long. They feel this is fair and justified by their definition of economic justice.
Our obligation is to teach this message in schools, to our family and loved ones. If we don’t, the spend-thrifty politician will preach their message of tax and spend while looking for more victims who wrongly think we are a democracy and believe they are entitle to more of your money.
This is Keith Kube wishing you the best in making the world a better place.