I heard an argument FOR the national debt recently, and that argument made some sense. Basically, it said that spending more than you take in can often boost the economy, thus producing more revenue on the backend. That would be a great argument during a recession after several years of balanced budgets and a manageable national debt, but we’ve been running national deficits for 21 straight years, our debt is now more than our annual GDP, and we’re spending about 20% of our revenue paying for the interest on our massive debt.
In other words, as a country, we need two things. First, we need to realize that 330,000,000 people have the responsibility – just as a family does – of budgeting our money in such a way that we create a perfectly balanced budget. Secondly, we have to make a plan for paying off our debt. I’m no fool to think our debt will ever be paid off, but yearly deficits of $500 billion to $2 trillion are just not sustainable and provide no ability to pay down our debt. Our children do not deserve what we are leaving them, and we deserve every bad word they say about us if our debt eventually cripples us.
Original source can be found here.
