Sunday, July 05, 2009

Rising debt may be next crisis

Economists point to rising debt as next crisis
Higher taxes and reduced federal benefits, services may be result

WASHINGTON - The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.

The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.4 trillion — equivalent to about $37,000 for each and every American. And it's expanding by over $1 trillion a year.

The mountain of debt easily could become the next full-fledged economic crisis without firm action from Washington, economists of all stripes warn.

Read the whole article here or here.

"Without firm action from Washington..." the article says. Folks, it is WASHINGTON that is getting us into this mess! -- The problem our government is presenting us with right now is: Reckless spending we cannot afford for change we do not need!

How could "Washington" prevent the debt crisis? Stop the omnibus energy spending bill known as "Cap and Trade" or "Cap and Tax" already passed by the House of Representatives and being debated in the Senate right now. If there are any energy measures in that bill worth considering, they should be considered one at a time and not in a multi-trillion dollar spending bill that no member of Congress has actually read but that would put heavy new taxes on energy at every level and spend money on hairbrained schemes that will result in no new energy.

At the same time, we must stop the nationalization of our health care. The often quoted figure of 40 million Americans who lack health insurance is a myth. There are millions of people who should be excluded from that tally, including: those who aren’t American citizens, people who can afford their own insurance, and people who already qualify for existing government coverage but haven’t signed up.

Government statistics also show 45 percent of those without insurance will have insurance again within four months after job transitions.

Accounting for all those factors, one prominent study places the total for the long-term uninsured as low as 8.2 million – a very different reality than the media and national health care advocates claim.

Furthermore, being without health care insurance does not mean that individuals lack access to health care. Most hospitals and health care providers make provisions for treating the uninsured.

We must stop the government take over of our health care system that would diminish the quality of health care available to everyone and put several thousand dollars of additional taxes on every American and drastically increase our national debt.

Right now the overall debt is now slightly over 80% of the annual output of the entire U.S. economy, as measured by the gross domestic product--and this is BEFORE the impact of the schemes the Obama administration wants to implement.

Let me say it again--the problem is:

Reckless spending we cannot afford for change we do not need!

Even if you have never written your elected representatives and senators before, do it today.

1 comment:

Bluegrass Pundit said...

Great article. I think Cap and Trade would be a disaster. I gave you blog a follow.

Bluegrass Pundit