IRRESPONSIBLE NATIONAL DEBT!

2 PARAGRAPHS 4 LIBERTY: #382

The old saying is that most politicians don’t care about the future, they only care about the next election.  And this reality is boldly displayed today by politicians increasing the national debt to the extent that it will literally mortgage the futures of our children and grandchildren!  Totally irresponsible!  So how bad is this situation?  The Reason Foundation recently analyzed the latest US Department of Treasury report which placed our current national debt at $30 trillion!  But, Reason concluded, when including unfunded entitlement programs, the more accurate figure is $100 trillion!!  And much of this debt will soon come due as an increasing number of Baby Boomers retire and become eligible for Medicare and Social Security payments.

This is an emergency situation!  So what should be done?  We must insist upon increasing transparency by forcing federal officials to use the “accrual” method of accounting in the budget process.  This would result in all debts being included in the federal financial reports.  And then we also must strictly cap the amount of debt that can be increased.  Or, better yet, require Congress to show exactly where the money will come from to pay for any spending measures it passes.  Our family households do that, and so must now our public “leaders.” Realistically only actions like these will save the financial futures of our children and grandchildren.  Your thoughts?

Quote for the week: One time in a ceremony where Yogi Berra was receiving the key to New York City on a miserably hot and humid day, Mayor Lindsay’s wife Mary commented on how cool he looked.  To which Berra responded “You don’t look so hot yourself.”