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The battle lines are drawn for the ongoing debate for increasing the U.S. debt ceiling or to default on some U.S. debt. I can assure all that both parties will come to agreement, both will declare victory, and our grandchildren will take on even more of America’s debt.
I heard a former Democratic presidential candidate, Sen. Amy Klobuchar, say on national TV this weekend that America pays its bills. No, America has not paid its bills for a number of years but instead has continuously dipped into the honeypot that is our grandchildren’s credit and futures. Through the leaders we continually elect we are exhausting another honeypot that was Social Security and Medicare trust funds.
We are now facing the consequences of America’s sin of slavery but are doing it on the backs of our grandchildren. The national debt we are leaving the next generations is America’s second sin. Our children and grandchildren will pay a much heavier price for this second sin than our generation paid for first. Congress’ answer to many problems is to print and borrow money and get re-elected. Collectively as voters we encourage and allow this sin to continue, as it is much more palatable than paying for our own spending.
I would also offer that if taxes were increased to match spending, as they should be, inflation would not be a problem today. As a positive note when the U.S. dollar is worthless the flow of people at the southern border will reverse.