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Blog

    Boehner's Debt-Limit Marker

    05/14/2011

    Democracy and Power:  104 Future Debt Burden

    A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz

      Boehner's Debt-Limit Marker

     

    Hurray for the American voter!  Hurray for the revolt against government spending!  Hurray! 

    Political leaders are listening...and reacting.  Responding to pressure from the American voter, Speaker of the House Boehner told the New York Economic Club that it would be irresponsible to allow America to default on the debt and equally irresponsible not to cut government spending:

    "But it would be more irresponsible to raise the debt ceiling without simultaneously taking dramatic steps to reduce spending and reform the budget process."

    Government debt is an unpaid tax, which future working Americans must pay.  A substantial reduction of  spending will lessen that burden.  Boehner firmly stated that spending cuts must be greater than the debt ceiling increases.

     Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase. And the cuts should be greater than the accompanying increase in debt authority the President is given."

     Most important for tax-paying Americans, the cuts should be real and in the trillions of dollars.

    "We should be talking about cuts of trillions, not just billions," the House leader said. "They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future."

    The decision on reducing the debt is very important – possibly the most important decision of our era. 

    First, the rise and fall of nations is directly related to debt

    Second, government debt is tax on future workers.

    Third, a government tax reduces the opportunities and choices of American workers -  taxes reduce personal freedom 

     Thankfully, many Americans have became alarmed at the spending of the Bush and Obama administrations and are clamoring for real cuts in government spending.  In the next couple of months, the political elites in D.C. will negotiate, posture, float ideas and read polls.  Boehner’s bold statements will only become law if the American people demand trillions of dollars in cuts.