Ten Trillion Dollar Deficit PDF Print E-mail

$10,000,000,000,000 AND COUNTING

Thomas Jefferson once said, "It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world." And also, "We may consider each generation as a distinct nation, with a right, by the will of its majority, to bind themselves, but none to bind the succeeding generation, more than the inhabitants of another country." Beginning in the 1930's under Franklin Roosevelt's New Deal, this practice, which had been the norm, was ended. By the creation of entitlement programs such as Social Security, each generation was burdened to pay for the previous generations 'benefits'. This was further expanded under Lyndon Johnson's 'Great Society' with the creation of medicare. By enslaving future generations to pay for their predecessor's welfare, it was ensured that the federal budget would always be increased and, without ever more heinous taxation, a balanced budget would be all but impossible. Besides during Andrew Jackson's presidency, our nation has always been in debt.

 

At first the debt was small, and minimal taxation was able to keep it at bay. Under Bill Clinton, with a Republican Congress, true welfare reform took place that removed some of the entitlements, and led to running an annual surplus instead of a deficit for the first time since Jackson. There was still a mountain of debt that would have taken decades to repay, but it was finally a step in the right direction. Once George Bush took office, with a Republican Congress, he immediately gave a minimal tax break(a bailout) to everyone(even those who pay no taxes) without cutting federal spending. This once again led to annual deficits. The wars he waged and creation of new entitlements in the form of Medicare Part D, led to the fastest creation of debt in any point in history besides the Roosevelt years.

 

Under Barrack Obama and a Democrat Congress, the level of annual deficit spending increased from $500 billion dollars to nearly $3 trillion dollars and counting. The creation of a national health care plan, another HUGE entitlement program, will only further increase the deficit spending as this can not be paid for, even if every citizen is taxed 100%.

 

The main sponsor's of the national debt has been foreign nations and the borrowing of funds from the Federal Reserve. Foreign nations are no longer willing to buy our debt and many have begun to sell off those assets. And borrowing from the Federal Reserve can only lead to inflation and high interest rates. The national debt is over $18 trillion dollars today, and that will be more than doubled (using extremely optimistic numbers) if the current level of spending is not curtailed. Our nation was created upon the belief of Individual Sovereignty. In short this meant that each person is responsible for their own personal welfare. The only hope to end debt and deficits, is to listen to Mr. Jefferson and end all entitlement programs. Charity is better served in the hands of the people and leads to wealth and prosperity. If the collectivist agenda is not stopped, this nation will fall just as surely as the Russian Empire did.

 

 
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