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Lower the Debt at Any Cost

 12 July 2011

We have a huge public debt that is only manageable because we pay almost no interest.  If the interest rates we pay were to rise significantly it could easily cost us all the tax revenues we currently take in.  So I was disappointed last night when I attended the bi-weekly liberty group meeting (this is Huber Heights Tea Party affiliate) and a good number of the attendees thought it was a good idea to put the government in default.  I know it is a bitter pill to swallow but the fact of the matter is the national debt is too large and deficit spending is more of a hinder on the economy than the benefit we receive from the "stimulus" packages.  And I mean all the "stimulus" not only the $300 billion put in place by President Obama to save the pay and benefits of teachers and police (and GM) but also the $350 billion in tax breaks he also gave us. And the $4 Trillion in tax breaks President Bush gave us ten years ago has proven a drag on the economy, a loser for creating jobs, and a budget buster for the country.  See my articles on the banks if you want my opinion of the usefulness of the TARP. 

It is time we looked at our financial house and put it in order.  This means we need to cut out the fat and start getting value for the dollars we spend.  But it also means we need to pay our bills!  Whether we agreed at the time the money was committed that we wanted what we bought is not relevant.  The time to argue over that is over.  We bought it.  Now we need to find the money to pay for it.