Washington is again waiting until the last minute to avoid a “crisis”— a crisis foreseen years in advance and created by Congress itself. For far too long, Washington politicians from both parties have spent money we do not have for things we do not need. As a result, the national debt now exceeds $14 trillion, $4 trillion of which was added in just the past three years. Now those who created this debt want us to believe the only solution is to simply borrow more money.
But any debt increase not accompanied with meaningful savings will only temporarily postpone the inevitable. Real choices must be made to reduce spending, increase revenues, or both. If Washington does not begin making these difficult choices today, those decisions will be made for us tomorrow and the results could be catastrophic. The only guaranteed entitlements for future generations will be debt and lower standards of living.
Our increasing government debt will “result in lower incomes than would otherwise occur, making future generations worse off,” warns the non-partisan Congressional Budget Office. “Higher debt would make it harder for policymakers to respond to unexpected problems, such as financial crises, recessions, and wars. Higher debt would increase the likelihood of a fiscal crisis, in which investors would lose confidence in the government’s ability to manage its budget and the government would thereby lose its ability to borrow at affordable interest rates.”
see Senator Coburn website for more info on wasteful spending
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