Every Month the United States government spends more money than it takes in, that is a fact. The question is how long can this go on?
Our creditors and the credit rating agencies are telling us we are reaching out beyond reasonable limits. In the past we have continued to raise our debt ceiling. The debt ceiling being the amount we are willing to owe on borrowed money. Now the game is changing and we must find a new way to play. We can not continue spending more than we take in; we are reaching a point where our credit limit exceeds what we can afford.
The debate in Washington is not only about borrowing more money but how we will break the spiral of spend more, borrow more. We have spent all our money and are quickly spending the money of the next generation, an ever increasing amount of tax dollars will be spent on interest. What they will receive from their government for paying taxes is becoming a larger receipt for the interest on the debt we are accumulating.
Passing legislation to pay for troops overseas, that we have planned to bring home then removing the amount of spending does not actually reduce our debt or borrowing. We, the American people need to understand and accept that real spending cuts must be made. Is there a valid argument about our tax code? Sure there is and we can and should do a better job in that area.
Raising taxes to continue overspending is not the answer. We first must learn to spend within our means and pay down our debt. Debt costs money, interest is expensive. We can raise funds available for discretionary spending by reducing our debt obligations.
We, all of us must accept some responsibility for the financial mess we are in, we allowed it to happen. We, particularly in this State of Connecticut have re-elected the same people over and over and allowed them to support and vote for the financial policies, and spending priorities that have gotten us into this mess. Too often we have turned our backs, and failed to listen and learn about what our government is doing. Too often we have allowed the sound bites of politicians, fancy slogans and bias press reports to educate us on the issues. Too often we have voted based on party without regard to principles and policies.
The debt load of our nation and indeed our state impacts local budgets when aid to cities and towns is reduced. Too often we as a society look at government as a public sow from which we can feed our personal wants. Then we blame everyone else when they step forward for their meal. It is time to take responsibility for our bloated spending; we have become obese with debt.
We need to not only cut fat from the budgets; we need to curb our appetite for spending. Our interest obligations are causing hardening of the arteries of economic growth, and limiting job opportunities. It is time to put our government on a diet, take away the sugar, eliminate the sweet deals and learn to live on a basic diet.