Here’s a story linked by Drudge stating that each American taxpayer’s share of the federal debt is $1.1 million. When President Obama took office, the federal debt was below $11 trillion. It currently exceeds $17 trillion.
This figure does not include unfunded liabilities like Medicare and Social Security, which combined will require upwards of $100 trillion in the future if these programs are to remain solvent.
Meanwhile, Senate Democrats seek to make it possible to increase the debt ceiling automatically, unless Congress specifically legislates against a debt ceiling increase in the future.
Wouldn’t it be nice if when you max out all your credit cards, you could just call your bank and ask them to automatically raise your credit limits? That sure would resolve pesky things like… budgeting, spending within your means, not buying things you can’t afford, and so on.
Would it still be nice if you could do it indefinitely, and just pass on the debt burden to your offspring? That’s what our government is doing for us, in our names.
There is very little time left. We need to insist upon balanced budgets from our government. Fuzzy accounting and quantitative easing will not solve this problem. Only discipline will do that.