Tuesday, July 26, 2011

The self imposed debt limit-3

We should also stop borrowing from the social security and publish the true deficit that we incur every year. Unless we scare ourselves into facing our truth, nothing else is going to happen. If we want to discipline ourselves, we need to support a balance budget amendment as it is with most of the states. Since the politician can’t and won’t control themselves when spending other people’s money, if the constitution imposes it then with this self imposed debt limit, they may behave. Wars should not be funded with the current revenue but as was in before long time ago, we should fund them with war bonds and they should be paid not only by the tax payers but by other wealthy nations too.

Although I have turned away from the topic of debt but this discussion is essential if we want to talk about the free spending ways of Washington and what should be done about it. We should be promising to the American public and other nations which we don’t have and right now it is the money. We can’t keep on printing money and pretend that it will be paid somehow later on. Nobody knows how it will be paid so right now the main issue should be raising the debt (even invoking an executive order since it now an emergency and Congress does not have the time to pass one and reconcile the two bills with both houses and then it goes to the President’s desk) and then start tackling seriously our national debt without party politics in place.

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