John Adams, our nation’s second president, once observed: “There are two ways to enslave a nation. One is by the sword. The other is by debt.”
That conviction does not hold true today. Though the national debt is now $16.7 trillion — and growing — and though the United States borrows 46 cents of every dollar spent, our current leadership assures us that there is nothing to worry about.
“We don’t have an immediate crisis in terms of debt,” President Obama told ABC News recently. He went further: “In fact, for the next 10 years, it’s gonna be in a sustainable place.”
Notice the word, “immediate” in the president’s assessment of the current debt problem. He also revealed his view of debt by declaring himself to be comfortable with “sustainable” debt.
“Sustainable” debt is not justification for more borrowing. It’s a slippery slope as policy cycles from printing money to creative borrowing fueled by the assumption that a market will continue to exist for U.S. debt.
George Washington would not approve. “To contract new debts is not the way to pay old ones,” he cautioned.
Source: Chuck Bentley, www.crown.org