Quote Of The Day – Debt Edition
Has anyone ever considered the fact that so much debt and borrowing is a national security problem?
“From 1789 through 2008, the U.S. government borrowed a total of $5.8 trillion. In 2009, the federal budget deficit exceeded $1.4 trillion. The administration now expects the 2010 deficit to break that record, topping $1.6 trillion. And in 2011, it would only fall to about $1.3 trillion. Thus, in just three years, the debt will have jumped an astonishing $4.2 trillion.” – James Capretta, a Fellow at the Ethics and Public Policy Center
Those to whom we own money – especially as much as we do – hold some pretty powerful leverage. The Chinese military has been stomping around all week urging their government to use it. They want China to sell some US bonds to deliver a little “economic punch” to get our attention, apparently.
“Bush made me do it” won’t work when piling up this much debt. The GOP’s ready-made economic and national security issue is found within the quote. That assumes they don’t just placidly go along with the mammoth increase in the debt. And that’s never a safe assumption.