Wouldn’t it be nice if you could run your personal finances like the federal government? Every time you maxed out your credit card you could just increase the limit, shrug your shoulders, and continue spending. It would be great … until the day came when your creditors decided to get serious about the money you owed them.
Congratulations: the federal government is open and the debt pushers have given Americans another hit of their favorite drug:
U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.
The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.
The $328 billion increase shattered the previous high of $238 billion set two years ago.
Here’s what my brother said last night:
“I wonder if these people realize that if the interest rate on the national debt goes up even one percent that we are toast.”
Indeed. We are toast. Many Americans blame the tea party for making it hard for the president to raise the debt limit, when the truth is that they’re the only adults in the room. The Jenga tower of debt is wiggling and wobbling and the only people who are seriously trying to figure out a way to stop the coming crash are mocked and ridiculed.
The funny thing is, Barack Obama once sounded exactly like Ted Cruz not too long ago:
“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the bank of China in the name of our children — driving up our national debt from $5 trillion for our first 42 presidents — (number 43 added $4 trillion by his lonesome) so that we now have over $9 trillion of debt that we’re going to have to pay back. $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic. **audience claps** (Barack Obama, July 3, 2008).
Here’s a dirty little secret: whether it’s a Democrat or Republican in office, the debt just keeps going up, up, up. And when you finally have a small group of conservatives who are trying to discuss the severity of the consequences if we don’t get this under control — now — they are called “terrorists” and “hostage takers” and men with “bombs strapped to their chest” by the White House.
Here’s another dirty little secret: Millionaire politicians will survive future economic calamities because … they’re millionaires, and they’re really good at voting themselves money. Take the spending bill that opened government again, for example. Asked about all the money confiscated by taxpayers to benefit individual politicians, Nancy Pelosi’s response was incredibly telling.
“What difference does it make?” Mrs. Pelosi said when she was asked repeatedly about the items, which include a $174,000 payment to the widow of the late multimillionaire Sen. Frank Lautenberg and a $2 billion maximum price increase on a dam project on the Ohio River that Senate Minority Leader Mitch McConnell had supported as an earmark in previous years.
When John Edwards wasn’t impregnating the woman who wasn’t his wife years ago, he used to talk about “two Americas.” He was right — but not in the way he imagined. There isn’t one America for rich people and another for poor people, but there is one America for hard-working citizens and another for those who have their hands on the levers of power. Hopefully, the economic pain to come in the years ahead will teach Americans the value of limited government in ways basic math, bloggers and honest reporters have been unable to convey.