It's deja vu all over again in Washington, as Republicans and Democrats face off over the budget and the possibility of a government shut-down looms on the horizon. Just as in the budget showdown of 1995, the liberal Left is doing everything in its power to skew the terms of the debate, invoking class-warfare rhetoric and tired caricatures of heartless, evil conservatives in order to deflect attention from their unwillingness to enact meaningful spending cuts.??Nancy Pelosi best represents the deluded, head-in-the-sand mentality that prevails on the Left when it comes to the subject of fiscal responsibility. Referring to Democrats' growing frustration with the budget debate, she said "It's not about money. It's about the morality of what we're doing."
Only a career politician could dismiss a $3.8 trillion budget deficit and $14 trillion debt in such oversimplified, incomplete, and dishonest terms. This isn't a few thousand dollars between friends we're talking about here, or some sort of fictional fable – it's a massive financial crisis with sweeping implications for America's future.??Ms. Pelosi is right about one thing: There is most definitely a moral component to America's debt and deficit crisis, and we all share a portion of the culpability for ignoring it for so long. For continuing to spend like drunken sailors with no regard for the long-term implications of our actions, we are guilty as charged. For saddling our grandchildren with a crushing debt burden that will hamper their economic liberty and stifle their quality of life, we should be ashamed. And for having ignored our role as an international model of political and economic liberty, we have placed more than our own national fate at risk.
Yet Ms. Pelosi, her congressional cohorts, and President Obama refuse to come to grips with reality and put a stop to the reckless spending that threatens to capsize our economy. Their preferred alternatives? Monetize the debt by printing money! Borrow a few trillion from foreign countries! Never mind that this will inevitably result in rampant inflation, the devaluation of the US dollar, and ever increasing indebtedness to forces with a vested interest in seeing the United States economically and strategically weakened. ? ?