The can has again been kicked and rolls ever onward, down the road, headed for the sewer. As the ongoing debate in Congress (the debt “crisis” is far from over) is not and has not been about the arcana of governance, but its sustenance—how we finance spending that is not supported by tax revenue—we would all think sometime, somewhere, somehow, someone would see that giving voice to the conservatives in Congress would make sense. Why would these folks continue to risk the enmity of three-quarters of the American public? All they are saying is although borrowing is occasionally an acceptable, even necessary, manner of government financing, it cannot be the long term solution to spending if that spending is habitually more than the government collects from the citizenry. Borrowing of that nature is simply a subversion of democratic rule; it is a Ponzi scheme and like all such schemes, will ultimately collapse of its own weight.
President Reagan noted, “I am not worried about the deficit—it is big enough to take care of itself.” Reagan, with his usual wit, made his meaning clear; if we do not address the debt and keep it within our control, outside forces (the market where our debt is sold and that will not loan money it does not feel will be repaid) will control our world and our destiny. In 2011 we had a glimpse of the path towards insolvency in the first-ever lowering of the U.S.’s credit rating. Another downgrade is again in the news.
As the liberals espouse that government can and should spend unendingly, while hoping they will be the political beneficiaries of these actions (true thus far), a belief that government is the answer to all circumstances is fostered in those who now rely on handouts instead of themselves. These emotional and dystopian actions rule the airwaves as the liberal class fails to exercise any fiscal integrity, or even voice any limits on involuntary charity paid by citizens to citizens.
Conservatives see two things: first, that the political battle is about helping people, this is the very foundation of American values; that duty is sacrosanct. They also recognize the responsibility of those being helped; that without their participation beyond receiving, a destructive culture of dependency becomes the only possible result. Second, the conservatives understand what the markets finally stated in 2011: we have pushed the payment for what we spend today onto the backs of our children and grandchildren, and we have pushed too far.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins