Our national debt now exceeds $16.16 trillion. Our legal debt limit of $16.39 trillion will run out by the end of December based upon the current rate of spending.
It is time for government to destroy its own credit cards. Let's return to limited government accompanied by a minimal amount of confiscatory taxation to support only essential services to reduce long-term debt.
Democrats and Republicans have morphed into one Washington “Inside the Beltway” party dedicated to staying in power regardless of the cost to taxpayers. Their philosophy is to increase spending above the rate of inflation.
Liberals won't say no to social welfare programs. Conservatives love any defense spending. Both support farmers and corporate welfare subsidies.
How ironic that after winning the Cold War against the Evil Empire of Communism, it may be mismanagement of our economy that results in a decline of our standard of living. It may also end our reign as the world’s superpower as we become the world’s super debtor nation.
It is time for President Barack Obama, Democratic Senate majority leader Harry Reid and Republican House leader John Boehner to come together on a bipartisan basis and end this madness.