Former Congressman Joe Walsh writes,
March 18, 2013Last week, President Obama said on national TV that we don't have a debt crisis. Sunday morning on national TV, House Speaker John Boehner was asked if he agreed with Obama, and he said yes, the country does not have an immediate debt crisis. Incredibly, Budget Committee Chairman Rep. Paul Ryan agreed with Boehner and Obama and said, "We do not have a debt issue right now, but we see it coming."
What in God's name are these three thinking? We are CURRENTLY borrowing over $3 million every minute, almost $200 million every hour, and over $4.5 billion every day. That's borrowing … not spending! Forty-two cents of every dollar we spend is borrowed. This year will see our fifth straight year of an annual deficit of a $1 trillion or more. Our CURRENT debt is approaching $17 trillion, and when you add our CURRENT Medicare and Social Security liabilities, our real CURRENT debt is well over $100 trillion — that's over $200,000 for every man, woman, and child in this country.
If our federal government were a family, for each of the past five years, the family's annual credit card debt exceeded the family's annual income by a whole lot … and Obama, Ryan, and Boehner don't believe we have a debt crisis right now?
I know that pollsters tell us the American people don't understand debt and the deficits as an issue. Well, our political leaders better explain debt in a way that can be understood because our debt is impacting our way of life. It's severely hurting our economic growth and job creation, and, unless we address our debt, future generations will be robbed of any opportunity and prosperity.
Unless we take care of our CURRENT debt crisis, our kids and our grandkids will be indentured servants.
I don't expect President Obama to understand this, but I can't believe Paul Ryan and John Boehner don't get this or are too afraid to level with the American people about how serious a problem living beyond our means year after year really is.