U.S. Sen. Bob Corker, R-Tenn., speaks to lawyers and political representatives during the Chattanooga Bar Association's annual law day breakfast held at the Chattanooga Convention Center early Tuesday morning. Staff Photo by Dan Henry/Chattanooga Times Free Press
There long has been evidence that many Americans believe there is virtually no limit to what “government should do for us.” But all of us know, or should know, that government has nothing to spend without first taking it from us in taxes — or borrowing it, creating tax liabilities on future generations.
Sen. Bob Corker, R-Tenn., renewed a valid warning when he spoke Tuesday at the Chattanooga Bar Association’s annual Law Day observance.
The senator said there should be caps on federal spending in general and reform of programs such as Medicare and Social Security, because the status quo is accelerating our debt. Unrestrained debt, he said, is the “greatest threat to our country’s sovereignty, security and economic growth.”
Corker said Congressional Budget Office numbers show the national debt is already equivalent to 62 percent of our gross domestic product — everything our nation produces in a year!
We have a tendency to insist on more from government, which already is spending $1.5 trillion a year more than we are willing to pay in high taxes. But if we don’t curb our spending, Corker said, the debt could rise to 146 percent of GDP by 2030.
“I think it’s very damaging to our country,” he added.
Who can reasonably disagree?