published Tuesday, June 14th, 2011

Our $1 trillion-plus deficits

The American people often blame our presidents and members of Congress for recklessly spending too much money. But aren’t we citizens and taxpayers the ones who have allowed that by electing big spenders to office?

Now, once again, the consequences of our carelessness at the ballot box are appearing.

Do you realize that our country is headed toward adding well over $1 trillion in debt for just this year?

The federal fiscal year ends Sept. 30. By then, our one-year deficit could well exceed $1.4 trillion — the amount we’re spending beyond what current tax rates bring in.

Do we and our elected lawmakers honestly believe that the current national debt of $14.3 trillion is somehow too small? Do we relish the thought of massive taxes — in the hundreds of billions of dollars — just to pay the interest on that debt for a single year?

How can we possibly imagine that we are demonstrating careful stewardship when we keep adding to our debt this way?

Unfortunately, this spending is becoming more and more common. This is going to be the third consecutive year that we will have trillion-dollar deficits added to our national debt. In fact, in 2010, our federal debt represented more than 94 percent of everything our country produced that year!

Is anything about that outrageous level of federal spending remotely responsible or justifiable? While we are engaged in conflicts in Afghanistan, Iraq and, now, Libya, we are certainly not in a global conflict on the order of World War II, which understandably required great amounts of spending.

No, we are in extreme debt because of wasteful spending on things our nation doesn’t need, and because of our unwillingness to reform spending on entitlements such as Medicare and Social Security, which are going broke.

And yet nothing seems to change Washington’s ways. As we noted, by Sept. 30, an additional $1 trillion-plus will have been added to our crippling national debt.

Doesn’t that indicate that we are allowing — or even encouraging — too much spending by Congress and the president?

It’s painful to face these alarming realities. But it will be much more painful, and detrimental to the economy for all of us, to let this go on and on.

Balanced budgets are possible, but not if we continue on the current path. It is long past time to stop Washington’s wild spending.

3
Comments do not represent the opinions of the Chattanooga Times Free Press, nor does it review every comment. Profanities, slurs and libelous remarks are prohibited. For more information you can view our Terms & Conditions and/or Ethics policy.
carlB said...

free press editorials » Our $1 trillion-plus deficits published Tuesday, June 14th, 2011


Reply

Why do the Republican­s insist on policies which are 180 degres out of sequence for re-establi­shing the needed production jobs by the private sectors? Do the Republicans really think the Private sectors care what the financial conditions are of this Republic as long as they are accomplishing what they set out to do in depressing the US workers and creating the class warfare with the "global economy"? Which is the best situation for this Republic to be in, another great depression with a National Debt of already $12 trillion dollars or to create needed infrastruc­ture jobs and help (encourage­) the private sectors to create more manufactur­ing jobs, increasing our GDP relative to the National Debt without the US or the world sliding into another great depression­? It all boils down to a "timing situation,­" but the opponents of President Obama appear to be "Hell Bent" on continuing with the $12 trillion dollars of debt and cutting out the government spending before the private sector jobs are created back in the US.

June 14, 2011 at 3:59 p.m.
inquiringmind said...

Bill Clinton left us with a budget surplus, we were running in the black for the first time in a generation. Our Republican friends launched a war, cut taxes, especially for the rich and increased spending. Of the $14 trillion deficit I think at least 20% at least can be allocated to the illegal wars we are fighting and the spending on surveillance for "terrorism." Add in other defense spending and it accounts for over 30-40% o the annual $3-4.5 Trillion budget, the largest percentage of our budget, AND EQUAL TO THE TOTAL COMBINED DEFENSE SPENDING OF ALL OTHER COUNTRIES OF THE WORLD. Defense spending alone accounts for the total annual deficit.

Restore the taxes on those making more than $200,000/year, it will put social security /medicare in the black. End the wars and cut the spending on thing sthat infringe our protected rights and we will be on track to a balanced budget.

June 15, 2011 at 2:06 p.m.
carlB said...

inquiringmind said... Bill Clinton left us with a budget surplus, we were running in the black for the first time in a generation.


Reply to inquiringmind: We have to look at thhe conditions as you have said. The Republicans did not practice what they now hold against President Obama for running up the total National Debt or paying back the debt of about $5.3 trillion dollars that was left by Clinton and had not increased during Clinton's eight years. The Republicans made it clear that they did not want the US Government to be strong and the "old hands" from the Herbert Walker's administration, including Greenspan and the Republican Congress approved the tax. Their attitude appears to be for letting another great depression occur, weaken this Republic farther while letting the people "fend" for themselves, depressing the workers, taking away all the help for the people in poverty after they have helped the "capitalist­" force the loss of their manufacturing jobs.

June 15, 2011 at 11:47 p.m.
please login to post a comment

videos »         

photos »         

e-edition »

advertisement
advertisement

Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.