@Oldcoal – It was a problem then, too, but the Republican Congress gave W the equivalent of a blank check. For those of us who consider ourselves fiscal conservatives it is ALWAYS a problem.
Congress figured out early that they could spend the money of those unable to vote i.e. Children and the unborn to curry favor with the current crop of voters who want spending but don’t want to pay for it i.e. Geezers (Oh, sorry, Greatest Generation), Boomers and anyone else that uses services from the government but does not pay for them.
I understand the need to give Congress the ability to borrow money in order to spend during a recession but then they must also be disciplined to save and pay down debt in times of plenty. But what Senator or Congressman would be stupid enough to tell his constituents that the country is doing well so we need to pay more taxes and accept lower levels of service so that we have a backstop some time in the future during a downturn – They would be voted out of office immediately. So we need borrowing bills to be attached to savings bills that kick in automatically at some time in the future when certain realistic economic conditions occur.
The Alternative is to let inflation eventually reduce the debt out of existence at the expense of savers.
@Oldcoal – It was a problem then, too, but the Republican Congress gave W the equivalent of a blank check. For those of us who consider ourselves fiscal conservatives it is ALWAYS a problem.
Congress figured out early that they could spend the money of those unable to vote i.e. Children and the unborn to curry favor with the current crop of voters who want spending but don’t want to pay for it i.e. Geezers (Oh, sorry, Greatest Generation), Boomers and anyone else that uses services from the government but does not pay for them.
I understand the need to give Congress the ability to borrow money in order to spend during a recession but then they must also be disciplined to save and pay down debt in times of plenty. But what Senator or Congressman would be stupid enough to tell his constituents that the country is doing well so we need to pay more taxes and accept lower levels of service so that we have a backstop some time in the future during a downturn – They would be voted out of office immediately. So we need borrowing bills to be attached to savings bills that kick in automatically at some time in the future when certain realistic economic conditions occur.
The Alternative is to let inflation eventually reduce the debt out of existence at the expense of savers.