40 cents of every dollar the government spends is borrowed – to be paid back by tomorrow’s taxpayers.
Today we hear a lot about “fairness” as defined by politicians who seek to redistribute money or advantage from one group to another through the tax code, stimulus, incentive and entitlement programs. Arthur Brooks of the American Enterprise Institute recently called attention to the forgotten victims of political “fairness” ..
- “Everyday we’re building a crushing burden of debt for our kids – that’s not fair.
- We’re becoming a country with a privileged class of bureaucrats that makes more than their private sector counterparts in wages and benefits – that’s not fair.
- We’re creating a tax and regulatory burden on new businesses that makes it impossible for poor people to get ahead on their hard work and merit – that’s not fair.
- And, most unfair of all in my view, are the special access deals and bailouts to crony corporations who have clever lobbyists and access to the government – that’s not fair.
..We’re great at finding evidence that capitalism brings economic growth but we’re not so good at translating that evidence into the real world of peoples lives – and convincing our friends around the country that the free enterprise system is not just best for American prosperity but is the most moral system. ..”
excerpted from a speech at CPAC 2012
The US Government is borrowing and spending money now that we can’t hope to pay back in our lifetime. Who will be forced to pay? Our children. That our federal debt now tops 15 Trillion actually understates the problem because that number is multiplied by state and municipal debt.
What To Do about it?
For starters: Next time a politician tries to sell you on the idea of big government on the basis of “fairness” please remember that their “fairness” for a few usually results in very UNFAIR treatment for many.
And then, take heart, it is possible to turn the situation around with strong policies that reduce government spending and promote economic growth .. many years in the making, the problem won’t turn on a dime but it will turn with effort.