On Government Debt...And The Writing On The Wall

"As parents, we can have no joy, knowing that this government is not sufficiently lasting to ensure any thing which we may bequeath to posterity: And by a plain method of argument, as we are running the next generation into debt, we ought to do the work of it, otherwise we use them meanly and pitifully. In order to discover the line of our duty rightly, we should take our children in our hand, and fix our station a few years farther into life; that eminence will present a prospect, which a few present fears and prejudices conceal from our sight."

Thomas Paine, Common Sense, 1776

The founding fathers had it right.

The foundering fumblers of the last fourty-some years have failed future generations.

President Obama's legacy to the United States will be one of infamy and shame: he is indeed using our children and grandchildren meanly and pitifully. There will be a day when the government of the United States, in the form of the Congress, who controls spending, will have to make the decision whether or not to live without excess and within its means in order to ensure that the reputation of the United States, in the form of its bond ratings and hence credibility and honor, is not sullied and demeaned.

I dare say at this point in time we know the answer to that question. It is increasingly apparent to me that those wielding the not insignificant power of the purse in Washington are hell-bent on leaving a permanent legacy that will damage the United States as has never been seen before: repudiation of the Federal debt and the destruction of the trust that the entire world has placed in the United States of America as the country where at least their money was safe.

President Clinton once remarked that he'd like to be reborn as the bond market, as everyone was afraid of the bond market and the power it has.

Looks like the Democratic Party, seeing the writing on the wall, are determined to ensure that if they go down, the rest of the country will go down with them.

And this is the writing that was inscribed: MENE, MENE, TEKEL, and PHARSIN. This is the interpretation of the matter: MENE, God has numbered the days of your kingdom and brought it to an end; TEKEL, you have been weighed on the scales and found wanting; PERES, your kingdom is divided and given to the Medes and Persians.

Daniel 5:25–28