As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible.
Our country was founded upon the principles of freedom, responsibility, and opportunity to succeed or fail. Government was supposed to play a limited role in our lives. Government’s function was to defend against foreign invaders, provide basic services, enforce the laws, and maintain the public infrastructure of the country. Over time government has incessantly intervened in the economic system and by successive steps has moved the country toward socialism. Millions of Americans are now totally dependent upon handouts from the government. This policy of government expansion through the use of credit at the expense of taxpayers is detrimental to the rest of society. Interventionist wars, undeclared by Congress, and maintaining military bases in 117 countries were not envisioned by the Founding Fathers. The more we consent to government intervening in our lives, the more freedom that we lose. We are now experiencing the utmost intervention by government in our 222 year history.
We are in the midst of a major recession. A $700 billion stimulus package will not eliminate our debt and will not make the recession shorter. It will be a pork filled waste of taxpayer money, but it will be spent. The 156,000 structurally deficient bridges, miles of crumbling water pipes, and antiquated power grid should be the focus of any infrastructure spending. With the millions of unemployed, funds should be set aside to keep people from being forced onto the streets. We should focus our efforts on the poorest and least able to make it through this recession. These efforts should be funded by reducing our global military empire. Propping up failing companies and artificially keeping home prices from declining to their natural level will be a miserable failure and will lead to economic stagnation for at least a decade. David Walker throws down the gauntlet and we must face up to his challenge.
We must learn the lessons of history. The Roman Republic was the longest-standing republic in the history of mankind. The Roman Empire lasted over a thousand years. There were many people that said Rome was too big to fail. I am sure that most of the citizens of the Roman Empire felt that way. The simple facts of the matter are that Rome fell for at least four reasons, and please listen carefully. A decline in moral values and political civility at home; an overconfident and overextended military; fiscal irresponsibility by the central government; and an inability to control one’s borders. Does that sound familiar? It’s time to wake up, study history, learn from it, and take steps to make sure that we are the first republic to stand the test of time.
It ultimately comes down to courage. The reason I always fall back on the wisdom of Thomas Jefferson, Samuel Adams, George Washington, and John Adams is because they showed true courage in shaping this great Republic. If they had failed, they would have been hung as traitors by the British. It takes no courage to vote for a $700 billion bailout package or a $700 billion stimulus package. Barney Frank and Chris Dodd are not Thomas Jefferson and John Adams. If our leaders do not have the courage to do what is morally right for future generations, we will have to put in place a structure that forces them to appear courageous. Some ideas are:
- Put back into place the spending limits that worked so well during the Clinton administration. Any increase in spending must be offset by a cut somewhere else or an increase in revenue. Congressmen could then fall back on this as their excuse to not push for frivolous initiatives demanded by their constituents.
- Create a bi-partisan commission that will have the authority to create solutions for our $53 trillion unfunded liability problem. Congress could not tinker with the recommendations. They would need to make a yes or no vote on the entire package.
- Limit all citizens to six years of public service as elected officials for their country. They would do what was right for their country and then go back to their regular occupation. Stewardship of our country rather than a lifelong career would be their purpose.
If we kick the can down the road for another decade, it will be too late to reverse course. The choice is ours - decline or redemption.
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