shanek
17th April 2003, 08:57 AM
More very rational, insightful words from the one exception to the Gang of 535:
http://www.lewrockwell.com/paul/paul89.html
The term “national debt” really is a misnomer. It’s not the nation’s debt, but rather the federal government’s debt. The American people didn’t spend the money, but they will have to pay it back. And if Congress has its way, our nation’s Treasury will have twice as much debt ten years from now as it does today.
Most Americans don’t spend much time worrying about the national debt, which now totals more than six trillion dollars. The number is so staggering that it hardly seems real, even when economists issue bleak warnings about how much every American owes- currently about $22,000. Of course the federal government never hands each taxpayer a bill for that amount, for obvious reasons. Instead, it uses your income taxes to pay interest on this debt, which is like making minimum payments on a credit card. Notice that the principal never goes down. In fact, it’s rising steadily.
[...]
Yet Congress is at it again, raising the debt limit in a new budget that is as wasteful as any I’ve seen during my tenure in Washington- and that’s a strong statement. In fact, the 2004 budget passed by the House raises the debt limit by nearly one trillion dollars, the single largest increase by far. The budget also contains a procedural rule that allows the debt limit to increase annually over the next ten years, almost doubling from the current $6.4 trillion to an incredible $12 trillion.
http://www.lewrockwell.com/paul/paul89.html
The term “national debt” really is a misnomer. It’s not the nation’s debt, but rather the federal government’s debt. The American people didn’t spend the money, but they will have to pay it back. And if Congress has its way, our nation’s Treasury will have twice as much debt ten years from now as it does today.
Most Americans don’t spend much time worrying about the national debt, which now totals more than six trillion dollars. The number is so staggering that it hardly seems real, even when economists issue bleak warnings about how much every American owes- currently about $22,000. Of course the federal government never hands each taxpayer a bill for that amount, for obvious reasons. Instead, it uses your income taxes to pay interest on this debt, which is like making minimum payments on a credit card. Notice that the principal never goes down. In fact, it’s rising steadily.
[...]
Yet Congress is at it again, raising the debt limit in a new budget that is as wasteful as any I’ve seen during my tenure in Washington- and that’s a strong statement. In fact, the 2004 budget passed by the House raises the debt limit by nearly one trillion dollars, the single largest increase by far. The budget also contains a procedural rule that allows the debt limit to increase annually over the next ten years, almost doubling from the current $6.4 trillion to an incredible $12 trillion.