The Debt Bomb
It is impossible to call yourself a conservative and not to be alarmed at our present economic and federal deficit predicament.
Former Senator Tom Coburn (Oklahoma – Republican) – an obstetrician who delivered 3000 babies before seeking political office motivated by his concern about the future of those babies – draws our attention to just how real the threat is.
In his 2010 book, the Debt Bomb, he warns --
“If we ignore this problem, we condemn future generations to a lower standard of living with less freedom and less opportunity. Sooner or later, our “debt bomb” will go off.”
The 2008 Financial Crisis should be seen as warning of what Dr. Coburn fears.
“History has shown time and again that debt can bring nations to their knees. Great powers such as Britain, Spain, France, the Ottomans, the Soviet Union and the Roman Empire declined economically before they contracted, collapsed or were conquered.
“In many cases, only a few years separated the height of their power from their irreversible decline and demise.
“Our founders understood this history very well: John Adams warned “Democracy soon wastes, exhausts and murders itself”
“Thomas Jefferson “warned the real threat to democracy would be the cost and scope of government itself, especially expansions of government that were not paid for:
Tom Coburn, the former Republican Senator from Oklahoma, warns in his 2010 book The Debt Bomb “we are where we are today because career politicians have prostituted the founders’ clear intention to limit government in the name of “doing good”
- Jefferson’s fears have come to life – growth of government has created a debt that now exceeds the size of our economy”
- This is a Democratic Problem and it is a Republican Problem
- We must change the national direction NOW lest we become unable to control our own future –
We'll have much more to say about the Debt Bomb when Congress takes up the Debt Ceiling and 2017 - 2018 Federal Budget in September.
In the meantime:
In the News This Week:
North Korea shot off their own 4th of July Fireworks – 1700 nautical miles into the sky
And if you were not scared enough – OMG Steve Bannon’s White House Star is on the rise once again
Republican Senators chose 4th of July “Illuminations” over home district Fireworks over health care reform. They can't defend the indefensible after 7 years of promises!