Spring Break
You owe America $174,342
Ian Bezeck
Issue date: 8/26/08 Section: Opinion
While this sounds nice, once you realize who is lending to us, this theory unravels.
As recently as during World War II, our national debt was self-funded. American citizens patriotically bought savings bonds from the government to fund the country as it went through hard times. Times have changed, though, as Americans have quit saving their money, now the average American spends more than he earns each year.
We've had to turn to foreigners to fill the funding gap. America now owes roughly $4 trillion to foreign governments such as China, Japan and the Middle Eastern states.
This leads to two problems. One is that the interest paid on the debt is sucked out of the country, making America as a whole poorer.
The second is far scarier; the U.S. is losing control over some of its decision-making ability.
China has lent us almost $500 billion, and if they become angry with us, they can, in what has been deemed the "nuclear option," cut off our funding and essentially bankrupt our government. We may be forced to do their bidding to avoid defaulting on our debt.
Rich Middle Eastern countries such as Saudi Arabia also have this option at their disposal -- it's a mockery to fight the war on terror and while allowing these terror-sponsoring nations to have control over our nation's budget.
I urge you to watch "I.O.U.S.A." and then withhold support from candidates who ambivalently allow the debt to grow. Both Obama and McCain are proposing policies that would make the problem worse.
Americans were outraged by the debt in the 1990's, and the public outcry forced Bill Clinton to balance the budget. Bush threw these gains away with his delusional wars and tax cuts -- we need to let the new administration know that we want fiscal discipline back.
Ian Bezek is a sophomore economics major. His column appears Tuesdays in the Collegian. Letters and feedback can be sent to letters@collegian.com.
As recently as during World War II, our national debt was self-funded. American citizens patriotically bought savings bonds from the government to fund the country as it went through hard times. Times have changed, though, as Americans have quit saving their money, now the average American spends more than he earns each year.
We've had to turn to foreigners to fill the funding gap. America now owes roughly $4 trillion to foreign governments such as China, Japan and the Middle Eastern states.
This leads to two problems. One is that the interest paid on the debt is sucked out of the country, making America as a whole poorer.
The second is far scarier; the U.S. is losing control over some of its decision-making ability.
China has lent us almost $500 billion, and if they become angry with us, they can, in what has been deemed the "nuclear option," cut off our funding and essentially bankrupt our government. We may be forced to do their bidding to avoid defaulting on our debt.
Rich Middle Eastern countries such as Saudi Arabia also have this option at their disposal -- it's a mockery to fight the war on terror and while allowing these terror-sponsoring nations to have control over our nation's budget.
I urge you to watch "I.O.U.S.A." and then withhold support from candidates who ambivalently allow the debt to grow. Both Obama and McCain are proposing policies that would make the problem worse.
Americans were outraged by the debt in the 1990's, and the public outcry forced Bill Clinton to balance the budget. Bush threw these gains away with his delusional wars and tax cuts -- we need to let the new administration know that we want fiscal discipline back.
Ian Bezek is a sophomore economics major. His column appears Tuesdays in the Collegian. Letters and feedback can be sent to letters@collegian.com.
Viewing Comments 1 - 6 of 9
Craig Hawley
posted 8/26/08 @ 7:48 PM MST
174,342 dollars. I ain't paying and you can't make me. LOL!
Seriously the national debt is huge problem
We are giving away America wealth to buy oil from our enemies , and borrowing the money to do it from China. (Continued…)
Bdygard
Craig Hawley
posted 8/27/08 @ 3:48 PM MST
Good point Concerned citizen. I would love to see the candidates ( all of then ) be limited in what they can spend. Of course McCain is limiting his expenditure by accepting matching public funds. (Continued…)
rebel1426
posted 8/28/08 @ 9:55 AM MST
You miss the real problem with the budget. The budgetary checks and balances of the constitution are not currently in use. The Presidents budgetary control has been bypassed by the courts, and the way budget bills are passed. (Continued…)
Bdygard
Craig Hawley
posted 8/28/08 @ 10:09 AM MST
Good point Rebel. Mccain is your man then. He is one of the only people in the Senate with no Pork Barrel projects.
Caig Hawley
posted 8/28/08 @ 3:22 PM MST
I don't really think at this point in time that America is ready for a black president. Chocolate-faced? What kind of childish remark is that? How old are you anyway?
Obama and his people would demand that reparations be paid for slavery and we just can't have that. (Continued…)
Chocolate-Faced Obama?
posted 8/28/08 @ 5:35 PM MST
WTF??
You racist moron!!!!
CRAIG HAWLEY!!!!!
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