Time to confess. As a college student, I don't make a lot of money. Somewhere less than $15,000 per annum, which I guess is about normal for most students. But I LOVE to spend. Last month I bought a new home theater, and traded in the old Ford for a flashy BMW. I got a sweet new gaming computer, well, actually, two. (Just in case one breaks). This thanksgiving break we toured Europe and treated ourselves to first class seats. How do I afford such a lifestyle working just 15 hours per week? Easy- it's called DEBT! So what if I don't have the money now, I'll just pay it back in small installments for the next... however many years.
Ok, I'm obviously exaggerating. But it's not an exaggeration for certain people we voted to direct the course of our nation. The US government "makes" a lot of money each year, yet still runs a massive deficit, just as I would if I spent like I just described.
I honestly can't understand how fiscal restraint could ever be a partisan issue. For one, neither Rs or Ds have done a very good job lately at it. But apart from their track record, I fail to see how having massive debt could ever be considered good policy. This recent Newsweek article articulates the risks associated with out-of-control debt (it's long, but it's a good read). Fixing the debt issue is not something to put on the back burner- this is serious, as Dubai recently showed us. I, for one, don't want to see high inflation rates and down-rated US securities just because some politicians didn't know the meaning of a balanced budget.
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