Thursday, March 16, 2006

GOP sentences America to debtor's prison

Today the GOP-controlled U.S. Senate, under the leadership of majority leader (and ex-fiscal conservative) Bill Frist, will likely vote to raise our country's debt limit at the request of the GOP-controlled White House by another $781 billion. This increase is on top of repeated debt limit increases under this Administration that to date total more than $3 trillion.
President Bush has promised time and again to pay down the debt, but his words and actions don't match up. For perspective, in Democratic President Clinton's last term in office the debt limit was not increased at all.
Why does this matter to average Joes like you and me?
Aside from the fact that federal spending under GOP leadership is out of control, and that none of us want to leave our kids and their great, great grandchildren saddled with this kind of debt, the effect of this is that we have planted a FOR SALE sign on our nation's shores, inviting foreign interests to buy our debt, thereby sentencing America to what amounts to a modern day global debtor's prison.
Consider these facts (unfortunately, this is merely a snapshot of the whole dismal picture):
- we currently owe Japan $668 billion
- we currently owe China $260 billion
- we currently owe the UK $240 billion
- we currently owe South Korea $60 billion.
Hell, we even owe Carribean banking centers over $100 billion!
At the end of the day, how can we as a nation maintain some global independence and do what we have to do to protect our national interests when we are in debt to foreign interests?
Message to voters - the GOP does not reflect American values of sound financial stewardship. Their continued neglect of conservative fiscal management principle must end.