Debt Ceiling

Disclaimer:
This post is from Citizenlink. No copyright infringement is intended. It is reposted here for informational purposes only.

If you’ve been following the news recently, you know a hugely important issue is being debated in Washington, D.C. Of course, I’m referring to our national debt and spending policies— which are very much family issues. Never before have forces joined so strongly to press for genuine reform.

Most of the current media coverage centers on the debt limit, the amount our nation is legally allowed to borrow, which Congress will soon raise in order to avoid defaulting on our current debts. Our nation is faced with the need to borrow more money in order to pay for obligations it already owes.

In reality, the debt ceiling is symptomatic of the larger issues our country faces: a staggering national debt and out-of-control federal spending. To be more specific, our “mandatory spending” – the money our government is legally obligated to pay for programs such as Medicare, Medicaid, Social security and welfare – has ballooned to record numbers. These programs are often called “entitlements” because those who qualify are entitled to them based on earlier laws, despite the fact that costs have risen beyond what our country can afford.

On this week’s CitizenLink Report video, Stuart Shepard and I discuss the national debt and the upcoming debt ceiling vote.

In 2008, the Bush Administration warned that if entitlements were not restructured, in 50 years we would face a situation where 100 percent of our nation’s revenue would be spent on entitlements. Incredibly, that prediction became reality in 2009, and we are on pace for this again in 2011. In other words, to pay for the “discretionary” items, like funding our military, fixing our highways or paying the interest on our current debts, our government must borrow even more money.

You see the problem. Our government is spending and borrowing dramatically beyond its means.

As the government gobbles up more and more resources, less is available for private businesses to start up or to expand. That further constricts an economy already struggling with a 9.2 percent unemployment rate. Not to mention the impact on the stock market and, in turn, our retirement accounts. This is very much a family issue.

Together, let’s pray that reason prevails in Washington in the next few weeks. We are at a significant point in our nation’s history. We need real, long-term solutions. We will keep you informed in the weeks ahead.

For faith and family,

Tom Minnery
Executive Director

 

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