Senator Tom Coburn’s new book the that bottom,The Debt Bomb speaks of the big question facing America is not was going to win the next election but whether we can defuse a debt bomb that has put at risk our very survival. History has shown time after time that debt can bring great nations to their knees. Throughout history And powers such as Egypt, Rome, Spain, France, the Ottomans, Britain and the Soviet Union. All these great powers had declined economically before they collapsed.
Our founders knew this history as we recall John Adams warning: “democracy never lasts long. It soon wastes, exhausts and murders itself. There was never a democracy yet that did not commit suicide.” History also shows that great nations can come to an end quickly like a thief in the night. Unfortunately most of our political ruling class is downplaying the threat. We have an administration that insists that our debt load is not hurting our economy. There are centuries of evidence that illustrate the dangers of carrying such a high debt load.
Our debt now exceeds the size of our entire economy and is presently creating a major drag on our economy. Our administration continues to ignore the fact that we’ve received a credit downgrade specifically because of our refusal to reduce our long-term debt. Both sides are to blame and both are at fault but those who fight serious deficit reduction are most at fault. There is no doubt that our combination of excess of entitlement programs, military spending, waste and fraud is what is killing us.
There is no doubt a consensus for a solution does exist in the country and in Washington. In spite of the political posturing on both sides privately members of our ruling class are in agreement about the magnitude of the fiscal challenges we face. It comes down to political will and the courage of conviction and as Senator Coburn puts it will we be career politicians, or will we be statesman?
