With Obama, Balanced Budget Amendment Crucial

June 22, 2010 07:29

by Sen. Jim DeMint – Death by debt isn’t only a Greek tragedy, it’s downright common. Powerful nations all the way from Rome to Russia have killed their economies by spending more than they had. And, if the American people don’t stage an intervention soon, the United States may do the same.

From Human Events

The federal government will soon be paying more in interest on the national debt than we spend on national defense. The national debt represents 93% of our total gross domestic product (GDP) with foreign governments like China and private entities owning nearly half that debt.

Surely, one of the world’s greatest debtors cannot remain the world’s greatest superpower for long. As the world’s champion of freedom, we cannot afford to be enslaved by those who control our line of credit.

Many have feared our nation slipping toward a European Socialist-style economy, yet today the U.S. wouldn’t even qualify for entry into the European Union which requires a debt-to-GDP ratio of below 60%.

Although the Berlin Wall fell over 20 years ago, freedom is not guaranteed for any country. The prospect of losing freedom is very real, especially to people like Marco Rubio, who’s running to become the next Republican senator from Florida. His parents lost their home country to communism. They fled Cuba without a dollar in their pockets in hopes of finding freedom for their family in the U.S. They did. Today Rubio is fighting to keep this country free for his children.

“The world is a safer place when America is the strongest country in the world,” Rubio has said. “But America’s security relies as much on our economic vitality and power as it does our military and diplomatic strength. Our enemies care as much about our debt as they do about our missiles. And they dream not only of more days like September 11, but also a Greece-like day of reckoning in America.”

Budget Embarrassment
The debt crisis in Greece is ominous and all too close to America. The Democrats have mapped out a future dominated by debt and deficits with no way out. After creating a massive new entitlement program in Obamacare, borrowing another $700 billion on a failed stimulus plan, giving a $787 billion blank check to Treasury under TARP, the Democratic Congress isn’t even bothering to offer a new budget. They don’t want anyone to know how much more they plan to spend.

By all appearances, the White House has given up on budget cuts without even trying.


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