Lately I've been perplexed by some of the decisions being made in Washington. The Republican party controls the White House and both houses of Congress but you wouldn't know it from the choices being made. When George W. Bush took power in January 2001, the country was running a surplus that was projected to last at least ten years and was actually paying
down the nearly 6 trillion dollar debt. Now, a scant four years later we are back to running deficits every year and the debt has increased to more than 7 trillion dollars. One of the prinicpals of conservativism is fiscal conservatism, or the belief that taxpayers should pay as little tax as possible. This administration seems to be ignorant of this.
Large sums of money are being spent on the war in Iraq, rebuilding Iraq, The War on Terror (listed separately because I don't believe they are the same thing), the missile defense system and now the President is talking about borrowing trillions of dollars for Social Security. Mind you, not to finance Social Security's projected shortfall, but to finance the private accounts that give users investment choices.
Where are the cries for fiscal responsibility from the Republican party? Being in charge is supposed to be about more than trying to rush all of your ideas through before you get voted out of power. Where are the conservatives that recognize the danger of allowing the United States to get too far in debt? Our economic soundness is based on our ability to borrow money from other countries. That seems like a precarious position.
If you ran your household like this, borrowing money every month and spending more money than you bring in every month, you would go bankrupt. Why aren't the fiscal conservatives of the Republican party howling?
According to firgures available at
www.federalbudget.com, interest payments on the debt for fiscal year 2004 totaled 322 billion dollars. People complain about NASA's budget being a waste but it was only 19 billion dollars. Ask yourself how much lower your personal income taxes would be if that 322 billion dollars wasn't being wasted on servicing debt interest. Haven't we been told that lower taxes are a pillar of the Republican party?
Don't fret though, the Republican party isn't just sitting back and doing nothing. They've been busy making it harder to file for personal bankruptcy, want to extend special protection from lawsuits to the gun indsutry (S 397/ HR 800), made it harder to file class action lawsuits and resisting raising the minimum wage even though every living expense has increased since the last raise.
The Republican Party is on a spending spree that will sink us all into debt. It's well past time they started to practice what they preach.