Congress has created a $15 trillion debt for which you and I have to pay $400 billion in interest each year. That is more than $1 billion every day of the year – not just the days we work, but on our days of rest, too!
How did Congress run up such a huge debt? By spending more money than is collected in federal taxes for years and years, as urged and approved by the sitting presidents. How many years do you think Congress has overspent with the blessing of the sitting presidents?
You can see by looking at the official financial records of the U.S. Department of the Treasury’s Bureau of the Public Debt on the national debt. It rose steadily from more than $276.3 billion on June 30, 1958, to more than $15.4 trillion as of Feb. 16. (To see the Bureau of the Public Debt’s full, official reports, go to http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm)
Can you find honest, sensible reasons for our past Congresses (Republican- and Democrat-controlled) and many presidents (Republican and Democrat) to have spent that much money over and beyond federal taxes paid – all federal taxes, not just federal income tax – every year since 1958? I can’t.
How about reasons that justify paying more than $1 billion in interest a day, much of it to foreign governments who hold U.S. Treasury notes? Couldn’t that billion a day be better used to help us here at home?
That’s why we have lost faith in our current incumbent members of Congress and our president – because they are doing absolutely nothing to reduce the national debt and, in fact, voted to raise the debt by more than $1 trillion last August, and now this month are voting to raise it an additional $1 trillion.
The incumbents obviously have no intention of ever reducing the national debt. Therefore, if you want the national debt to be reduced, you are going to have to vote out the incumbents to get new members into Congress and the presidency who have the desire, drive and will to get the federal budget under control and start paying down the national debt.
If you enjoy paying more than $1 billion a day in interest – much of which is going straight into the pocket of the Chinese government – and wish to continue doing so the rest of your life, then by all means, keep voting for incumbents in Congress, and you will get your wish.
Steve R. Smith
(The writer is the designated spokesman for the Columbia County Tea Party.)