Posted by
Jay Noble on Thursday, July 28, 2011 11:18:02 AM
Observing the ongoing drama in Washington regarding raising the nation's debt ceiling leaves me with the unsettling feeling that we have finally come to the point where representative government fails. It should be clear to any thinking person paying attention that the Federal government, whether controlled by Republicans or Democrats, liberals or conservatives, is simply incapable of reducing runaway spending and incurring more debt. It indeed appears that the seed of its own destruction is inherent in the republican form of government for the temptation to spend and spend more is irresistible and self-discipline an absent trait. There are few votes to be had for taking away the masses' goodies and as someone once observed, once the population discovers it can vote itself money from the public treasury the end draws near for a democratic republic.
Think of the Federal government as a hardcore drug addict. A hardcore drug addict is unconcerned about law, morality, or propriety. The hardcore drug addict is concerned about getting the next fix. In this case, the next fix is raising the debt ceiling so more money may be borrowed and spend. A hardcore drug addict is not interested in kicking the habit because he enjoys it. There is no real interest in the Congress to actually cut spending. Every plan presented presumes more spending. The only difference is the rate of growth of the budget and the debt. A true deficit reducing plan would involve cutting trillions RIGHT NOW. Instead, we have the pitiful product of Speaker Boehner, which cuts 22 billion in its first year. That covers about 3 days of the current annual federal deficit. It is a joke and a cynical one at that.
The only way to cure the hardcore drug addict is outside intervention. He will have to be dragged, kicking and screaming to the realitization that he cannot continue the habit, and forced into withdrawal. The president, Congressional democrats, and many Republicans, have not yet acknowledged their addiction. Hence outside intervenors, such as credit rating agencies, foreign central banks and creditors, and international financial entities, will drag us, kicking and screaming, into rehabitation. Unfortunately, as is true of the drug addict, rehabilitation usually involves an imposed regimentation and a period of very painful withdrawal.
Back to my first point. Even after the addict quicks the habit, he must always guide against relapse. Unless attitutudes are changed in the country about what should expect the central government to provide, we are doomed to banana republic status.