Future Generations to US Leadership: Thanks a Trillion
Whether one thinks the stimulus package is urgently needed or not, there should have been a little extra time for Congress, and the public, to review the bill as it came out of conference committee. No matter how many "shovel-ready" projects and immediate tax cuts there may be, they will not magically be underway in the morning. Surely, a little time to better understand all that is in this massive bill could have been given. The size of this bill alone demands it. The size of the coming deficits on top of the current public debt strengthens that case. After all, were we not promised greater transparency? If not for this bill, then where does it begin?
Even in better times, deficits mounted. While there were some very needed items included, this accumulation of debt has made it harder to take on additional debt, for needed items, for pork projects, for tax cuts, for anything. The additional debt securities that would have to be issued would have to be bought. Even if (or when) that happens, the country will face difficult decisions.
Servicing this debt will become more expensive as the debt increases. This will take more funds away from other priorities. Also, this debt will someday have to be paid. This could be done with the government's revenues or by issuing more debt. Either way, this will further erode resources and maneuverability on the country's other priorities. Combine this with the prospect of exploding entitlement programs and.... The situation in the decades ahead is looking nightmarish.
As the parties in DC form skirmish lines and play the predefined roles assigned to them based on which party is in power, who will foot the bill? Not those presently in power. The toughest decisions will come in the next several decades unless the current leadership chooses to make tough decisions now. After all, as massive and painful as this bill is, it would have been relatively less painful had it not been a cup of salt on a deep and old wound. Whether it would have meant a better and more efficient bill is an entirely other matter, however.
But for painful decisions punted to a future that is drawing ever closer, to the leaders that brought us here, thanks a trillion...or ten.
Even in better times, deficits mounted. While there were some very needed items included, this accumulation of debt has made it harder to take on additional debt, for needed items, for pork projects, for tax cuts, for anything. The additional debt securities that would have to be issued would have to be bought. Even if (or when) that happens, the country will face difficult decisions.
Servicing this debt will become more expensive as the debt increases. This will take more funds away from other priorities. Also, this debt will someday have to be paid. This could be done with the government's revenues or by issuing more debt. Either way, this will further erode resources and maneuverability on the country's other priorities. Combine this with the prospect of exploding entitlement programs and.... The situation in the decades ahead is looking nightmarish.
As the parties in DC form skirmish lines and play the predefined roles assigned to them based on which party is in power, who will foot the bill? Not those presently in power. The toughest decisions will come in the next several decades unless the current leadership chooses to make tough decisions now. After all, as massive and painful as this bill is, it would have been relatively less painful had it not been a cup of salt on a deep and old wound. Whether it would have meant a better and more efficient bill is an entirely other matter, however.
But for painful decisions punted to a future that is drawing ever closer, to the leaders that brought us here, thanks a trillion...or ten.
posted by Will at 1:52 AM
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