Posted on 04/07/2016 3:49:49 AM PDT by kevcol
Senate Democrats on Wednesday couldn't agree that federal debt is a national security problem, in a hearing aimed at assessing the long-term strategic implications of the government's $19 trillion debt.
"A realistic discussion about it, and accepting expert opinion that this debt that we have is not actually right now a threat to our country, is I think a more realistic and honorable way of talking to the American people about it," Sen. Ed Markey, D-Mass., said during a Senate Foreign Relations Committee hearing on Wednesday.
That surprised committee chairman Bob Corker, who concluded the hearing by describing such views as "crackpot," and repeatedly said he expected the panel to demonstrate consensus about the need to limit the debt. Markey also insisted that Republicans drop their interest in changing entitlement programs as they try to mitigate the projected federal debt.
(Excerpt) Read more at washingtonexaminer.com ...
We have since learned that the world has a great appetite for US Government debt. Is permanent and increasing debt OK? Intuitively, we know it isn't. Our intuition is right.
Many Americans want the government to spend on them and their causes. Can't we just pretend that debt (or taxes, or inflation) are essentially costless, or the cost falls on someone else? As Obama might say “yes we can.” Unfortunately, believing a falsehood does not help.
I think the only answer is to address spending, primarily entitlements. The entire idea of being “entitled” is wrong. I accept that those who have put money into a program, for example social security or medicare, should get their money back. I believe in compassion, but not "public compassion." We should get the government out of the charity business.
“That surprised committee chairman Bob Corker”
Just say “crackpot” Corky, and everything will be fine.
Sir, there are two passions which have a powerful influence on the affairs of men. These are ambition and avarice; the love of power, and the love of money. Separately each of these has great force in prompting men to action; but when united in view of the same object, they have in many minds the most violent effects. place before the eyes of such men a post of honour that shall at the same time be a place of profit, and they will move heaven and earth to obtain it. The vast number of such places it is that renders the British Government so tempestuous. The struggles for them are the true sources of all those factions which are perpetually dividing the Nation, distracting its councils, hurrying sometimes into fruitless & mischievous wars, and often compelling a submission to dishonorable terms of peace.
And of what kind are the men that will strive for this profitable pre-eminence, through all the bustle of cabal, the heat of contention, the infinite mutual abuse of parties, tearing to pieces the best of characters? It will not be the wise and moderate, the lovers of peace and good order, the men fittest for the trust. It will be the bold and the violent, the men of strong passions and indefatigable activity in their selfish pursuits. These will thrust themselves into your Government and be your rulers. And these too will be mistaken in the expected happiness of their situation: For their vanquished competitors of the same spirit, and from the same motives will perpetually be endeavouring to distress their administration, thwart their measures, and render them odious to the people.
Besides these evils, Sir, tho’ we may set out in the beginning with moderate salaries, we shall find that such will not [83] be of long continuance. Reasons will never be wanting for proposed augmentations. And there will always be a party for giving more to the rulers, that the rulers may be able in return to give more to them. —Hence as all history informs us, there has been in every State & Kingdom a constant kind of warfare between the Governing & Governed: the one striving to obtain more for its support, and the other to pay less. And this has alone occasioned great convulsions, actual civil wars, ending either in dethroning of the Princes or enslaving of the people. Generally indeed the ruling power carries its point, the revenues of princes constantly increasing, and we see that they are never satisfied, but always in want of more. The more the people are discontented with the oppression of taxes; the greater need the prince has of money to distribute among his partizans and pay the troops that are to suppress all resistance, and enable him to plunder at pleasure. There is scarce a king in a hundred who would not, if he could, follow the example of Pharoah, get first all the peoples money, then all their lands, and then make them and their children servants forever. It will be said, that we don’t propose to establish Kings. I know it. But there is a natural inclination in mankind to Kingly Government. It sometimes relieves them from Aristocratic domination. They had rather have one tyrant than five hundred. It gives more of the appearance of equality among Citizens, and that they like. I am apprehensive therefore, perhaps too apprehensive, that the Government of these States, may in future times, end in a Monarchy. But this Catastrophe I think may be long delayed, if in our proposed system we do not sow the seeds of contention, faction & tumult, by making our posts of honor, places of profit. If we do, I fear that tho’ we do employ at first a number, and not a single person, the number will in time be set aside, it will only nourish the fœtus of a King, as the honorable gentleman from Virginia very aptly expressed it, and a King will the sooner be set over us.
The Records of the Federal Convention of 1787, vol. 1
http://oll.libertyfund.org/titles/1057
This is also precisely the issue with politicians requiring raising the minimum wage and mandating paid family leave.
They figure the private sector can spend money they don’t have just like they have been doing for decades in public sector.
Ed Markey has been in Congress since he was in diapers. He’s a prime example of the infantile leftist.
The YUGE debt is crushing the middle class you morons!
Debt is not fundamentally wrong; as you pointed out sometimes procuring debt is necessary. However uncontrolled debt is absolutely obscene and dangerous in the long term. Hard to meet our current/future spending obligations with $19 trillion (Growing) in the hole and expect a healthy/thriving country/economy.
Math and Science Denier! Feds should prosecute for his ignorance/sarcasm off
The MSM has conditioned leftist politicians to say and do anything, knowing all the harm they inflict will be blamed on Republicans. The second Obama leaves the White House, everything he has destloyed will be blamed on the new president, provided he is a Republican. The public will buy it.
That is a good quote and provides a lot to think about. The first sentence:
“Sir, there are two passions which have a powerful influence on the affairs of men. These are ambition and avarice; the love of power, and the love of money.”
People on the left are all about money, wealth and “greed,” but have no concern about the concentration of power.
“Separately each of these has great force in prompting men to action; but when united in view of the same object, they have in many minds the most violent effects.”
The two almost inevitably come together. “Crony capitalism” is a misnomer, IMO, it should be called crony socialism. And have you ever noticed how often socialist leaders and their children become rich?
The entire quote shows the permanence of human nature and the intelligence and wisdom of those who founded this nation.
>Our Government spends over 225 BILLION dollars a year just to service the interest on our National Debt.
Just the interest!
Imagine what we could do for our nation for our people with that money.
Then think about the folks running for President that want to expand Government spending (which always means expanding Government borrowing) and what that will do to our debt and the amount we waste on interest
>
Correction: “Imagine what The People could do by keeping their own property/money...if the govt followed the Constitution and protected our Rights.”
And here I thought we had abolished slavery.
Wait, what I was thinking, coming from a DEM!
...and not just a threat, it's also not an *existential* threat. Wait, that sounds familiar...
Your entire analysis is spot on ChessExpert…and "crony socialism" is exactly what it should be called. Those are cronyists and socialists denigrating capitalism and the freedom of the individual. They have cleverly amplified that lie and repeated that meme. I cringe whenever anyone on the supposed "right" utters the phrase. They are either ignorant - just mindlessly repeating a marxist meme, or are crony socialists themselves.
HOORAY Chess Expert
Crony socialists ALERT
“crony socialism” is exactly what it should be called
Thanks for the kind words, but I’m sure someone else came up with that term. Now it is ours!
You may have heard the expression “consumer sovereignty.” The consumer is king in a free market. What the consumer wants (and is willing to pay for), the market will provide if possible.
But what happens when the traditional sovereign, the government reasserts its power? Then it’s the government that business had better well please.
Government reasserts its power under socialism. Crony socialism is the result.
A few years ago the Democrats were on the warpath threatening price controls for pharmaceutical drugs. That would be a boon for generics, but spelled the end for companies that develop new drugs.
The pharmaceuticals (patent drugs) compete with the supplement industry. Supplement makers have periodically sounded the alarm in recent years at attempts to drive them out of bushiness by Senate bills from the likes of Reid and Durban. It seems that the Democrats are now best friends with the once hated pharmaceuticals.
What happened? I have long suspected payola. I recently received another alert of impending doom from supplement makers. They note that Hillary Clinton is the top political recipient of pharmaceutical dollars.
The pharmaceuticals once faced the possibility of destruction at the hand of the Democrats. Now, it’s their direct competitors that may be destroyed. These days you have to have friends in Washington. No wonder we have crony socialism.
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