Reckless spending increases under both Bush and Obama have resulted in unprecedented deficits, which is the reason for boosting the nation’s debt limit by an astounding $1.8 trillion. Government borrowing has become such a big issue that some politicians are proposing a deficit reduction commission, which may mean they are like alcoholics trying for a self-imposed intervention.
But all this fretting about deficits and debt is somewhat misplaced. Government borrowing is a bad thing, of course, but this video explains that the real problem is excessive government spending.
[youtube n9kEmZB5luM]
Fixating on the deficit allows politicians to pull a bait and switch, since they can raise taxes, claim they are solving the problem, when all they are doing is replacing debt-financed spending with tax-financed spending. At best, that’s merely taking a different route to the wrong destination. The more likely result is that the tax increases will weaken the economy, further exacerbating America’s fiscal position.
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