Debt an economic disaster of biblical proportions

Melina Mara WASHINGTON, DC – JULY 6: (L-R) Senators Lamar Alexander (R-TN), John Barrasso (R-WY), John Cornyn (R-TX), Jon Kyl … Continued

Melina Mara

WASHINGTON, DC – JULY 6: (L-R) Senators Lamar Alexander (R-TN), John Barrasso (R-WY), John Cornyn (R-TX), Jon Kyl (R-TX) and Senate Minority Leader Mitch McConnell (R-TN) speak to reporters about the looming deadline on raising the federal debt limit and stated the republican’s rejection of short term deals offered by Democrats, on Capitol Hill, Wednesday, July 6, 2011.

To use the terminology the Obama administration is using as they push for a debt ceiling increase, the United States is headed for an economic “disaster of biblical proportions.”

The administration says that if Congress does not raise the debt ceiling by August 2nd, there will be “catastrophic economic and market consequences.” At the recent Twitter town hall, President Obama compared the mainstream conservative position on the debt ceiling negotiations to “a gun against the heads” of Americans.

As I recently wrote in a post for On Faith, our nation’s current debt crisis is a moral problem, and it is important to examine how we got in this situation so we can determine how to get out of it.

While revenue is projected to maintain, and even exceed, its yearly average, spending is increasing from the average 20 percent of GDP to 24.7 percent of GDP this year. With this increase in spending, we have seen an explosion in debt. Since President Obama took office in January 2009, the national debt has increased from $10.6 trillion to $14.3 trillion; that’s a 33 percent increase in the national debt in two and a half years. That pace is unsustainable, and in a word, immoral.

Conservatives in Congress have had enough of the insanity. Congresswoman Diane Black, (R-Tenn.) along with 76 freshmen members of Congress, is urging “the president to stop sitting on the sidelines of this debate” and put forward “a package of significant spending cuts and structural reforms.” The American people sent a clear message to Washington last November: cut spending and stop saddling our children and our grandchildren with this uncontrollable debt.

President Obama acknowledged months ago that we cannot continue “running up the credit card anymore.” Yet, the key focus of the president and Democrats’ approach to the debt is to raise taxes on Americans who already provide the government with the majority of its tax revenue. This is repugnant to the conservative-controlled House of Representatives, so it is not even a realistic proposal. Social conservatives believe that it is moral to cut taxes. (Read the blog post about that very topic here.)

As Freshman Representative James Lankford (R-Okla.) recently stated, he and the American people “would have preferred that we had dealt with this a long time ago.” Time is getting short, and as he said, “I don’t think there is a whole lot of energy in the House for a short-term increase.”

The president must act now to “do something big” – cut spending, lower the debt and stop threatening our highest earners and biggest spenders with higher taxes.

With China as our biggest creditor, if we do not act, we may experience the consequences Solomon warned of thousands of years ago, “the borrower becomes the lender’s slave.”

About

Jordan Sekulow and Matthew Clark Jordan Sekulow is executive director of the American Center for Law and Justice (ACLJ). Matthew Clark is an attorney at the ACLJ. Follow them on Twitter: @JordanSekulow and @_MatthewClark.
  • TopTurtle

    Hey Mr. Sekulow,

    Was this a moral question during the GW Bush and Reagan eras? Is there a reason that spending has increased so much during Obama’s time in office? Could you present things in a more biased way?

  • GodlyOpinion

    To create jobs, give $1.5 trillion to garage inventors, $50K a pop. After failures, this should create 300K successful businesses. Ask a Congressman to call for a CBO study comparing this to Obamanomics.

    What if 300K businesses hired 10 people each? 3 Million jobs. What would be the trickle down effect to business suppliers in jobs? And what about the impact of temporary jobs with the business failures?

  • GodlyOpinion

    Consider Jesus Christ’s Economics, turning a lunch into a feast for thousands by the Father’s miracles. Why not do as He did? If we all pursued the spiritual as much as we now pursue the material, the material would be free. Anyone willing to try? Check out http://www.wantdesk.com for miracle resources.

  • Sky_of_CA

    This is a good article. First off during the Reagan era the military had all but been wiped out because very little money had been spent on it in the past two decades, all our equipment was out dated. So Reagan spent some money, and yes he did drive the USSR into bankruptcy with the Star Wars project, money well spent. Terrorism and socialistic views / policies since Pres. Reagan has driven our country into big debt.

    The constitution calls for a small government, the individual states should be taking care of their people. Federal social programs are driving us broke. Generations of people on welfare, food stamps, federal assistance, federal housing.

    Should the debt ceiling be raised, yes. However not without reforms in place to ensure we don’t keep increasing our debt. We can’t sustain a 15% increase in debt yearly, which has been the case with the Obama administration.

    We are a Republic, not a democracy or socialist country. I pay taxes and fees and get nothing in return except seeing people who don’t work living for free.

    Let’s get back to living like the Republic we are and quit living like a socialist nation.

    God bless America and change our hearts so we can see the truth and make the hard changes now before it’s too late.

  • david6

    The retelling of history with Reagan as a god is entertaining, but completely unrelated to actual history.

  • lrott

    WE THE PEOPLE can no longer tolerate the corruption in Washington. Instead of doing the right thing, the first thing O’Bama threatens is to cut social security, that money was put there by the AMerican public and he has no right to touch it period…..and then he threatens our military. At this point, this administration is not competent to handle anything…….congress needs to stop the flow now, cut the federal government by 50% with the exception of our military and let the states start handling their own people’s affairs…..the federal government has become bloated and honestly is committing treason against this nation on a daily basis. The cirminal embezzlement, extortion, conpsiracy to defraud our national treasury and bribery, racketeering, malfeasance, coercion has got to stop…these people belong behind bars…it is unreal what is going on…..and we need to stop the White House budget now, no more vacations, and ground air force one…we’ve had enough of this corrupt administration. Congress get off your butts and do your job…….. each state neeeds to send in a group of businessmen and women to go through every governmental agency and clean house and stop the flow. WE THE PEOPLE are not paying for this corruption any longer. And we want all unions to go away period…they are against the freedom of our nation. THis corruption must stop or congress and this administration should resign. AT this point all these liberals should be thrown out of our country for treason against our nation and its founding principles…, because they are against everying our nation stands for and we ae fed up with their politics…you aren’t taking down the greatest nation to every exist on our watch……..they don’t speak for our freedom or this nations founding. Either you are for this nation or you are against it……no more fence sitting, if you don’t believe in our constitution and our free neterprise system, then leave, we don’t wnant you here and we aren’

  • rachelsm

    There are not enough taxes or borrowing to possibly pay for the president’s grandiose ideas. From my experience in Washington, there are tens of thousands of 6-figure income bureaucrats who could afford a pay cut unless they are making a substantial contribution to their mission. For example, the 6-figure middle managers in the new homeland security administration (HSA) don’t travel to vulnerable harbors and border checkpoints where a handful of law enforcement people are opposing a huge tide of smugglers. With so many well-paid middle managers, seemingly HSA could come up with a way to screen out dangerous travelers without intruding on innocent civilians’ lives. When stowing away on airliners is easy and painless, HSA isn’t doing its job. I am only picking on HSA because it is the latest bureaucratic expansion in this new century. The unjustified 6-figure incomes are all over the federal government. Washington profits by their spending, so Washington wo’t stop their runaway expansion. It’s up to outsiders anchored in the rest of the country to question the perks, privileges, and huge pay that are not being earned in DC.

  • DebtFreeMoney

    Nearly all money in our economy is CREATED by “borrowing” it from the private banking system to be repaid with interest. Because of interest, there is ALWAYS more debt than money. Because of compounding interest in creating money, our debts MUST grow exponentially. As long as we borrow money from anyone, we must be servant to the lender, and we can NOT be a sovereign nation. If the government issued its own Debt Free Money, we could pay off all our debts and renew our National Sovereignty. Admittedly, special care must be taken to control its quantity. But what is harder to do, paying a debt that can never be paid, or controlling the quantity of money in circulation?

  • faithandtruthlives

    It is amazing to me that the truth is out there for everyone to see and yet, where is the outrage? Are we too complacent, too busy, too annoyed, or are we merely ignoring what is right in front of us. You don’t have to be conservative to SEE what this current administration is doing. Wake the sleeping giant before Jack straps it down!

  • WmarkW

    JS:” The president must act now to “do something big” – … and stop threatening our highest earners and biggest spenders with higher taxes. ”

    Somehow I knew Sekulow would eventually have to work a silly ideological position into an otherwise sensible piece.

  • TopTurtle

    Are you serious? Pray our way out of recession? Wow.

  • jared_scott

    And let’s remember that Obama’s stimulus package added to the states’ debt problems, by supplying them with new programs and employees that have to be maintained by the states.

    It’s absolutely immoral.
    He didn’t explicitly lie. (in that one instance) He just didn’t tell anyone that the “jobs” created by his stimulus package will never produce revenue, and will forever consume revenue, as long as they are enacted.

  • david6

    What a misleading claim you make about this.

  • YEAL9

    Balancing the budget:

    End the “non-profit” no-tax status. And restrict “Obama” Care to those who live a healthy life-style i.e. no government health insurance for smokers and drug users, no coverage for self-inflicted STDs, no coverage for abortions, no coverage of illegal immigrants. And consider contributing to the USA vs contributing to bloated “non-profits” because it is the USA taxes that pay for the recoveries of most of the national and global disasters!!!

  • JUSTACOMMENT

    Well said lrott. People like you is what we need to save the country. Where were you during the 8 years that Bush was creating this mess?

  • JUSTACOMMENT

    Yes, yes, all we need is faith, that was the promise…

  • AN_AMERICAN_ONLY

    As 2nd generation AMERICAN I say ifnyou do not have the money in hand then do not buy it on credit. Our elected officals should be required to take a Dave Ramsey course and apply it.
    I VOTE DO NOT RAISE THE CEILING OF DEBT.

  • AN_AMERICAN_ONLY

    As a 2nd generation AMERICAN if we do not have the CASH to buy something then we do not buy it.
    I think EVERY ELECTED OFFICAL should BE REQUIRED to TAKE the Dave Ramsey course AND APPLY IT.
    I think we should NOT raise the debt ceiling.

  • ZoePittaki

    Obviously the article uses a consideable degree of instrumentality to examine a matter with many ramifications. It seems trivial to characterise an economic measure as ethical or unethical, while the modern societies have been founded on those very ideas that fostered the current economic crisis. Really, how many of us remember the ancient dictum “Wealth consists not in having great possessions, but in having few wants” (Epictetus)? I would suggest the readers to pay close attention to the following excerpt from the book “The Revelation After Ioannis” of the writer and gnoseologist Ioannis G. Tsatsaris. I think it is elucidating and really useful in understanding how societies and economies have reached the point we are currently in: “…we strive to immortalize our own image – idol out of a refusal to know ourselves due to an indiscernible fear that we are deficient. However, these struggles demand the means to bring our efforts to fruition. And our illusion lead us to the pursue of money (…) Money, in it its true nature, was created with a need for a master who will direct it. If it does not find one, then it will create a slave, leading him to inexorable strife, rendering him subservient to illusions and dominated by uncontainable fears… ”
    (Ioannis G. Tsatsaris, “The Revelation After Ioannis”, Epistos Publications, 2000, p. 251-252)

    Zoe Pittaki, Economist / Athens

  • pjoy5688

    No, christians should not apologize.
    congress should cut spending and not raise taxes.

  • persiflage

    The initial stimulus package was first proferred by Bush – additional monies were needed to keep the economy from sinking into a full-blown depression. The money was poorly managed, and probably went to all the wrong people. Neverthless, there is hardly an economist with a damn that would not attest to the necessity for the government bailout.

    In addition, it kept many state governments afloat that would have otherwise sunk – Minnesota closed down because the GOP wouldn’t support taxing the top 2% – just as they’re on the verge of causing a federal default. Spare the rich, and defeat Obama – that’s the GOP we have before us today.

    The bond-buying spree (QE1 & QE2) initiated by republican Fed chief Ben Bernanke was also supposed to result in a stabilized economy that included job development – which it did not. What it did was enable the stock market to recoup most of it’s lost equity – at least for big investors.

    Corporations are not hiring, and small businesses are not getting financial help from Big Banking. CEOs are making their usual exhorbitant salaries and stock holders are being paid substantial dividends – but no one is hiring.

    Republicans are about 75% to blame for all of it but the truth is, all of it was intentional from the getgo – this has always been about corporate hegemony in the USA………the GOP received their marching order quite some time back.

  • persiflage

    The you vote for the collapse of our economy, the real possibility of a depression, and global chaos in general – and thousands of people losing jobs. Suggest looking up debt level ceiling and what it means. In the past, Congress has raised it numerous times without a fuss in order to secure our national credit rating i.e. ability to pay our debts.

    At present, the GOP and Teaparty idiots in particular are stonewalling with one goal in mind – defeat Obama in 2012 at all costs. The cost to the country be damned……….this is as close to a fascist ideology as anyone is likely to see in the Western world today.

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