- - Friday, July 23, 2010

Anyone with a lick of common sense will tell you that when you are in a hole, you need to quit digging. Continuing to dig will only create a larger problem. Do schools teach this?

Recently, even President Obama’s national debt commission told him that his continuing spending orgy is digging America into a gigantic fiscal hole.

Next year, America’s total debt is expected to exceed $14 trillion. Each American’s share of that debt totals just short of $50,000. If Fedzilla would be honest and put all the figures on the table, we would see that we are in debt more than $100 trillion because of the financial obligations for Social Security, Medicare and Medicaid.

That’s $100 trillion. One hundred percent predictable, 100 percent preventable.

This gigantic level of borrowing and spending is unsustainable by any measure, by any means. The only real reason Fedzilla would do such a thing would be that those currently in charge want to destroy America and turn us into a Third World nation. And the only possible explanation I can come up with is the admission that there have always been bad people who actually wish such horrors. Apparently, America is being run by just such bad people.

Erskine Bowles, one of the heads of Mr. Obama’s debt commission and a Democrat, told a meeting of the National Governors Association, “This debt is like a cancer. It is truly going to destroy the country from within.”

Mr. Bowles also said that if we continue with this kamikaze borrowing and spending, Americans by 2020 will pay $2 trillion a year just for the interest on the debt.

If that news weren’t bad enough, Tom Bell, chairman of the board of directors for the U.S. Chamber of Commerce, stated, “For the first time in my 40 years of observation, our free-enterprise system is truly at risk. If we allow Congress and the administration to spend, we’re setting ourselves up to be the next Greece.”

So there you have it. America is in a deep financial hole. President Obama’s solution to this hole: Keep borrowing and spending. Dig, baby, dig.

We shouldn’t expect anything different from a president and administration who don’t have a clue about how private industry works or how Fedzilla’s policies stifle growth. At least from my research, I still can’t find anyone on the president’s closest team who has actually started a successful business.

I can, however, find Che Guevara and Mao Zedong fans. Phenomenal.

While I believe that capitalism is the strongest man-made force on the planet, I don’t believe the American economy can grow its way out of this mountain of self-inflicted debt, especially with Mr. Obama’s insane economic policies, which seek to punish businesses (thereby limiting job creation) instead of enacting policies that would cause businesses to grow and our economy to catch fire.

So how do we get out of this financial mess, if at all?

The very first thing we need to do is elect a fiscally conservative House and Senate this fall to serve as a dam against the Fedzilla tsunami of spending. Then we need to hold them accountable.

We absolutely must re-engage the “we the people” part of this American experiment in self-government.

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