As I mentioned to some friends, due to the amount of money the President is borrowing from the Chinese, Obama is no longer able to refer to the Chinese leader as Hu Jintao. Now Obama is required to call him Hu JaDaddy. To paraphrase Jay Leno, the bad news is the Chinese Leader came to the White House this week. The good news is he said we could keep it.
However I’m not picking on the Chinese. I’m opposed to the United States owing that amount of money to anyone. Let alone a country that crushes dissent in their citizens, imprisons their Noble Prize winners, thinks that America is a temporary aberration in history, and has nuclear weapons pointed at us. In any debtor relationship, you lose authority and the ability to negotiate from a level playing field. Anyone who doesn’t think it matters where you borrow money is a fool. Just ask a person who has ended up in “cement shoes” in the waters off of New Jersey whether it matters. But I digress…
Personally, I’m not as concerned about what our debt to China says about them as what is says about us. The reckless increased spending by the Obama Administration is not primarily being driven by building infrastructure, fighting a war, or funding social security. The federal government under Obama has created a greater debt than created by all our prior administrations, in all our prior wars, with all our prior social spending, and by building all our national highway system and space programs. So, where has all this “stimulus” money been going? Primarily to redistribute wealth and to perform “social engineering”. Progressives believe that only they are “wise” enough to determine how much money each American should have and that the distribution of wealth should not be left to such unfair mechanisms such as hard work and the free market. Thus their objective is to funnel money to their supporters and constituents (those dependent on government hand outs, fellow progressives, unions) in order to buy those groups continued support and votes. In the end, it’s all about power. This explains why stimulus projects like spending $19.5 million on a new parking garage for a hospital in New York not only didn’t increase jobs, it involved a net decrease in jobs at the facility. In the end, the reason why stimulus spending didn’t increase employment was because it wasn’t about creating new jobs. It’s about politicians with the power to tax and spend using our money to buy the votes that keep them in power.
To quote Sir Alex Fraser Tytler, “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess of the public treasury. From that time on the majority always votes for the candidates promising the most benefits from the public treasury, with the results that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” And that’s where we are. Politicians continue to feed that behavior like a drug dealer manipulates his addicts. The politicians need enough people dependent upon the government that the politicians can secure their continued power to perpetuate this cycle of dependency.
And who loses? Everyone who is self-sufficient along with our children and grandchildren. The Obama Administration represents the first time that the U.S. government has created a debt that is cross-generational. It is so large we can not pay it off in our lifetime. However our creditors, the Chinese and others, will require us to begin to pay down this debt. Through taxes, fees, regulations, and inflation, the liberal politicians will use the debt as a further excuse to redistribute wealth to match their vision of “fairness”. This is the inheritance we are giving to our children unless we get involved in the political process.
We don’t get the politicians we need. We get the politicians we deserve.