3/5/2014 9:49:00 AM Letter: Stop passing buck on curbing debt
We have a debt problem in the United States. On Feb. 19, debt held by the public was approximately $12.401 trillion; intergovernmental holdings stood at $4.983 trillion, giving a combined total public debt of $17.384 trillion. This is 107 percent of the total U.S. GDP and represents an obligation of $55,380 per citizen.
Debt is a direct result of the difference between spending and revenue (taxes). Spending and revenue are also what separate political ideology in the United States.
One philosophy suggests a public responsibility for personal decisions. Society must pay for condoms, abortions, drug addiction, welfare and food stamps for those who won't or can't work as well as kickbacks to political donor organizations such as Solyndra.
Another philosophy suggests that individuals should be responsible for their own choices and behavior. If you take illegal drugs pay for your own rehab. If you refuse to work find your own way to pay for food, housing and other living expenses.
One philosophy says that I must work to pay for those who do not. Another philosophy says I should be able to keep the fruits of my labor instead of being enslaved to federal, state and local government programs.
Regardless of your current philosophy, it behooves all of us to sit back and ponder the economic and financial health of the United States. Raising the debt ceiling is a never-ending uptick of spending and debt.
The debt will only get worse as the effects of the Affordable Care Act are realized.
There are choices we need to make now. We can raise taxes or we can cut spending or we can do both. We need to examine the debt issue reasonably and responsibly.