Our Debt, Not Our Children’s

In his article " Our Debt, Not Our Children’s ", Deroy Murdock indicates that we need to address the increasing national debt issue now and not later.  In the article he points out that when explaining the dangers of a massive national debt we should not stress the harm it can cause to future generations but how it harms adults now.  In his opinion, by linking the debt to future generations it will change the focus to fixing the problem later and delay actions until later.  Mr. Murdock also thinks that this type of message will not affect the many Americans that do not have children.  He is talking to people that are interested in economic issues, fiscal conservatives and others worried about economic stability of the United States.  Mr. Murdock later explains the reasons for addressing the national debt now and how the current political environment is not addressing it. 

I can agree with Mr. Murdock that we need to address the national debt issue now.  The policy now from the President, his cabinet members, Congress, the Federal Reserve and most of the news media is to kick the can down the road.  There seems to be no rush to address the national debt issue now.  Mr. Murdock states some facts that are alarming.  The fact is that the national debt is increasing greatly and that economic growth is weakened when debt to gross domestic product (GDP) is above 90% should alarm some.  Especially since America’s debt/GDP is now 105%.  Our interest payments alone are troubling because the interest rates are so low now.  What will happen if interest rates go higher?  Mr. Murdock also talks about how higher debt can affect businesses, national policy and households.  The article ends with a discussion about how the Democratic policy is not to address the issue.   They have not even placed much emphasis on debt reduction or even a budget.  He indicates the Democratic Senate has not passed a budget since April 2009. 

As I stated above, I basically agree with much of what Mr. Murdock has written.  But I think that people who are not interested or worried about the national debt or economic issues would be influenced by it.   I do have a little disagreement with him though.   I think that there needs to be a greater emphasis on how the national debt will affect our children and future generations.   If we continue to kick the can down the road and not address this issue now, the future economic conditions could possibly be much worse than it is for us now.   By not caring about it now,  the politicians and other contributors to that policy are putting up a fake facade that makes the economy look better than its and setting up failure for those in the future.