AMERICA CHEATING ITS CHILDREN
By Frosty Wooldridge
June 28, 2010
The American Federal debt exceeds $12 trillion. It’s SO out of control, it’s like a cancer that has metastasized to every corner of our pocket books. Each day we work at our jobs, our taxes pay over $600 million on interest to the Federal debt. In other words, we pay the rich to get richer and we become poorer. Much worse, we write checks that our children won’t be able to cash. We create a whirlwind of consequences for our country.
This year Obama and Congress passed another billion dollar package for Iraq and Afghanistan, but it’s not money in our bank, it’s money we borrowed. How does it serve us or our citizens when our leaders force us into bankruptcy?
Far worse than that financial crisis, our consumer debt exceeds $2 trillion and the average credit card carries an $9,644.00 balance according to NBC Nightly News. But it doesn’t stop there. Foreign investors lend us $1.6 billion daily to float the American economy.
In a recent column, former Colorado Governor Richard D. Lamm wrote, “We have lived in the most prosperous times in human history, yet we are leaving our children with a staggering federal debt. We were the largest creditor nation, but we leave our children the world’s largest debtor nation.”
In the last 50 years, America manufactured everything needed in the world. Today, the last four presidents outsourced, offshored and insourced jobs and factories to all parts of the world. American corporations owing their foundations and power to American citizens—callously and greedily—moved their operations to Third World countries. We no longer sell goods to the world. We’re spending ourselves into enormous liabilities. Instead, we suffer 20 million unemployed, 35 million subsisting on food stamps and a $700 billion annual trade deficit.
Lamm wrote, “We don’t think of the unfunded liabilities for benefits we enjoy but whose cost we leave to our children. The Concord Coalition estimates these unfunded liabilities to be a staggering $74 trillion not paid for by our present generation. These unfunded liabilities are from Social Security and Medicare, and every dime of the Iraq war has been put on our children’s credit cards.”
President Obama recklessly spends us into oblivion and ultimately: collaspe. He’s eating more pie than he can swallow. Our children will be paying for his ‘upchuck’. But he’s not alone. He’s aided by both parties. They’re like a bunch of 12 year old kids with credit cards in a mega-mall with no understanding of who pays off their signatures after all their spending sprees.
What adds to this financial quicksand in which we’re sinker deeper? How about a million H-1B, H-2B and L-1 visas handed out to foreigners who displaced American workers right here on our own soil? How sickening is that to be sold out by our own elected senators and congressmen? All those senators love their names in print and on TV while they sell us a bill of goods: Hatch, Reid, Pelosi, Boxer, Feinstein, McCain, Allard, Kyl, and well, you guessed it the majority of them!
How about three million jobs outsourced, insourced and offshored to other countries in the past 10 years? What about 20 million illegal aliens displacing jobs from America’s middle class and working poor? What about the $346 billion it costs taxpayers to pay for illegal aliens using our schools, medical services, welfare, housing assistance and food programs--annually? What about the $1.6 billion annual costs of illegal aliens being housed in state and federal prisons? What about the $7.4 billion in educational costs for illegal aliens in our schools? Answer why we pay for over 300,000 anchor babies at a cost of billions annually? What about the unemployment costs to our own citizens who lost their jobs? How about the drug rehab costs from the $128 billion annual drug influx to our citizens?
Follow the money! Remember Ken Lay of Enron? He was either a liar, extraordinarily corrupt and cunning, or simply too inept to know what was going on in his own corporation. How about all the corrupt ‘Ken Lays’ in our Congress? How many senators and congressmen are bought-off by lobbyists? Would we be in this national crisis if they were responsible to us? Not on your life!
What’s happening? The rich get richer and we pay and pay and pay. We also lose our ability to pay for our families. Meanwhile, the Middle Class sinks into the Lower Class. Every Third World country features only two classes. They don’t enjoy a Middle Class. Guess where we’re headed under our Spanish speaking, sombrero wearing Senor Bush?
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But our children will pay even more on this national debt. Lamm wrote about the coming dilemma, “’The Coming Generational Storm’ by Kotlikoff and Burns points out that the fight for social justice between the ‘haves and have-nots’ has evolved into a new issue of the ‘have nows’ vs. the ‘have-laters’. We have to create justice not only within a generation, but between different generations. We are failing on both counts. We are eating our children’s seed corn and they shall reap the whirlwind.”
In plain terms, Obama and Congress are indenturing the future generation of this nation.
Listen to Frosty Wooldridge on Wednesdays as he interviews top national leaders on his radio show "Connecting the Dots" at www.themicroeffect.com at 6:00 PM Mountain Time. Adjust tuning in to your time zone.
� 2010 Frosty Wooldridge - All Rights Reserved