Freedom Isn't Free: The Federal Debt

My friends, I am proud to be American. For I, just as you, cherish nothing more than my own freedom. Yet, it is often said freedom isn’t free. Which makes sense. For I tell you today, that you, just by virtue of being an American, a resident of this land of so-called “opportunity”, are $48,294 in debt (US Debt Clock). Shocking, isn’t it? Look in your wallets, your purses, your pockets. That twenty or thirty dollars you have to your name is essentially worthless, absolutely nothing. Because upon the back of everyone one of us, young, or old, democrat, or republican, rich, or poor, weighs a great burden. For our nation is one drowned in debt. The federal debt, as of today, is over 15-trillion dollars. Mind you, that is trillion with a “t”, or the number fifteen followed by twelve zeroes.

Now this news may seem meaningless. I doubt you feel much different now than when you came into this room. I would be willing to wager that all of you, in your minds, are asking yourselves, “So what? What has the federal debt ever done to me?” And that is a fair point. Because till this day, our nation has had the blessing to yet come to a debt crisis. Yet I assure you that if the behavior of our nation continues to follow this path of reckless spending, we will meet our doom. A nation resting upon debt is insupportable. For just as a tsunami looms far out at sea to strike without any warning, so do the complications of our debt pose grave danger to the future of our nation.

This, is illustrated no more clearly than the debt crisis in Europe which has engendered incalculable tumult and trouble. Michael Lewis, a Financial Journalist and Princeton University graduate, in his book Boomerang, dissected the cause of the European debt crisis to be rising government debt levels in countries like Greece, and Italy brought on by excessive spending in welfare programs, growing trade imbalances, loss of confidence in the economy and political leadership, and lowered rating agency reviews. Coupled with a world-wide recession, and housing crisis, the economy collapsed, and the debt exploded (Lewis). This situation ultimately proved the perfect breeding ground we see in all the riots in Europe, in which people either protest the government for running the country into possible bankruptcy and economic ruin, or for cutting entitlement programs. As we speak the European Union is scrambling around trying to ameliorate the ill of the debt. The very future of the Union itself is at risk. The debt has crashed down and the entire continent is in bedlam.

Now, geographically a lot stands between us and Europe, namely the Atlantic Ocean. Yet, recall what caused the European crisis: 1) Growing debt. 2) Excessive spending. 3) Growing trade imbalances. 4) Loss of confidence. 5) Lowered credit-agency ratings. Those elements are by no means limited to Europe. Look here at home. A 15-trillion dollar debt, unprecedented spending, a horrible trade imbalance to China, a lack of confidence in the economy as attested by demand in precious metals and a lack-luster market, and in political leadership as reflected in our Congress with a 9% approval-rating, an all-time low (I.O.U.S.A). Or Standard & Poor’s downgrade of US credit to AA, a historical-first. I believe it is a shame the greatest nation this Earth has ever seen, must soil itself in such an undignified situation. It is a shame we find the IRS, BP and Paris Hilton more popular than our own elected officials (Schiefer, “Congress' approval rating: How low can it go?”). It is a shame every child born today unknowingly assumes a $48, 294 debt. It is a shame that we, the brightest minds of this nation are dealt an unfavorable hand as we exercise our freedoms, chasing our dreams, in the pursuit of happiness. It is a shame that our debt to GDP ratio is 100.26%. That is 16% greater than that of the European Union at the onset of their crisis. Thus, I tell you most regretfully that we as a nation stand at the edge of a cliff, teetering to a demise similar to those of the Europeans (Goldwein, “Budget Path: How Feds Can Avert the Fiscal Crisis”).

And I ask you today is this freedom? Is having our economic future endangered by the federal debt in any way, manner, shape or form, reflective upon the democratic ideals upon which this nation was founded? Dare we call ourselves Americans as we increase the burden of debt upon our children and grandchildren?

Yet, hope is never gone. Every generation is faced with its unique struggle. And this is ours. Just as our founding fathers two-hundred and thirty-five years ago threw of the tyranny of monarchy which enslaved Europe, so too is it our duty today to rid ourselves of the crushing debt we experience today.

But now I am sure you ask how? How on Earth can we, a mere room of thirty, overcome a debt of $15-trillion. And the answer is simple: to demand fiscal responsibility from our elected officials. And this issue is by no means a partisan one, because in looking back on the past decade we see how both sides, Republican and Democrat, are equally culpable in contributing to the debt. George W. Bush added over four trillion in eight years. Barack Hussein Obama five and a half trillion in less than three (Treasury Direct, “Historical Debt Outstanding”). Our leaders, left, and right, have become addicted to reckless spending. I will not tell you who to vote for. But I will tell you what to vote for. And that is responsible spending. If American families must practice it, why shouldn’t the American government? When the day comes for every one of us to step into the voting booth, we should ask ourselves, “Is the candidate I am voting for serious about cutting spending and paying off the debt?” In the meantime we should make our voices heard, and pressure our leaders in Washington to do what is right, and lessen the debt. We cannot allow serious discussions about budget cuts get railroaded by partisanship as they did last month when the super-committee on decreasing the budget deficit ultimately failed to come to an agreement. This is much easier said than done. Costly compromises must be made on both sides. Entitlement programs must be inevitably reformed. Along with tax-cuts and defense spending lessened. The task of averting fiscal crisis will be an incredibly difficult one. Yet seldom has a generation ever been afforded the pursuit of an end so noble. Our current situation demands nothing less than a revolution. For all in all, we can choose to pay the price now, with a bill of compromise, or later, with the economic ruin our nation, because ultimately, freedom is not free.

Bibliography:

“U.S. National Debt Clock.” USDebtClock.org. USDebtClock, 11 Dec. 2011. Web. 11 Dec. 2011. < http://www.usdebtclock.org/>

Lewis, Michael. Boomerang: Travels in the New Third World. New York: W.W. Norton &, 2011. Print.

I.O.U.S.A.. Dir. Patrick Creadon. Roadside Attraction, 2007. Film.

Schieffer, Bob. “Congress’ Approval Rating: How Low Can it Go?” CBSNews.com. CBS News, 20 Nov. 2011. Web. 11 Dec. 2011. < http://www.cbsnews.com/8301-3460_162-57328351/congress-approval-rating-how-low-can-it-go/>

Goldwein, Marc. “Budget Path: How Feds Can Avert the Fiscal Crisis.” crfb.org. New America Foundation, 24 June 2011. Web. 11 Dec. 2011. < http://crfb.org/document/budget-path-how-feds-can-avert-fiscal-crisis>

“Historical Debt Outstanding – Annual – 2000-2010.” Treasurydirect.gov. Treasury Direct, 1 Oct. 2010. Web. 11 Dec. 2011. < http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm>