Capitol District

With the near collapse of many global financial institutions not too far back in the rear view mirror, in all the efforts to resurrect the spiraling economy, perhaps one consideration has been undervalued, the looming national debt. In a time where Americans are scouring for money, it would be wise to consider the repercussions of mortgaging long term financial security for short term stability. The national debt is a product of spending beyond our means as a nation, forcing the United States to offset its yearly national deficit between government spending and tax revenue by borrowing from foreign entities. As it stands the national debt is currently well over 13,000,000,000,000, or for those not accustomed to so many zeros, 13 trillion.In theory, the easiest way to curb the rising figure is to quit borrowing funds; however recent trends regarding government spending seem to suggest a continued reliance on spending as opposed to saving. Think back over the past few years to every mention you have heard of the words “stimulus” or “bail out.” These buzz words all center around the use of government money, and not the annual salaries earned by the President and Congress members. Sure, some of this money comes from the pocket of tax payers, but the enormous total also comes in the form of international loans, all of which we will be liable for in time. This is not to pin all the blame on Obama, after all, the global financial crisis predates his term of office, and in times of crisis it may indeed serve the nation better to spend in the short term in order to straighten a sinking ship. Most Presidents throughout history have, in fact, spent more than they saved, with a few notable exceptions. Obama’s Republican counterparts should note his most recent predecessor, George W. Bush, racked up a few zeros on the national debt in his own right. But the newest President is spending at an alarming rate, even through the jaded glasses of Oval Office standards. Were current spending patterns to uphold, Obama would be on pace to nearly double the 11 trillion dollar national debt he inherited, over the course of the next decade.Whatever the solution, and whoever shall lead us out of pit of debt we’ve accrued, the national debt is a growing concern (check the National Debt Clock to see exactly how fast) that should impact every decision made on Capitol Hill. After all, all policies, whether right or wrong, require some money to implement, and despite what past trends might indicate, it actually takes money to spend money.