Ed Rendell the former Democratic Governor of Pennsylvania wrote a newspaper article entitled, “Lower debt is good politics and policy, even for progressives.” Here are some quotes from this article because it shows an understanding of how Obama and the Democrats in Washington have placed the nation in economic jeopardy.
“There is nothing progressive about red ink.” A truer statement was never made.
“The national debt is currently higher than it has been at any time since World War II and is on pace to continue growing faster than the economy. Yet, when confronted with this reality, many in my party deny that this is a problem and point to the declining deficit. They ignore the Congressional Budget Office’s projections that the deficit will begin to rise again and the fact that the short-term deficit and long-term debt are not interrelated.”
“…debt can increase the cost of living on working families by driving up the interest rates on everything from mortgages to student loans to credit card debt. High debt levels can reduce the availability of affordable loans for first homes or small businesses.”
“The very wealthy can bear these costs. But for ordinary Americans, that could be the difference between getting ahead and treading water or even falling further behind.”
“Each year, more and more of the federal budget is going toward interest payments, leaving less room for important investments in energy, education, infrastructure, low-income support and basic research. Between 2013 and 2024, interest payments will quadruple from $220 billion to nearly $880 billion. And only a few years later, 100 percent of the revenue the government collects will go toward interest payments instead of spending to promote economic opportunity and prosperity.”
“…our leaders have kicked the debt down the road through discretionary spending cuts and indiscriminant “sequestrations,” (remember that the sequestration idea came from the White House) which just make a bad situation worse and represent the kind of austerity we need to avoid.”
“The United States should not accept the situation where incomes for middle-class Americans have grown far slower than the overall economy in recent decades. Economic mobility has always been central to the American dream.”
“Creating economic opportunity for all will require Washington to enact a number of policy changes. But none of these changes will have a lasting effect if we don’t have a plan to keep us from drowning in a sea of red ink.”