Obama will lead the way forward to more debt
Share with others:
The Post-Gazette endorsed the theory that to elect Mitt Romney was to be looking backward but to elect Barack Obama was looking forward. How true!
If voters had elected Mr. Romney, the message they had sent would be, "Good Lord! How deep have we dug ourselves in the hole? We cannot continue overspending income so handsomely. We must do something to stop this."
By electing Mr. Obama, we have said, "Huge debt doesn't bother us. Let our children and grandchildren worry about it. I don't care what problems I leave them with -- just so I get what I want. More."
The banking industry proved the fallacy of that philosophy. It desired to lend funds to anybody whether or not the borrower could pay them back. "Spend yourself rich." The collapse of the banking industry resulted when all those bad mortgages failed. The U.S. government bailed the banking industry out by engaging in trillions of dollars in debt. Then they called it the end of the recession. What body will be around to save the U.S. government when it finds itself so totally (not simply largely, as presently) in debt that it cannot borrow anymore?
Let us hear no complaints from the citizens when Social Security can no longer be funded, medical review can no longer be obtained from doctors of your choice and the debt is so deep that the federal government can no longer borrow to provide funds to save jobs. Bleak? Yes. Factual? Most likely.
ROBERT J. STOCK
First Published November 14, 2012 12:00 am