Of all the things wrong with our political system, the worst might be that our system rewards short term success at the expense of the long-term health of the country. Our growing deficit is one primary example of this phenomenon. America’s fiscal deficit is expected to reach over a trillion dollars per year over the next three years, an all-time record. Usually large deficits occur during recessions or when we are at war, but today our economy is strong, more people are working than ever before, and we are not involved in any major military conflict. So why is our deficit so high, and why doesn’t anyone seem to care? I’m not sure, but if the U.S. can’t pay its bills without borrowing an extra trillion dollars during a strong economy, it doesn’t take a rocket scientist to ascertain that something isn’t right with the way we are managing our finances.
All I know for sure is that the only time you hear politicians complain about deficits is when it benefits them politically. BTW, what happened to the Tea Party? The president and members of congress care about re-election and staying in power more than anything else. Tax cuts, economic stimulants, and entitlement spending are popular with voters in the short run, and the fact is, there is virtually no benefit to politicians who advocate for policies that will make our country stronger in ten or twenty years. This is going to hurt us badly. We teach our children that sacrifices today will lead to a better life tomorrow and indulging in short-term pleasures will make our life harder in the future. Unfortunately, our political system is not well aligned with the long-term interests of our country. At some point soon, the cost to service the debt will be so great, we will have no choice but significantly raise taxes, cut spending and/or suffer the consequences of skyrocketing inflation. Anyone remember 1980?