Sunday, November 11, 2012

Debt: Taxation Without Representation

As you probably know, the federal debt is now over $16 trillion. Members of both political parties (elected by us) have added to this staggering total for decades. The debt rose $4.899 trillion during the two terms of the Bush presidency and Obama has managed to rack up more debt than that in just one term. As you may have heard, we reelected him.

Technically it's Congress that wields more power over the federal government's purse strings than the president. Despite record low approval ratings of these big spenders, we just sent 91% of the incumbents back to Congress. Don't look for a sudden change to frugality there.

The Congressional Budget Office (CBO) projects that the federal debt will be $25 trillion by 2021. Unfortunately, CBO projections historically have been about 40% low 80% of the time.

Of course none of these figures include the unfunded liabilities that we are going to have shell out for Social Security and Medicare. These currently stand at about $121 trillion. Any way you slice it there is a mountain of debt coming down.

Children who didn't get to vote for or against the crooks running up this debt will one day labor to repay it. Perennial Iowa Libertarian candidate Dr. Eric Cooper has called this “taxation without representation in its purest form.” It is hard to argue otherwise.

"No taxation without representation" was the rallying cry that lead the American colonists to rebel against the British Empire. Someday, when we hand a future generation of Americans the bill for tens or hundreds of trillions of dollars worth of taxation without representation, they will be just as morally justified to do to us what the founding generation did to the redcoats.

No comments:

Post a Comment

Post Topics

10 Questions with... abortion ACLU alcohol Alzheimer's Ames Straw Poll armed self defense assault weapons ban Audit the Fed Austin Petersen Barack Obama Ben Lange Beth Cody Between Two Rivers Bill Weld Bob Barr Bob Cashner books Bruce Braley Bruce Hunter Candidates Carl Olsen Cedar Rapids Gazette charity Chet Culver Christopher Peters Clel Baudler communism Confederate Flag Constitution Constitutional Convention Corey D. Roberts Crime Cristina Kinsella Dan Muhlbauer debt Declaration of Independence Democrat Party disasters Donald Trump drones drugs economy education elections Eric Cooper events Facebook Fast and Furious First Amendment food freedom foreign policy free markets freedom Gary Johnson gay marriage Glenn Beck gold gun control Gun Owners of America guns health care Hillary Clinton history Honey Creek Resort Iowa Iowa Caucus Iowa City Iowa Firearms Coalition Iowa First District Iowa Freedom Report Iowa Gun Owners Iowa Right To Life Jake Porter Joe Bolkom John Boehner John McAfee John McCain Judge Napolitano Keith Laube Lake Delhi law Lee Heib Lee Hein liberals Libertarian Party libertarianism marijuana Me media medical marijuana memes Memory Walk Michele Bachmann military Mom Nate Newsome Nick Taiber NRA NSA Obamacare police policy politics President Obama primaries privacy property rights Rand Paul religion Republican Party resistance Rick Santorum right to carry Rob Petsche Rod Blum Roger Fritz Ron Paul Rush Limbaugh Ryan Flood Sandy Hook Massacre Sarah Palin Second Amendment smoking Social Security spending Star Wars State Defense Forces Steve King Steven Lukan taxes Tea Party Movement Tenth Amendment terrorism Terry Branstad Tom Harkin traffic cams TSA TV/Movies war Wayne Jerman weapons Will Johnson Yuri N. Maltsev Zach Wahls