What’s the best thing to do? Where do bailouts end, and how justified are they, anyway?
The Acton Institute looks at the moral bankruptcy behind the bailouts, to give us a clue.
The stimulus bill currently before Congress highlights
the unsustainable spending pace of the federal government, which is
propelling us closer to an even greater moral and financial crisis.
Former U.S. Comptroller General David M. Walker says that without
fundamental changes to spending, the United States could go bankrupt in
one generation. Walker noted, “This is not just about numbers, we are
mortgaging the future of our children and grandchildren at record
rates, and that is not only an issue of fiscal responsibility, it is an
issue of immorality.”
If enacted, the stimulus bill would top $1 trillion in expenses when
interest is added. “The nation borrowed $800 billion between the
Revolutionary War through Gerald Ford’s presidency,” U.S. Congressman
Gene Taylor (D-MS) observed. “In one vote, the nation is going to
borrow another 800 billion. This is nuts.”
That’s a realistic view we’re not getting from mainstream media. “This is nuts.”
The never ending tide of federal bailouts is only
delaying the inevitable restructuring that is needed. “I think that
this is the biggest gut check we’ve ever had as a country, where do we
go next, towards a politically based economy or a market based
economy?” says Sanford. Put another way, do we take responsibility for
the mess that we have created, or do we shirk our duty and pass the
bill down the line?
Passing the bill down the line to our children and grandchildren is
unthinkable and immoral. It’s on our backs to find the solution now.
Whatever it takes.