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January 24, 2012

Stop Taxing Our Children

Media Alert: Downsize DC President Jim Babka guest-hosts a radio show tomorrow. Details in the P.S.

Quote of the Day: “Public debt allows present taxpayers to reduce their tax payments and obligates future taxpayers to amortize that debt, and it is here that the burden of the debt resides.” – Dick Wagner (hat tip: Don Boudreaux)

For the first time since World War II, the national debt is larger than the Gross Domestic Product (GDP).

The debt is now over $15.2 trillion (http://www.usdebtclock.org/). In contrast, it was “only” $5.67 trillion in 2000.

Our children will be poorer because of the fiscal recklessness of the Bush-Obama years. MUCH poorer.

That’s why I wrote a letter telling Congress to end deficit spending, using DownsizeDC.org’s Cap the Debt Campaign.

The hard-wired message says simply…

Do NOT raise the debt ceiling ever again.

I wrote these additional comments…

Government borrowing is theft. I’ll prove it to you.

Let’s say I consume more than I earn today on a Vegas spending spree, using my credit card. Starting next month, more of my income must be devoted to a higher monthly credit card payment. The credit card issuer paid for my consumption and must be paid back.

This means…

* I’ll have less money in the future
* I must consume, save, or invest less than I otherwise could have

This is true EVEN if my income rises, and the relative burden of the credit card payments decrease over time. I still won’t be as wealthy as I would have been.

Likewise, when the Federal State blows more money than it receives in revenue, it must borrow the difference…

* Taxpayers will either pay higher taxes or see their purchasing power devalued by inflation, in order to service the debt, making them poorer.
* Or, if the State defaults, the bondholders who lent to the State won’t get their money back, and THEY are poorer as a result.

A Vegas bash on the plastic is foolishness that I must own. I’m the only one who has to pay later. However, when the Federal State spends more than it takes in, it robs the next generation of their wealth, before they can even vote. This “taxation without representation” is really intergenerational theft.

Stop taxing our children. Stop deficit spending. Instead, cut spending NOW to balance the budget NOW…

* Make deep cuts in the Pentagon budget, end the wars, and bring the troops home
* Abolish unconstitutional, harmful, and wasteful Departments such as Education, Energy, HUD, and Homeland Security
* Remain faithful to those currently dependent on Social Security and Medicare, but make reforms to drastically reduce their long-term costs and liberate the next generation from the system
* Dismantle the regulatory State and enact real tax reform to boost employment and restore prosperity

The costs of Congress’s spendthrift ways are incalculable. The least you can do is stop harming our children.

STOP deficit spending. STOP adding to the national debt. STOP NOW.
 
END LETTER

I encourage you to send a letter, and you may borrow from or copy the above comments.

James Wilson
Policy Research Director
DownsizeDC.org, Inc.

P.S. Jerrol LeBaron wants to make legislators in every state to READ THEIR BILLS. He wants Honor In Office. 

But Jerrol’s just one man. He chose a small state with a ballot initiative process, and tried to get rules for legislators put on the ballot. A new documentary, “Fools on the Hill,” covers his quest and why it matters to all of us.

DownsizeDC.org’s Read the Bills Act is an inspiration for Jerrol, and he joins Jim Babka, tomorrow (Wednesday), as he guest-hosts Straight Talk w/Jerry Hughes.

You can listen live at 2:07 PM Eastern (1:07 PM Central, 12:07 PM Mountain, and 11:07 PM Pacific).

To hear the show on the web, or to find a local station, visit the network’s website.

Affiliates can be found in Alabama, California, Florida, Georgia, Missouri, North Carolina, Pennsylvania, Utah, and Oregon.

Jim will monitor his Twitter account for comments and questions during the broadcast. @JimBabka

If your comment is off-topic for this post, please email us at feedback@downsizedc.org

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