A libertarian view: Neither party is serious about debt reduction

July 15, 2011

President James Madison said each generation should bear the burden of its own wars, not foist their expense off on future generations. Since Barack Obama became president, he and the Congress have been responsible for one-third of the current national debt. Record spending for entitlements, war, bailouts to banks, businesses and states have paved the way for future unfunded liabilities of up to $100 trillion.

Obama and the Democrats, who hold to the Keynesian theory of economics, spout the class warfare argument that we need to tax corporate jet owners and raise taxes on millionaires and billionaires to preserve the sacred cows of big government.

Meanwhile, the clueless leadership of the Republican Party demands spending cuts that are only symbolic. Even if both parties got their way — by closing tax loopholes and cutting spending — the savings wouldn't be enough to reduce our national debt, which is the greatest threat to our nation's security.

Essentially, we are borrowing on the earnings of future generations, our children and grandchildren who have not joined the workforce or even been born yet.

Madison warned us of the need for each generation to pay its own way. If he had could have envisioned the burden we are heaping on the backs of future generations, he would be appalled by the corrupt and morally decrepit actions of elected leaders at all levels of government. I know I am.

Muir Boda

The writer is vice chair of the Maryland Libertarian Party and managing editor of IndependentWord.com.

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