In for the Penny, In for the $14.3 Trillion

Today in Washington, there is great debate about the growing debt, the need for a release of the debt ceiling, and the consequences of not cutting down deficit spending.  As the White House pushes to increase the debt ceiling to solve economic shortages and prevent another economic slump, several Congress leaders are pushing back that it is first necessary to limit the amount of deficit spending the United States produces before a new limit is set.  It is of general consensus that it is necessary to raise the debt ceiling to continue to keep prices and social services at the standard they currently reside.  Without this raise in the national debt ceiling, interest rates would sky rocket, social service checks would halt, and troop salaries would be cut.  However, some fear that “as catastrophic as it would be to fail to raise our debt ceiling, it’s even more irresponsible to not take this opportunity to own up to our unsustainable spending path” as said by Sen. Mark Udall of Colorado.  With the United States racing towards its $14.3 trillion dollar debt cap by mid-May, Democrats are jumping on board with Republicans that something must be done to stop deficit spending.  A collection of 6 congressmen (known as the Gang of 6) is meant to release possible deficit reduction bills as early as next week.

It is crazy to me that in the course of just 5 months, the United States has already nearly met its nearly $15 trillion dollar debt cap.  While we have been through some tough times this year with corporate bailouts of the major car companies and some banks, natural disasters (including the recent tornado tragedies in the South that are not even on the books yet), and general economic slump, it is not acceptable that the government that is in charge of our safe keeping can hardly take care of itself.  As a college student, money worry is never far from mind as I consider the debt college will leave me in.  However, in my case, the money spend has such a positive return that there is a light in the end of the tunnel.  Debt will not always be a force factor in my life, at least not for college.  The American government on the other hand, is quickly digging themselves into a deeper and deeper grave, and eventually the walls are going to cave in.  At some point you have to step back and realize that you can’t continue at your current rate and start to fix before its too late. 

In thinking about what the government is spending this $14.3 trillion dollars, it’s not a wonder we are in debt.  Of that money, at least $50 billion is sanctioned off to oil companies and oil research.  In the current oil projections, we can only continue using oil for another 25-50 years before reserves will run out.  That means we have maybe 15-20 years to find a sustainable alternative before prices for oil will skyrocket so high that it won’t be affordable anymore.  And it isn’t just gas we have to worry about loosing; it’s plastics too, both of which make our lives possible.  Instead of sinking money into alternatives for these dwindling resources though, the government is giving tax breaks and incentives to the oil companies.  And when the going is getting tough, instead of relying on these companies we have sunk so much money into to help the government recover, if there is a shortage of money, it will again be taken up by the people in the form of interest rate increase, ceasing welfare and social security, and limiting the income of our troops.  It just seems so wrong.  The federal government needs to take a good hard look at how much they are spending, and an even harder look at what they are spending that money on.  It might not be such a pretty face looking back in the mirror.