Earlier in the week, Barack Obama told ABC's George Stephanopoulos "We don't have an immediate crisis in terms of debt. In fact, for the next 10 years, it's gonna be in a sustainable place." He also said that he has no intention of balancing the budget for the sake of balance. This is extremely hypocritical considering this is the same man who said that Bush's debt increase of $4 trillion over eight years was “irresponsible” and “un-patriotic.” We've yet to hear how the president would characterize his own $6 trillion debt accumulation over four years. My guess is that he no longer considers this “irresponsible” and “un-patriotic.”
Then we have Democratic Rep. John Conyers, who is the ranking member of the House Judiciary Committee. Here's what he had to say about our debt crisis, “The debt is not endangering us a bit -- not at all. Our economists say we’re in debt but it’s not endangering everything. As a matter of fact, there are economists that say some debt is not a bad idea at all.”
So we have Barack Obama saying that we don't have a crisis and that even in ten years we will be in a sustainable place. Then we have John Conyers saying that our debt isn't endangering us a bit and that some debt is not a bad idea at all. “Some debt?” We are not just talking about some debt. Within ten years – when Barack Obama says we will still be in a “sustainable” place – the CBO projects that our debt will equal a whopping 77% of GDP and only growing higher. That's hardly “some debt” and that's hardly “sustainable.” That is reaching Greece territory.
Furthermore, how can we look our children in the eyes and say that it is OK that we continue to rack up this amount of debt and leave them with the bill? Sustainable debt should not be a consideration here; We should be focusing on no debt! If we had the ability to not burden our children with this debt, why wouldn't we work towards that?
Republican Rep. Paul Ryan has a credible plan to work toward that. He was absolutely right today in his speech to CPAC when he described our looming debt crisis as a “moral failure.” He says, "We have to tackle this problem before it tackles us.” He's absolutely right. If only Democrats could see that as well.