Saturday, July 3, 2010

Sen. Chambliss Gives GOP Address

Sen. Saxby Chambliss (R-GA) gives this week's Republican address. Click here for the video.

He makes a powerful point about the national debt with a quote from Thomas Jefferson I had never heard before:

As the Declaration’s parchment has yellowed with age, America has become a rich nation whose ideals and economy have been the envy of the world. We have faced down many enemies at home and abroad.

But one of the most dangerous threats confronting America today doesn’t come from without, but from within. And I’m talking about our national debt.

Wisely, the Declaration’s author, Thomas Jefferson, warned of this danger early on. As he once said, “There does not exist an engine so corruptive of the government and so demoralizing of the nation as public debt. It will bring us more ruin at home than all the enemies from abroad against whom this Army and Navy are to protect us.”

As usual, Jefferson was right.

At a time when Americans are clipping coupons and pinching pennies, President Obama and the Democrats in Congress continue to spend money that they – we – do not have.

Three weeks ago, America’s national debt topped $13 trillion. And let me say that one more time: $13 trillion is owed by the United States of America today. That number is so big it’s difficult to comprehend.

If you take that $13 trillion and divide it by the number of Americans, that’s $42,000 for every person in this country.

The national debt has risen by $2.4 trillion in the 500 days since President Obama took office. That’s an average of nearly $5 billion per day.

Even though we have to borrow 43 cents of every dollar we spend and the debt is set to double in five years, Congress and this White House still continue to splurge.

More than half of the $9 trillion in debt America will accrue in the next decade will be from interest alone. That money could be better used on national defense or returned to taxpayers.

Instead, future generations will be forced to pay higher taxes to foot the bill for Democrats’ out-of-control spending.

And with much of America’s debt being held by other nations – such as China – our national debt is also a national security issue. No less than the chairman of the Joint Chiefs of Staff, Admiral Michael Mullen, said last month, “I actually believe that the biggest national security threat we have is our national debt.”

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