What’s the Plan?

President Bush was severely criticized for not having an exit strategy for Iraq. 

What is the plan to pay back the debt that we are accumulating?  As our congress, pushed by our president, is about to pass legislation that will saddle us with yet another huge bill to pay, I want to know, what is the exit strategy?  How will we get our country out of debt?  Can we even pay the interest?  Before we sign for a loan, can we know the terms?  Where is this money coming from and how will we pay it back?  I don’t hear anything about those little details.

The current crisis in the banking industry has come about because banks made loans to people who couldn’t afford to pay them back.  The loans were bad for both parties. 

At what point are we as a country going to learn that we cannot borrow and spend our way out of our troubles?

At some point, families, businesses, and yes, even countries, must realize that they need to make changes.  They must make hard choices.  They must work on a budget.  They need to make more money than they spend. 

What is the cost?  We are going further into debt by astronomical numbers, lead by our president who proclaims that this is the way.  One thing about debts, they do not just go away.  Sooner or later you have to pay the bill.

Can a country declare bankruptcy?  What happens when the creditors demand payment and we don’t have the money?  Who are the creditors?  Isn’t one of them China?  Does anyone else think it is a bad idea to be deeply in debt to another country?  Especially a communist country? 

What is the exit strategy?

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4 Responses to “What’s the Plan?”

  1. Dave Says:

    I would say the exit strategy is probably the same as it was for the first piece of TARP legislation that was passed. =)

    The deficit is a big problem. So is the share of our debt which is owned by sovereign wealth funds, both in Asia and the Middle East. And, also, so is our habit of spending more than we make and borrowing to pay for things we don’t need.

    I have two things that irritate me in politics;

    1) The Democrats have fiscal discipline typically last on the list of things they think about, the exception being the minority of “Blue Dog” Democrats.

    2) The Republicans went from a party of fiscal conservatism and small government to a party that swapped fiscal conservatism with social conservatism and then threw out the idea of small government all together. (See Department of Homeland Security, Exhibit A)

    I will give credit to House Republicans for holding the fiscal discipline line, but I’m disappointed that they didn’t hold this line before. I’m not sure how to categorize this outside of “fair-weather fiscal discipline” or fiscal discipline, but only when the political environment favors it.

    Anyway…Obama seems to take a moderate approach (or says to) which is why I like him so far. That said, we have to remember….we have lawyers and politicians trying to play the role of an “economist”. How effective to we REALLY think any of them are going to be at this?

    I hope we somehow fumble our way through this, but make no mistake; we live in troubling times.

  2. Pastor Curt Says:

    Dave, you made several very good points, thank you for sharing. It is during times like this that I am glad that I can say “In God We Trust”. That faith however, does not excuse us from searching for answers to the problems that we face.

  3. Dave Says:

    I think it’s perfectly acceptable and compatible with “In God We Trust” to take an active part in the discussion of our government and to of course vote.

    As you’re probably aware, pretty much everyone is flawed and this includes our leaders. We shouldn’t condemn our leaders for their flaws and, in my opinion, don’t let those flaws distract us from the larger goal of pursuing a “more perfect Union”.

    Doesn’t mean we can’t hold them accountable, we just have to keep focused on the bigger goal. =)

  4. Pastor Curt Says:

    It is wonderful that we live in a country where we can freely express our opinions and ideas without fear of “disappearing”.

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