News88 Blog Of The Day 02/14/2005: National Debt, Deficits, Fiscal Responsibility: Dem Opportunity?

I'd like to hear how Progressive elements of the party would respond to a "fiscal responsibility" plank in the Dem platform.

Bush and the GOP have largely abandoned the facade of caring about spending, balanced budgets, etc. I think this is fertile ground for the Dems to claim as their own, and it would be consistent with Dem/progressive ideals.

The MoveOn commercial showing children working in various jobs illustrated the problem perfectly. Every dollar of debt this country incurs is an obligation to repay that is forced onto the next generation. Right now, every dollar of tax revenue (and a lot more) is spent by the Federal Government. In a sense, it is re-injected into the national economy.

At some point, that flow will have to reverse. As the federal government repays its debt (which will HAVE to happen eventually), money will be pulled out of the national economy and never re-injected. It would be as if the government taxed you by taking away your TV and smashing it...ie, the taxed asset disappears with no future benefits to anyone. This is what will happen as the national debt is being paid off by future generations.

(Stricly speaking, this metaphor only applies to foreign-held debt, but there is enough of that to make the point).

I think the Dems could stake out a valid, Progressivist position on this: STOP SCREWING THE FUTURE.

Kerry proposed reinstating PAYGO rules (budget deficit can't be increased on discretionary programs). I would like to see PAYGO for all federal spending (including entitlement spending). I think an awful lot of voters would like this approach.

Thoughts?

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