OPINION: Children will pay our nation’s debts

Frank Gillispie

OPINION: Children will pay our nation’s debts

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Thursday, March 3. 2011

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Every day the school bus stops near my home and lets the local children off. They are usually laughing, running and enjoying their lives. Obviously, they do not realize what is in front of them. You see, we adults are running up a massive debt that they will have to pay.

To see just what we are doing to them go to this web site: http://www.usdebtclock.org

As you can see, currently every person in the United States owes $45,594 on the national debt. But less than half of us are currently paying taxes. So the debt per taxpayer is $127,833.00, and it is rapidly climbing. By the time those kids start working and paying taxes, the debt will be at least twice that, if not more.

The current national debt is $14.174 trillion. The combined state debt is $1.163 trillion, and local debts total another $1,709 trillion. A trillion dollars is 1 followed by 12 zeros. Each of us would have to pay $12 a day in new taxes just to stay even.

Obviously, we cannot continue to run up debt at this rate. Something will give somewhere, and when it does, it will be the children who absorb the losses. If the states have to declare bankruptcy, that will cost millions of us our hard won retirements. If the nations we owe money decide to collect their bills, the United States would go bankrupt.

So how will our children pay our debt? There are two likely ways. Either they will pay extremely high taxes, or our economy will undergo massive inflation. If the taxes go up, more and more business will head for the border causing even less employment, and this even higher taxes just to hold even.

If we decide to pay off the debt with cheap dollars by allowing massive inflation, then those of us living on retirement accounts, public and private, will find our income devastated by higher prices for everything.

Wisconsin Gov. Scott Walker’s battle with the public sector unions is just an example of what we can expect in the near future. If the current policies are not altered, it will only get worse. And if we the people continue to demand more and more for ourselves, then our children will clearly be left holding the bag. If the teachers in Wisconsin are truly concerned about their students, they would be supporting budget controls rather than adding to the problem.

If we accept a little discomfort now, we will save our children from massive problems in the future. Only then will we deserve their love and support as we become older and more dependent on them for our welfare.

Financial shortsightedness is not a good thing.

Frank Gillispie is founder of The Madison County Journal. His e-mail address is frank@frankgillispie.com. His website can be accessed at http://www.frankgillispie.com/gillispieonline.

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#1 Ben Had on 03/04/11 at 09:00 AM [Reply]

"Financial shortsightedness".
End both of the Wars today.
Stop sending U.S. tax dollars to Israel and all the other countries that we can't afford to support.
Legalize Marijuana, and stop the "for profit" prison system that is full of non-violent offenders.(no the gov't doesn't profit,but everybody else does from Lawyers to every type of supply business involved)
Stop spending (throwing away) money on addicted-to-dollars law enforcement that turn addicts into crimminals.Throwing away money on prostitution stings comes to mind(that is so stupid).
How about Sunday sales? Shouldn't less gov't mean LESS GOVERNMENT?
Stop subsidizing oil companies and farmers. (let the chips fall where they may on that one)
Don't give 700 billion to wallstreet and banker thieves and expect nothing in return.

Just a few ideas to overcome our shortsightedness. I don't really believe it is necessary to start taking away peoples rights at this point,there's plenty of other common sense things that could be done first.

#1.1 Jaki on 03/07/11 at 07:04 PM [Reply]

Cannot support your idea of non enforcement of the drug problem. I see no purpose for meth labs, ice, etc...... I can agree about the wars and support for other governments no matter who they are. It all sounds like a complicated shell game.....

#2 Sky Pilot on 03/04/11 at 08:54 PM [Reply]

In order to pay off a deficit you must have tax revenue, you get this from taxing people who have an income. When corporate greed in this country deindustrializes the United States and manufactures goods in communist and third world countries we lose a tremendous amount of tax revenue. We all need to buy American made and the rich need to pay appropriate taxes on their income. The added income from full employment will return us to a position where there will be a surplus instead of a deficit. I would support both prohibitive and protective tariffs to reindustrialize our country. What good is free trade when your not an industrialized country. Since capitalism is explotive to the weak it is absolutely necessary that there be regulations to prevent greed from damaging the economy. The small business man is not the problem, it's the large corporations and global monopolies that cause the problem. Making poor kids go hungry is not a drop in the bucket towards reducing the deficit. The big secret is that the people of this country have the power.

#2.1 Virginia Moss on 03/05/11 at 07:54 PM [Reply]

Well said, especially "Since capitalism is explotive to the weak it is absolutely necessary that there be regulations to prevent greed from damaging the economy. The small business man is not the problem, it's the large corporations and global monopolies that cause the problem." It appears that the people in this country do NOT have the power. Power is with the rich who buy the politicians who then join the rich. They all attempt to divide and conquer the people with all this Rebublicans against Democrats, conservatives against liberals. And all the sheeple comply so nicely it's frightening. How do the American people get back the power? If we don't, we lose America. We really do!

#2.1.1 Ben Had on 03/06/11 at 04:53 AM [Reply]

I agree with both of you. The problem is naive people believing everything they hear on TV (Fox News) and the radio(Rush). It's hard to convince them they are being lied to and manipulated,and even harder when you mention "the rich, and corporations" are the ones responsible for our financial problems. They believe Mexican immigrants,Gay Marriage,Gun control,and Abortion rights are their biggest problem. Oh, and don't forget Islamist terrorist(nevermind that we created the terrorist with our policies in their homelands).
I've had people tell me that I'm just being resentful of the rich,and that I shouldn't be jealous of their success. That's how clueless some people are. Ignorance is our biggest problem.

#2.1.1.1 Bricklayer : American born on 03/07/11 at 03:15 PM [Reply]

Hey there liberal Ben ole buddy. Illegal Mexicans took many many jobs away. Hey even on CNN ( communist news network ) they did stuff about that problem. Look at needing translators in court and normal citizen cost Ben. HIV interesting as more in Gay men than so call straight guys and Ben who pays for the HIV meds and all. But Ben we agree on maybe getting us out of Iraq and Afgan area. Doubt much more as think you Ben liberal democrat. Wonder how much tax breaks you use. Me I drive for work and gas price bothers me. OH : Ben laying bricks if you can find work not much if any better pay than 3 or 4 years ago but again BEN gas higher and food higher. I AM tired of paying for slackers.

#2.1.1.1.1 Ben Had on 03/10/11 at 09:10 AM [Reply]

I have never voted for a Democrat,and I've been voting since 1980. But, I won't be voting for anymore slimeball Republicans in the forseeable future either.
How many tax breaks do I take? Only the ones that are legal.
Mexicans (illegals) take your job? Watch how your newly elected Georgia Republicans give lip service to the problem,but will do nothing to solve it. They have complete power in this state now,and could run the illegals out on a rail, but they won't. Their corporate contributors will make sure the illegals remain.
You see, although you vote for Republicans, and they court your vote, they are only obligated to the ones who contribute the cash. How much money did you contribute last year? That amount is equal to the amount of influence that you have.

#2.1.1.1.1.1 Bricklayer on 03/10/11 at 01:42 PM [Reply]

Dear Ben again. Some counties are getting tough on those that work here non legal manner by the way. Athens area now showing signs of actually checking citizenship and Hall county last several months getting tough. ONE brick at a time. I will vote Tea Party but problem is we often forced to vote for the less of evil. You mention only taking "legal" tax breaks. Buddy I do have kids and in public school. My MC property could be in that conservation tax but I choose not to do so as what I am getting for my money in education and so so roads worth it and if all took "legal" tax breaks then Ben Buddy you will be squeezed harder than you think you are now. May be libertarian to the way to go and may be I have voted for some of them tooo Ben but I am no Pelosi admirer and no ex Gov Barnes admirer either. either.

#3 Anonymous on 03/04/11 at 09:18 PM [Reply]

Think this might work !!

Subject: A gas boycott.

We'll show you a gas boycott!

THIS IS NOT THE 'DON'T BUY' GAS FOR ONE DAY, BUT IT WILL SHOW YOU HOW WE CAN GET GAS BACK DOWN TO $1.30 PER GALLON.

This was sent by a retired Coca Cola executive. It came from one of his engineer buddies who retired from Halliburton. If you are tired of the gas prices going up AND they will continue to rise this summer, take time to read this please.
Phillip Hollsworth offered this idea:

This makes MUCH MORE SENSE than the "don't buy gas on a certain day" campaign that was going around last April or May!

It's worth your consideration. Join the resistance!!!!

I hear we are going to hit close to $4.00 a gallon by next summer and it might go higher!! Want gasoline prices to come down?

We need to take some intelligent, united action. The oil companies just laughed at that because they knew we wouldn't continue to "hurt" ourselves by refusing to buy gas.

It was more of an inconvenience to us than it was a problem for them. BUT, whoever thought of this idea, has come up with a plan that can really work. Please read on and join with us!

By now you're probably thinking gasoline priced at about $2.00 is super cheap. Me too! It is currently $3.08 at Arco and Costco for regular unleaded in Salem , Oregon and climbing every week.

Now that the oil companies and the OPEC nations have conditioned us to think that the cost of a gallon of gas is CHEAP at $1.50 - $1.75, we need to take aggressive action to teach them that BUYERS control the marketplace, not sellers.

With the price of gasoline going up more each day, we consumers need to take action .

The only way we are going to see the price of gas come down is if we hit someone in the pocketbook by not purchasing their gas! And, we can do that WITHOUT hurting ourselves.

How? Since we all rely on our cars, we can't just stop buying gas.

But we CAN have an impact on gas prices if we all act together to force a price war.

Here's the idea: For the rest of this year, DON'T purchase ANY gasoline from the two biggest companies (which now are one), EXXON and MOBIL.

If they are not selling any gas, they will be inclined to reduce their prices. If they reduce their prices, the other companies will have to follow suit.

But to have an impact, we need to reach literally millions of Exxon and Mobil gas buyers. It's really simple to do! Now, don't wimp out on me at this point...keep reading and I'll explain how simple it is to reach millions of people!!

I am sending this note to 30 people. If each of us send it to at least ten more (30 x 10 = 300) ... and those 300 send it to at least ten more (300 x 10 = 3,000)... and so on, by the time the message reaches the sixth group of people, we will have reached over THREE MILLION consumers . If those three million get excited and pass this on to ten friends each, then 30 million people will have been contacted!

If it goes one level further, you guessed it...... THREE HUNDRED MILLION PEOPLE!!!

Again, all you have to do is send this to10 people. That's all!

(If you don't understand how we can reach 300 million and all you have to do is send this to10 people.... Well, let's face it, you just aren't a mathematician. But I am so trust me on this one.

How long would all that take? If each of us sends this e-mail out to ten more people within one day of receip t, all 300 MILLION people could conceivably be contacted within the next 8 days!

I'll bet you didn't think you and I had that much potential, did you! Acting together we can make a difference. Look at what happened in Egypt just recently.

You have only the rights you are willing to fight for!

Be kind, remove all email addresses & use bcc when forwarding; say no to spammers and computer viruses.

You may trash this if you wish, but it sounds like it would work if everyone would send it on to those in your address book.....It's very "workable" for everyone...I've sent it on to more than 30 people....You decide what you want to do.......

#3.1 E.J. on 03/05/11 at 08:03 PM [Reply]

That's an awful lot of words to convey a simple idea. I thought #3 Anonymous would never, ever get to the point. So it's basically a chain letter. I'm afraid I don't have much confidence in this rambling idea. Not buying gasoline from your locally-owned stations hurts the local owners (our neighbors) far more than the oil companies. It's a thought, but I wish there were something more effective. Personally, I find gasoline so valuable that I don't get upset until it reaches $5 a gallon. At that price, though, everything will cost more.

#3.1.1 Redneck on 03/07/11 at 11:26 AM [Reply]

Hi E.J. : seems need to increase revenue. To many loopholes. E.J. we have discussed conservation tax I think. This is what is wrong as we let people get away with things that should not be. Do not tax them, do not tax me but tax fella behind the tree. Day of consequences coming. You let system continue where give this benefit to this special group and that special group and soon the group left has NOTHING. E.J. I do not buy gas at place where they feel conservation tax not really for new comers. They do not need my money. RANT yes. My great grandfather in CSA did not associate with I am told from the men who bought their way out of the CSA army. I view tax loopholers in same way.

#3.1.2 MCD on 03/08/11 at 01:13 PM [Reply]

E.J. : CSA type rant well some merit. I would also not shop / spend at place where owner took tax breaks unfairly. Anonymous just does it different. Post that tax break peoples names and let JOHN or Irene Public vote with their money. OH : forget CSA stuff also.

#4 Bill on 03/09/11 at 09:21 AM [Reply]

Children will pay off our nation's debts? Cool. I don't have any kids so good for me. I mean, isn't that the Republican way? What is good for me is good for the rest of the country? Make me richer, I want to live like a corporation. If by law a corporation can have rights like a human, I therefore, should be able to live like a corporation and just worry about my stockholders, which is me and my wifea and to he*^ with everyone else.

So yeah, let the kids pay for me and the greed brought on by this generation of Republican and Democrate corruption and selling of this nation.

#4.1 Redneck on 03/09/11 at 10:07 AM [Reply]

Bill the motto what is good for me is good for the county is so Pelosi and Pethel. Watch gas prices go up and up as world will no longer support the Dem or Repub view spend spend and spend. Tax people like me more and I become medicaid and then who pays for me and maybe you. Bill : maybe you need some kids and plenty in foster care that need help.

#4.2 MC on 03/10/11 at 08:10 AM [Reply]

Dear Bill,

Get yourself a conservation tax break and live better off than rest of us. Move to Pethel district and get your bridge fixed at my dime.

#4.2.1 Bill on 03/14/11 at 10:02 AM [Reply]

MC, Do you mean like the farm subsidies?

#4.2.1.1 MC on 03/14/11 at 03:38 PM [Reply]

Farm subsidies interesting. They will be looked at I assure you in time as the money tax pie shrinks. The easiest low lying fruit to pick and where I think a possible abuse are people getting conservation tax breaks just because their home on 10 acres. This can not really generally be used as timber harvest on sustainable basis. If you complain about this I believe we have enough adult bullies that you put your safety in harms way. 2 of them and 1 of you well you have lost there as well as later trying to get them arrested. Some farm subsides are not correct by the way. I would get rid of any tobacco subsidy for example but corn-soy beans-wheat are areas would not touch as if they farmers run out of business food spikes or if crop failure well hunger not only here but overseas.

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OPINION: Children will pay our nation’s debts

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OPINION: Children will pay our nation’s debts

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