“In the course of his first term, (President) Obama increased the federal debt by just shy of $6 trillion and in return grew the economy by $905 billion. So, as Lance Roberts at Street Talk Live pointed out, ‘…in order to generate every dollar of economic growth the United States had to borrow about five dollars and 60 cents.’ There’s no one out there on the planet — whether it’s ‘the rich’ or the Chinese — who can afford to carry on bankrolling that rate of return.” Canadian economist Mark Steyn wrote this analysis just three days after the re-election of President Obama – Steyn has hit the nail on the head – the president is driving our country to ruin.
Consider Stein’s assessment that “(i)t took the government of the United States two centuries to rack up its first trillion dollars in debt. Now Washington piles on another trillion every nine months.” Steyn is virtually mute however in how to stop this train wreck – he leaves that conundrum to others.
A consensus is now forming to seek term limits for the Congress. This movement would make the national legislature the second branch of the federal government to suffer the indignity of having its members declared too dangerous to continuing serving in office. Or more accurately, it would be the second time the peoples’ will would be thwarted in modern times, that is, the people cannot be trusted to rule themselves. Term limits are therefore a big deal and should be considered carefully. So far that has not been the case. Most proponents of term limits grasp the closest hatchet and swing away setting the maximum time in office at one of two terms (2 or 4 years in the house and 6 years in the senate). Although these new term limits might seem liberating at first that euphoria would itself be limited. Incumbents do have some good features: 1. They know how to get things done when they want to and more importantly, 2. They possess institutional memory so that old lessons do not need to be learned again. A national legislature of all freshmen would be a disaster of epic proportions.
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