These days one hears about Mr. Obama and Fauxiconman Krugman making light of our Federal debt. Each of these buffoons would have you believe that our Federal debt as a percent of GDP, which is among the highest in the world, and which is increasingly owned by the Communist Chinese of Tianneman Square fame, is not alarmingly high. But one Liberal seems to get it and it’s nice to see: Thomas Friedman.
In his latest piece, he offers several tidbits that reveal his grasp of our nation’s serious fiscal predicament:
American pacifists need not worry any more about “wars of choice.” We’re not doing that again. We can’t afford to invade Grenada today.
“Can’t afford it.” Very nice, Mr. Friedman, you understand what many do not: namely, that borrowing does in fact have limits.
When the world’s only superpower gets weighed down with this much debt — to itself and other nations — everyone will feel it.
The phrase “this much debt” is admirable: it reveals an appreciation for the relatively high level we have reached and stands in stark contrast to those who would assert that we should spend and borrow a great deal more. But Friedman knows better, and I wonder if he debates the issue with Fauxiconman, another New York Times contributor who has no understanding whatsoever of economic issues and risks. What does Paul Krugman think when he reads Friedman’s conclusion?
America is about to learn a very hard lesson: You can borrow your way to prosperity over the short run but not to geopolitical power over the long run. That requires a real and growing economic engine. And, for us, the short run is now over.
Yes, “Over”. So where’s the leadership on this issue? We all need it badly, and this is no joke.