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More debt

Published on -2/5/2010, 7:29 AM

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Confirmation was offered yet again this week regarding the unsustainability of Republicans' unwillingness to increase taxes and Democrats' unwillingness to decrease entitlement programs. By a 217-212 margin, the U.S. House voted to increase the national debt ceiling to $14.3 trillion. The Senate approved the same last week by a 60-39 margin.

Once the federal government reaches the new ceiling -- and trust us, it will, probably in early 2011 -- every man, woman and child in the United States will be on the hook for more than $45,000. Each. Absent a miraculous and protracted economic boom, the debt will continue to increase.

As a percent of Gross Domestic Product, today's debt already represents more than 86 percent. The nation is in territory not seen since World War II. It did not happen overnight -- or in the past year. The national debt has been on an upward path since 1981 when Ronald Reagan took office. The only time during the past 30 years it has gone down was when Bill Clinton was in the White House.

As the partisan divisions have done nothing but harden in recent years -- and frozen in recent months -- it seems unfathomable that our elected officials will solve the problem. Inability or refusal to act will result in outside intervention. You see, we sell our debt. A full 28 percent of it is currently in the possession of foreign nations. China and Japan are the largest stakeholders. At some point, they will want their loans repaid. Particularly if credit ratings hint at any trouble paying off the debt.

We need to raise taxes and cut services before that happens.

Democrats and Republicans need to figure out how to sell that to constituents, or simply step aside. No more finger-pointing and banner-waving from opposite sides of the room. No more blaming the other party. No more buffaloing the public with the inability to amass majorities or super-majorities. No more posturing for political gain.

We, the American people, await your decisive action. We hired you to conduct our business. Do it.

Editorial by Patrick Lowry

plowry@dailynews.net

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