Letter: Our enslavement to debt
"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies... Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." - by Sen. Barack H. Obama, March 2006.
In 1826, President John Adams said, "There are two ways to conquer and enslave a Nation. One is by the sword, the other is by debt."
Obama was referring to President Bush, who increased the debt $4.9 trillion in eight years. Under the current administration, the debt has skyrocketed by $5.5 trillion in less than four years. American does have a debt problem, a failure of leadership and Americans do deserve better. It's a time for new leadership.