National Debt

We are selling off our financial independence to the Chinese, Japanese, and Europeans. In 2001, the outstanding federal government debt topped $6 trillion. Thirty percent of that debt was held by foreign lenders. In the past five years that debt has grown another $3 trillion, with foreign lending accounting for 80 percent of the increase.

We're subsidizing the Chinese government to the tune of $50 to $100 billion a year, which could easily double over next five years. With rising interest payments, that means more money leaving our country, and less money for schools, health care and roads. Economists agree this is not sustainable, but Congress has failed to demonstrated the political will to reign in the budget in trade deficits.

Treasury Secretary John Snow lobbied Congress to raise the federal debt limit. Forty- four Democrats voted against raising the nation's debt ceiling, but Senate Republicans obliged the Bush regime by voting to raise the debt limit to nearly $9 trillion. Some Senators wanted to attach conditions to the limit increase. However, Republicans blocked an amendment to look at the impact of foreign held debt, as well as, an amendment to set up a pay-as-you-go measure that would force lawmakers to pay for future budget increases or tax cuts.

Last year, 96 percent of America's debt which was sold on financial markets was bought by foreign investors. The solution is simple, according to Montana Democratic Senator, Max Baucus. He suggests the obvious way to get any house in order: “You've got to cut spending and you've got to look at revenue and just match the revenue with the spending. And we're not doing that as a country, and we're, frankly, we're living on borrowed time.”

America must spend less on its military, whose primary mission is to protect the assets of the wealthy. We must also stop giving tax breaks to the wealthy, but most importantly, we must to stop electing politicians with the wrong priorities.