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The Republics Fiscal Insanity: Repercussions and Antidotes Essay

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As Albert Einstein once wrote, “the definition of insanity is doing the same thing over and over again and expecting different results.” This seems to be the federal governments view on deficit spending. Their continued assertion they can spend their way to fiscal prosperity discounts the impact it will have on the future of this great nation, and most importantly, the financial strain it will place on future generations (Kotlikoff & Burns, 2005). Benjamin Franklin said it best, when he stated “when the people find that they can vote themselves money that will herald the end of the Republic.” This is the situation we find ourselves in today with a government accommodating the wants of pro-entitlement citizens, who vote with their wallets instead of for a fiscally responsible direction for this country.
There is plenty of academic research that proves the federal government has lost its ability to manage our nation’s financial obligations, as the total debt in this country has reached the statutory debt limit. If changes are not made now, this country will soon default on its debts to the detriment of investors and the American taxpayers. It is time to elect leaders with a plan to reduce the federal spending now and in the future, by passing a balanced budget amendment that will place reforms on entitlement programs and the mounting debt that will inevitably bankrupt this country.
The lack of a balanced budget has lead to out of control spending and a crippling debt load in this country. As a matter of fact, the last time the United States balanced its budget was in 2001. However, even that is up for debate. Imagine the implications if households across the country failed to live on a budget for that long, but in reality, that i...


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Heritage Foundation Federal Budget in Pictures. (2012). [Rising Deficits Drive U.S. Debt Limit Higher, Faster]. Retrieved from http://www.heritage.org/federalbudget/increases-us-debt-limit.
Kotlikoff, L. J. & Burns, S. (2005). The Coming Generational Storm: What You Need to Know about America’s Economic Future. Cambridge, Massachusetts: First MIT Press.
Panizza, U., Presbitero, A.F. (2013). Public Debt and Economic Growth in Advanced Economies: A Survey [Data File]. Retrieved from http://repository.graduateinstitute.ch/record/16599/files/Mofir078.pdf
Reinhart, C. M., Reinhart V.R., & Rogoff, K. S. (2012). Public Debt Overhangs: Advanced-Economy Episodes Since 1800. The Journal of Economic Perspectives, Volume 26, Number 3, 69–86
World Economic Outlook Database, October 2012, Retrieved from http://www.imf.org/external/pubs/ft/weo/2012/02/weodata/index.aspx


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