At This Moment in Time

Granted, the recently enacted Debt Ceiling Act has thwarted a probable catastrophe that would have caused widespread human, material, economic, environmental issues which exceeds the ability of the U.S. and its citizenry to deal with using its own resources. At this moment in time our government no longer risks not having enough money to meet its debt and operating expenses. The debt ceiling debate and subsequent compromise has temporarily thwarted a probable disaster that would have caused widespread human, material, economic, environmental loss... which exceeds the ability of the United States and its citizenry to cope using its own resources. For this moment in time, our government no longer risks not having enough money to meet debt and operating expenses. At this moment in time, no longer will an imminent fault undermine the dollar’s status as the world’s reserve currency and what remains of the world’s order. At this moment in time, we will no longer have to listen to the political left and its cohort’s diatribe that insists the only solution to the debt is to hand a blank check to the government and continue spending at will. My mind’s eyes see such reasoning as irrational and ruinous. What needs to change is not so much the budgetary process but the mindset that incumbers America with this mountain of debt. Beyond the quibbling, the most important part of the bill and thus the agreed upon compromise is the message that the present COA as it pertains to economic self-destruction has to change. At this moment in time, current government spending levels are destroying our Republic.

I am of the opinion that too many elected officials seem to think money grows on trees and their ability to think beyond the next election cycle is cause for concern. Why can they not think of the nation’s common good and plan long-term? Far from ideal, the current led GOP spending compromise takes initial steps in the right direction. However, the liberal position regarding debt is full of wrong premises. Putting it more explicitly, the progressive left has a propensity for extremes. Democrats argue that with low-interest rates, it makes sense to invest in the future. “Free” money allows the government to spend at sustainable levels and even save money by spending now rather when rates eventually go up. Really! At this moment in time, are not interest rates rising? This argument no longer holds water since interest rates are on the rise. It becomes even more dangerous and expensive to borrow. By way of illustration, the “cost of servicing the national debt now stands at $460 billion, well over half of the $842 billion defense budget for 2023.” With or without interest, the principal still must be repaid. Money is never free. Furthermore, with the stroke of a pen, Biden has increased the debt by up to “2-4 trillion dollars through stimulus bills and spending packages.” Even at low-interest rates, irresponsible spending drives massive amounts of cash into the system, causing inflation and the chaotic excessiveness of unbalanced markets. It is apparent that the current administration and congressional Democrats believes each country controls the minting of its own currency, thereby any crisis can be avoided by issuing new money to take care of all debts. Thus, at this moment in time many liberals believe that a nation’s spending ability is limitless. It will have no consequences, nor should anyone even worry about debt.

To the liberals I ask, what is the true purpose of government? At this point in time, the purpose of government is to be an advocate of a nation’s common good not a provider for the well-being of its citizens or its ever-growing population of undocumented immigrants. Those on the left seem to think they should spend whatever is needed to provide for all necessities and entitlements. They believe the government can borrow and spend at will. However, a nation cannot always borrow its way out of a crisis. There will come a time of reckoning when people will question its value, causing a crash. The landing will not be a soft one.

This is not a discussion about money or lack thereof. At this moment in time, the real issue is the liberal mindset, characterized by a refusal to operate within fiscal constraints. This rejection of restraint by the left in unimportant things has metastasized to crisis levels in our economy. The obsession with total unrestraint has the effect of turning the debate into something irrational. The enraged and radical left becomes willing to jeopardize the nation and the world economy to maintain its fantasy of unlimited free money.

The route taken between conservatives and liberals to raise the debt ceiling is of importance, if, with proviso. The economy cannot be instantly repaired by turning off the money spigot and jumping off the fiscal cliff. At the same time, a default’s impact will wreak havoc upon the world and favor America’s antagonists. As painful as it is to admit it, a deal is the lesser evil when negotiating with those whose actions will sink the ship that set sail without provisions, navigation equipment, lifeboats... The more important question is what will be done with the deal. Will it once more be used to kick the can down the road? Can it be used to inform a real debate?

At this moment in time, instead of playing cyclic games of fiscal chicken, America needs to question existential premises held by progressives, socialists, and conservatives alike about the nature of government, life, and liberty. Too many believe that life must be spent as if on a never-ending cruise underwritten by the courtesy of the federal government. At some point, the party must end. At this moment in time, America must reject the socialist mindset in which the government tries to be all things to all people through its handouts… and domination. At this moment in time, the nation must likewise reject the notion that restraint is always bad, and sacrifice must be avoided. This inquiry beyond an entitled self could provoke a reevaluation of what matters most in life. It could give rise to new devotion, fidelity and faithfulness to family, community, and the Church, giving life meaning and purpose. Moreover, what is missing is the “permanent things,” which are those standards of "courage, duty, honor, justice, and charity" that owe their existence and authority not to big governments, but to God Himself. Until then, the nation will continue staring into the fiscal abyss.