Sen. John Boozman spoke on the Senate floor today about the national security threat posed to the nation by the $14.3 trillion national debt. Referring to remarks by Admiral Mike Mullen, chairman of the Joints Chiefs of Staff, he called it the greatest threat to our sovereignty.
“China owns $1.2 trillion of our debt,” he stated. “The Chinese government contends that it won’t use this liability for political advantage. But this is the same government that also claims that there are no human rights violations in that country. Clearly the Chinese government’s word is not a promise we should bank on.”
Boozman listed other foreign creditors – Iran, Venezuela and even Libya – to whom the United States is indebted.
This year, the federal government will spend $3.7 trillion and take in only $2.2 trillion. The eye doctor’s prescription, unfortunately, will fix only part of one of the lenses. He talked about spending cuts, but is he willing to cut national defense? Medicare? Social Security? I hope so. And is he willing to raise any taxes at all to make up the shortfall? If not, does he really think the federal government can cut its spending in half in order to achieve balance?
“It is up to us to make the tough decisions to get our economic house in order,” he said, “and the time is now to act.”
Yes it is.