Guest Commentary in May 7, 2011 Detroit Free Press
While discussing congressional action to raise the debt ceiling, a top government official in Washington was quoted saying: “It’s absolutely essential they’ll do it. And, of course, they’ll do it. They’ve always done it in the past.” The official went on to say, “We’re looking forward to an important debate with Republicans and with Democrats on how to make sure we bring down our long-term deficits.”
To make sense of this statement, we first have to set aside the ridiculous premise that “they’ve always done it in the past” should guide what Congress does today.
Second, Congress has not always voted to raise the debt ceiling. When they elected not do so in 1995, the sky didn’t fall and our economy did not implode. What’s really being said here is, “We need to borrow more today so we can begin to have a conversation about saving tomorrow.”
Now, we’d laugh if these were Jay Leno’s opening lines. But they’re not. They belong to Treasury Secretary Tim Geithner, and they foreshadow a critically important discussion about our national debt and the right of one generation to lay claim to the wealth of another.
Our government was slated to reach its legal debt limit of $14.3 trillion in the middle of May, but now can hold out until early August. When the debt ceiling is reached, Congress must either vote to raise it, allowing the Treasury to borrow more money from credit markets, or begin the process of immediate, significant cuts to the federal government’s budget.
To hear Secretary Geithner tell it, any discussion of not raising the debt ceiling is “irresponsible.” One might reasonably ask if it’s more responsible to assume that our children and grandchildren will pay off more than $14 trillion of our debt?
Should Congress choose not to raise the debt ceiling, there would continue to be more than enough revenue coming into federal coffers to pay interest on our national debt as it comes due.
Additionally, the Fed can take measures to raise money to meet federal obligations without exceeding the debt limit, as they did in 1995. But with Standard and Poor’s recent downgrading of our outlook to “negative,” it’s apparent to any honest observer that many are already beginning to question the seriousness of the U.S. government to deal with its deficits and debt. Our creditors are already nervous. Treating a vote to raise the debt ceiling as a forgone conclusion only reinforces their unease.
We can certainly be glad that conservatives like U.S. Sens. Marco Rubio, R-Fla., and Jim DeMint, R-S.C., are taking a stand against raising the debt ceiling, but even a qualified opposition to raising our credit limit misses the point. What is lacking is the moral courage to call intergenerational theft what it is: wrong, immoral and intolerable.
If the GOP agrees with conservatives that it’s wrong to hand our posterity a lower standard of living and less opportunity, then it’s time to take a stand on the debt ceiling. This is what adults do. We make difficult choices in the present to ensure our children and grandchildren have a better tomorrow, and we don’t use their future as a political bargaining chip.
The impending debt ceiling vote is an opportunity for Republicans to raise a flag of bold colors: We honor the sacrifices of those before us by ensuring a better future for our children. We categorically reject intergenerational theft as a violation of the sacred bond between generations. And we refuse to be the first generation of Americans to hand to our children a land of diminished opportunity and freedom.
While President Barack Obama and Senate Democrats continue to hit the snooze button on our nation’s fiscal alarm, Republicans have a chance to show America that they’re already up and at work. Or not.
JAY RIEMERSMA of Holland, Mich., is a former congressional candidate, nine-year NFL veteran and a University of Michigan graduate.