US Faces Debt Ceiling Crisis (next week)

I love this country. It has so much to offer it’s people. With the recent talks about the US defaulting on it’s debt, it brings me back to asking about financial responsibility we all have as citizens. Our President Obama needs to lead us through this crisis. It hasn’t happened yet – but if we take a page from history, there was a good lesson we learned with a previous President – Ronald Reagan.

Twenty four years ago – on Sep 26, 1987, Reagan addresses the nation with the following:

“[Unfortunately,] Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility—two things that set us apart from much of the world.’”

Much hasn’t changed. But today, there is talk about a budget amendment which could help for future generations. There is also a lot still at stack with Social Security and benefits. But one thing he DID include was his position on taxes…

“This decision is not easy. I have no choice but to sign this bill to guarantee the United States government’s credit. But I also will not permit Congress to dismantle our national defense, to jeopardize arms reduction, or to increase your taxes. I am determined that will not happen.”

Well, we were in strange times back then (cold war era) as we are today (economic uncertainty) and it seems that politicians haven’t changed much at all. Perhaps we can get things straightened out for the next generation. May God continue to bless our country and people!