‘If my Republican friends believe that increasing our debt by almost $800 billion today and more than $3 trillion over the last five years is the right thing to do, they should be upfront about it. They should explain why they think more debt is good for the economy.
How can the Republican majority in this Congress explain to their constituents that trillions of dollars in new debt is good for our economy? How can they explain that they think it’s fair to force our children, our grandchildren, our great grandchildren to finance this debt through higher taxes. That’s what it will have to be. Why is it right to increase our nation’s dependence on foreign creditors?
They should explain this. Maybe they can convince the public they’re right. I doubt it. Because most Americans know that increasing debt is the last thing we should be doing. After all, I repeat, the Baby Boomers are about to retire. Under the circumstances, any credible economist would tell you we should be reducing debt, not increasing it. Democrats won’t be making arguments to support this legislation, which will weaken our country. Weaken our country.’
- Senator Harry Reid, 16 March 2006
Debt on 16 March 2006: $8,271,005,203,336.67
Debt today: $16,747,458,528,953.05 (Treasury) and an estimated $17.25 trillion (OMB).
After adding $8,476,453,325,616.38 to the national debt since he made that comment in 2006, what Harry Reid thinks the country needs to do is add trillions more – that’s trillion with a ‘T’ as Obama said.
BTW, Reid’s stated reason then was that the Boomers were about to start retiring so we needed to reduce the debt. Beginning on 01.01.10 (and lasting through 2020, at least), 10,000 Americans began to become eligible for Social Security and Medicare EVERY. SINGLE. DAY.