Usury! Sounds as somber as its meaning. Biblically, lending and borrowing though acceptable practices demand accountability. That said, why is our nation nearly $5 trillion more in debt than just a few years ago?
Americans who survived the Depression view usury as ANY debt beyond basic needs. Tragically, many today simply ignore that fundamental economic tenet; Congress tops the list of guilty parties. On one hand, Washington would seem to agree with prudence — at least when it’s imposed on the lending side. An example? Heavy regulations on credit card interest. Yet Congress recklessly borrows at breakneck speed — beyond anything in our nation’s history.
Regulations serve an appropriate role. Why don’t these same restraints apply to Congress as it squanders yet to be realized revenue? D.C. decisions saddle taxpayers with insurmountable debt. Usury in modern markets is often regarded as kicking in at interest rates around 18 or 19 percent. So why is Congress imposing 40-percent debt on Americans yet unborn?
Congress has encumbered our nation with up to $1.40 in long-term debt for every $1 borrowed from China. Who makes these inane decisions? What is going on? Where does reason and logic come into play? When they see no, hear no and we speak no opposition, what magic potion will quell our elected officials’ insatiable thirst for usury-racked borrowing. How could matters be worse?
Try this on: We’re now in debt AND indentured to nations aggressively undermining American jobs; jobs we elected Congress to foster and protect!
Can we possibly manage the 40-percent debt service to which we’re already committed? What were they thinking when borrowing TRILLIONS from China? Can this ominous millstone be retired within one, two or even three generations? If unchecked, its weight will more likely pull us into depths never before charted.
If we cower, if we sit on the sidelines, and if complacency rules — perhaps Pogo was right: We have met the enemy and he IS us!
Tom V. Ellis