Government Debt Is Taxation Without Representation | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Government Debt Is Taxation Without Representation

With Thursday’s passage of a continuing resolution that funds government operations until December 3rd, Congress dodged one fiscal cliff, but a bigger one looms ahead. The federal government has maxed out its credit, and if Congress doesn’t raise the statutory debt ceiling by October 18, the Treasury won’t be able to cover all of Uncle Sam’s obligations.

With Democrats controlling the House, Senate and White House, Republicans have declared they’re leaving it entirely up to the Democrats to raise the ceiling through the budget reconciliation process. Democratic leaders and their media allies claim that would be too complex, time-consuming and risky.

However, if past experience is a reliable guide, we can expect a couple weeks of harsh rhetoric, media hype and hand-wringing that culminate in the debt ceiling being modified for the 99th time in its 104-year history.

That said, amid all the attention paid to the Capitol Hill debt-limit poker game that not only pits Democrats against Republicans but also progressives against moderate liberals, it’s easy to lose sight of a hard truth about America’s $28 trillion debt: As a burden that will fall on future generations, government debt is a form of taxation without representation and is therefore profoundly unethical.

Today's Debt is Tomorrow's Taxation

"No taxation without representation" was a rallying cry of the American Revolution. Even in today’s divided country, the notion is still embraced as a bedrock principle of fair government by people of all political stripes.

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