Thomas Sowell said it best, “The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
Congressional Democrats are at it again. They claim that Republican refusal to vote for an increase in America’s debt limit ceiling could cause economic catastrophe.
Democrats control the House of Representatives and the Senate by virtue of Vice President Kamala Harris’ tiebreaker. The debt ceiling can be raised without a single Republican vote.
However, accusations of fiscal hypocrisy aimed at Congressional Republicans are accurate — unless you live in Texas’ 14th district. We’re blessed to be represented by U.S. Rep. Randy Weber.
The record reflects that Weber, a devout Christian, is Congress’ fiercest champion of fiscal responsibility. Weber understands that fiscal restraint better insures our nation’s future prosperity.
Before entering public service, Weber built a successful small business — a Friendswood heating and air-conditioning service. As a small businessman, a failure to understand basic economics and finance would’ve meant he couldn’t provide for his family. Weber, like every other successful businessperson, understands the hard choices that businesses must make so their employees can provide for their families.
If America were a business, its finances (annualized) since 1969 — revenues (gross domestic product) increased at 6.1 percent, profits (federal government taxes and fees) increased at 5.9 percent, but spending (federal government spending) increased at a rate over 7.3 percent. This performance has created a debt that exceeds total annual revenues by over 25 percent. If the U.S. government couldn’t print money, would you lend to it?
The Democrats’ proposed budget ($3.5 trillion) exceeds the combined wealth of every American billionaire. I’ve written about the depressing economic history of government largesse. The idea that a powerful centralized government can produce a sustainable burgeoning economy is a notion that can only be justified in the abstract — or by a Greek politician.
Before America’s progressive left gained prominence, its ideas were put into practice in Greece. High taxes, unaffordable social benefit programs and subsidies to politically friendly entities were typical regardless of who controlled Greek Parliament. To exit its ensuing bankruptcy, the government was forced to sell the crown jewels of Greece’s federal revenues — ports, utilities, railways, airports, the national lottery system and public lands. Foreign entities now own the “commanding heights” of Greece’s economy.
Will we learn from Greece’s mistakes? And Greece’s fiscal woes weren’t an isolated event. The same thing happened in the United Kingdom in the late ‘70s. Or you can look to the democracies of South America in the ‘80s. No matter the political bent of the nation, financial irresponsibility eventually comes knocking and extracts accountability — paid for by the citizens.
The Democrats’ self-proclaimed socialists are in control and leading America down a path that history has long marked as “hazardous.”
Let’s hope the voice, and wisdom, of Weber steels the spine of those politicians that covet reelection over our children’s future.