Amid the escalating financial crisis, the U.S. federal deficit could reach $750 billion in 2009, according to the Congressional Budget Office. The Wall Street Journal reported earlier this week that some economists predict that figure could even exceed $1 trillion.
Whatever the final tally, Americans should be troubled at Washington’s continuing pattern of reckless behavior. Our nation stands to lose much if we continue down the path of out-of-control spending and debt-financed government. Fortunately, Americans have proven their resilience to similar situations in the past.
Standing outside the White House in late January 1981, the late President Ronald Reagan, faced with mounting deficits and a sagging economy, delivered one of the most powerful, eloquent, and forthright speeches ever written:
“For decades we have piled deficit upon deficit, mortgaging our future and our children’s future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals.”
Despite the dire situation, Reagan’s optimism remained unshaken:
“The economic ills we suffer have come upon us for several decades. They will not go away in days, weeks, or months, but they will go away. They will go away because we as Americans have the capacity now, as we’ve had in the past, to do whatever needs to be done to preserve this last and greatest bastion of freedom.”
Like Reagan, I, too, believe that America can overcome any challenge and face any foe. But what we need now is true leadership at the highest levels.
– James Quintero