The debt: It’s time for leadership.
Ten years ago, in 2001, the existential threat facing the United States was radical Islamic terrorism. Say what you will about President George W. Bush, no one can credibly argue that he failed to address the threat. In fact, the bulk of the criticism leveled at President Bush stemmed directly from the actions that he took to address terrorism.
Today, a decade later, terrorism remains a threat but it’s no longer the biggest threat. Economic apocalypse is what most seriously threatens America today. Our national debt, fifteen trillion dollars, now exceeds the entire economic output of the country. We are borrowing more than 40 cents of every dollar we spend and budget deficits of over a trillion dollars stretch out as far as the eye can see.
Left unchecked, we will one day suffer an economic collapse that could destroy the very social order. In the face of this threat, President Obama has proposed a budget for fiscal year 2012 that is appalingly unserious. The president’s first duty is to protect the citizens. And fiscal collapse will destroy the country just as surely as the most devastating terrorist attack.
This is the time for leadership, Mr. President. And the time is short.