Federal Borrowing Note

As you know, I don't really cover federal issues, as I am a candidate for statewide office. Fortunately, there are plenty of Hoosier Libertarians who do keep an eye on our national issues.

Kenn Gividen's fascinating letter was printed yesterday in the Noblesville Daily Times. I knew that the deficit was being driven up by the irresponsible failure to cut the federal budget despite falling receipts, but I had no idea on the scope of the borrowing. From the letter to the Daily Times:

Little media attention has been given to the fact that President George W. Bush has borrowed more money from foreign governments that his 42 predecessors combined. The Democrats won't tell you, because they think it's great. The Republicans won't tell you because they are the culprits.

and

The silence from the conservative wing of the Republican Party is frustrating. I'm concerned that GOP's rank-and-file continue to buy into the Limbaughnic myth that their party is the guardian of everything conservative. It is not.

The dangling carrot that keeps the Republican faithful in line is the promise of a conservative Supreme Court. While Republicans may be lauded for their efforts to purge the court of liberal activists, it will be for naught if the Bush administration does to the economy what al-Qaeda did to the Twin Towers. Tough talk? Maybe. But the Keynesian economic agenda embraced by Republicans in Washington may well bankrupt the country, a dilemma far out of reach of a conservative Supreme Court.

An interesting perspective. After all, soon Judge Alito will be confirmed, and the dangling carrot will be gone. Hopefully, at that point, those fiscal conservatives who have supported the Republican Party will do either of two things: 1. Move the GOP back to the right on all things economic; 2. Realize that the GOP leadership has no commitment to fiscal conservatism, and support the Libertarian Party, which is deeply committed to fiscal conservatism.