On the recordAugust 4, 2010
I have to admit to my colleagues that I have that fear now. And it is not an unfounded fear. You see, this year we will borrow almost $1.6 trillion from our grandchildren. We will borrow in excess of $4 billion a day-- money we don't have. At this moment, we owe $13.35 trillion. No question, we are the biggest economy in the world, being fast caught by other large economies. The uniqueness of the American experiment could have been predicted by those who studied republics because freedom and liberty were the basis for such an explosion in growth and wealth and freedom and standard of living. The poor in our country live far in excess of half of the world's populations because of the great republic we are. I believe we have a short period of time to right the ship for our country. It is not debatable the kind of trouble we are in as a nation. It is indisputable.
