WASHINGTON (MarketWatch) — Gov. Mitt Romney’s comments about the percentage of Americans who have grown economically dependent on the government for their sustenance, and as a result, see little benefit in changing course, is neither new nor outrageous.
More than 170 years ago, the French political thinker and writer, Alexis de Tocqueville saw this coming, and warned of its dangers in his most famous writing, Democracy in America. Here is an excerpt below:
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.”
Our public treasury cannot sustain further “largesse.” Our national debt has ballooned to more than $16 trillion. The top 25 percent of wage earners contribute 87 percent of all tax revenue and it is numerically impossible to tax them sufficiently to pay for this expansion of federal government – let alone pay down our debt. For another viewpoint, read Rex Nutting’s column on the 47%.
Our entire fiscal and monetary policy is now based on one simple axiom: What we cannot tax, we borrow, and what we cannot borrow, we print.
The path we are on in 2012 is perilous and unsustainable. We must change course.
This November, Americans will not simply be choosing one man or another as president, they will be choosing the future direction of these United States of America.
The question is not whether one candidate is nicer or more likable or even easier to relate to. The fundamental question all Americans must ask themselves is what kind of a nation shall we be? And what does it mean to be an American?
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